Family businesses can achieve entrepreneurial success, says Al Ghurair

"The support which the family provides in terms of tolerance for failure, and the help to stand up again, is better. It is the short lead time required to bounce back, and the moral and material support, in case of failure, that puts family-based entrepreneurial activity in an advantageous position," he said.

Al Ghurair, who took over the reins of the highly successful domestic bank in 1991, says entrepreneurial success hinges on innovation rather than investment.

"It does not have to be a revolutionary innovation but anything which is 'outside the box' or an untested idea - that is the real asset of an entrepreneur. Investments are available to a greater number of people. However, there are very few who have the right idea; the concept without which a successful business is not possible," he said.

He says the biggest strength in a family-run business is "the support and the availability of committed resources within the family to manage different aspects of businesses."

However, in a changing world, he is quick to acknowledge that there is always outside talent, which along with family members, can take the business forward.

Stressing his own experience, Al Ghurair says family business success is down to "having a clear vision, mobilising oneself with full conviction, the energy to work, not fearing change but pursuing it, having a dedicated team and a bit of luck!"

And while he feels the level of innovation - which leads to entrepreneurial corporations - is restricted, "because the area is not yet a centre for higher learning or high-tech industry," he added that: "innovation within the limited meaning of different thinking and different approaches to business, as well as the will to invest in new technological advancements in this region is high."

Such traits in the Arab character will be discussed, explored and examined during the forthcoming International Entrepreneurship Forum and Exhibition (IEFE) - ' Entrepreneurs in Dubai' - an incredible three-day line up of reputed international, regional and local business gurus.

Al Ghurair will address the high-level forum on 'Empowering Youth Entrepreneurship.'

His forum panel, which includes H.E. Sheikh Khaled Bin Zayed Al Nehayan, founder and chairman of Bin Zayed Group of Companies; Vijay Tirathrai, immediate past president, Board Director, Young Entrepreneurs' Organisation (YEO)/ World Entrepreneurs' Organisation (WEO) and Anita Mehra Homayoun, Director Marketing and Corporate Communications, Dubai Department of Civil Aviation, will consider what the main barriers facing young entrepreneurs in the Middle East are, how a proper climate for entrepreneurship can be created, and how the attitude of young Arabs towards entrepreneurship can be nourished and promoted.

Jessica Sutherland, general manager of IIR Middle East, which is organising the event in conjunction with the Sheikh Mohammed Bin Rashid Establishment For Young Business Leaders, said: "Abdul-Aziz Al Ghurair brings an impressive level of local experience and entrepreneurial credence to this event, which is a first-in-the-region opportunity to really examine how to progress entrepreneurial talent in the workplace."

Al Ghurair joins heavyweight international business players in the event, which takes place at the Dubai International Convention Centre from May 23-25, including former US Senator and Vice-Presidential nominee, John Edwards, Dame Anita Roddick, founder of The Body Shop; Robert Brozin, Founder and CEO, Nando's Chickenland and Donald J. Trump, Chairman of The Trump Organisation, who will address the forum via videolink.

"This is one of the most impressive business line-ups ever to be seen in the region with 30 international success stories waiting to be heard and learnt from," said Sutherland. "From those who have made it from rags-to-riches to those who have inherited companies and transformed them into 21st century business machines, the programme is a non-stop, power-house of invaluable information for those determined to bring the entrepreneurial spirit into Corporate Arabia and the business culture."

'Entrepreneurs in Dubai' is being held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of the Board, Mohammed Bin Rashid Establishment For Young Business Leaders. It is endorsed by the United Nations Conference On Trade and Development (UNCTAD). Energy giant Shell Markets Middle East, management software experts Computer Associates, IT leaders HP and services consultants Deloitte are headline sponsors.

The event has attracted AME Info, Flip Media, BBC World and Gulf Business, Saudi Research and Publishing Company, Arabian Radio Network and Dubai Radio Network as media partners.