What we’re tracking on 12 June 2017
We’re now officially in the dog days of Ramadan. How do we know? Well, for starters, there’s nearly no domestic news of any flavour today. Then there’s the fact that the biggest story on ‘Egypt’ in the international press this morning is confirmation that the next iteration of the popular video game Assassin’s Creed is set in Ancient Egypt (link includes a 5:27 clip of gameplay).
How slow is it? Bad enough we’re going back to our roots in entrepreneurship to take note of the Financial Times’ latest special report, this one headlined Understanding Entrepreneurs. The package is worth reading if only for one reason: It’s bold, up-front admission that most of us building businesses aren’t living a “startup” lifestyle and aren’t trying to build the next “unicorn.” Among the stories worth of note in the EY-sponsored package that’s been running for the last week or so:
“How to turn a start-up into a lasting family business” — a topic that should resonate with many of us here in Omm El Donia, starting with the quote, “When a business has been built from scratch, many entrepreneurs have difficulty letting go of running it, whether to experienced executives or their own children.”
“Sometimes the best thing a founder can do is sell out” reminds us that for some of us, our first business is a starter business — more than half of all entrepreneurs go on to start a second company. (And keeping in mind that the best thing you can do for your business is plan to sell it — even if you’re convinced you’ll only ever leave it feet-first on a gurney — we cannot recommend highly enough John Warrillow’s book Built to Sell: Creating a business that can thrive without you and thepodcast that it inspired.)
Stop complaining about doing business in Egypt: An EY survey of 2,340 chief executives and senior leaders of mid-market companies (which they define as those with USD 1 mn to USD 3 bn in revenues) found that 90% of respondents see uncertainty as an opportunity for growth.
Elsewhere this morning: The New York Times would very much like you to know that El Face founder Mark Zuckerberg is wrong — there really is such a thing as a “eureka” moment.
So, when do we eat? Maghrib prayers are at 6:57pm CLT in Cairo, and the cutoff time for sohour is 3:08am.