Tips on How to Succeed in Business; and a Call to Invest in Iron Ore [Archives:1999/06/Business & Economy]

February 8 1999
By: Sa’ad Al-Mufti,
Consultant Mechnical Engineer
When we create an industry, we must look into the five factors for its success – what I call (5 Ms), as follows:
1. Material:
This is most important in the success of any industry. Here we are talking about raw material and other inputs.
2. Market:
When you produce something, you have to make sure you can sell it. A good market is the basic factor for success of any industry.
3. Management:
Many industries fail because of bad management. How you put your resources together and go about your activities is critical.
4. Money:
Whether it is adequate capital upon investing, or whether it is a proper cash flow, money is at the heart of any successful business.
5. Men:
Trained, dedicated and highly motivated staff are the key to success. We call it men, but of course, it includes those indispensable women.
Now that we know the five Ms, let us go to a specific project – iron ores in Rada’a. These ores await investors to go into their extraction and use. Yemen today imports a lot of pig iron. We could be a net exporter of pig iron to the international market.
In addition, we import a lot of iron in two types:
1. Cast iron which is used in industrial and constructional projects.
2- Steel, which has many uses.
Of course, steel products are imported into Yemen today in increasing volume.
Let me add here that no economy can really develop if it does not include heavy industries such as iron factories. The reason is that this fatory can then propduce materials that go into the production of many other products which have high value added.
It is in this light that I call on our entrepreneurs to take advantage of the raw material that is available in large quantities in our country. This can also serve as the base for other industries. The government must also support these endeavors because of the added employment value they generate.