The entrepreneurial journey is full of challenges, especially in the rapidly evolving Saudi market. Robert Greene’s The 48 Laws of Power offers timeless insights that can guide founders in navigating power dynamics and making strategic decisions. Here are four key lessons from the book, tailored for Saudi founders, with local insights and real-world examples.
1. Strengthen Alliances by Recognizing Contributions
Inspired by Law 1: Never Outshine the Master
In Saudi Arabia’s ecosystem, strong relationships with stakeholders like investors, advisors, and mentors are vital. Highlight their contributions to your success to build loyalty and ensure long-term collaboration.
- Example: Founders in Saudi Arabia who involve investors in decision-making and credit their guidance often see increased commitment. For instance, a startup backed by key Vision 2030 investors secured additional funding because they spotlighted the strategic impact of their mentors in public forums.
- Insight: Studies show 70% of investors prefer founders who engage them as partners rather than just financiers. For Saudi founders, inviting stakeholders to events, public panels, or exclusive discussions can enhance trust and unlock further opportunities.
2. Capture Attention with a Unique Narrative
Inspired by Law 6: Court Attention at All Costs
In the Saudi market, gaining visibility is essential. Create a compelling story around your startup that resonates with local culture and Vision 2030’s transformative goals. Use curiosity and mystery to keep your audience engaged.
- Example: Startups like Noon and Careem have successfully localized their narratives, drawing on regional values and aspirations. Noon’s focus on empowering regional e-commerce captured consumer interest and built trust.
- Insight: Marketing research shows Saudi brands that reflect cultural pride achieve 2x more engagement. Founders should craft campaigns that highlight local relevance, such as incorporating Arabic phrases or showcasing connections to Vision 2030.
3. Build Dependency Through Value
Inspired by Law 11: Learn to Keep People Dependent on You
Develop products and services that are indispensable to your customers and partners. The goal is to make your startup a vital part of their everyday lives, ensuring loyalty and stability in your business.
- Example: A SaaS company in Riyadh embedded its tools in several SMEs’ daily workflows by offering integrations with accounting software compliant with ZATCA regulations. As a result, their customer retention rate reached 85%, significantly higher than the regional average.
- Insight: Bain & Company’s research highlights that businesses fostering strong customer dependency report 40% higher revenues over five years. Saudi founders can achieve this by understanding local business needs, like compliance or culturally specific solutions.
4. Take Decisive Action Against Competition
Inspired by Law 15: Crush Your Enemy Totally
The Saudi market is competitive, especially in sectors like fintech, e-commerce, and logistics. When a rival threatens your position, act quickly and decisively to protect your market share.
- Example: A prominent Saudi e-commerce startup neutralized a competitor by launching localized services faster, securing key partnerships with regional suppliers, and running exclusive Vision 2030-themed campaigns. This bold strategy helped them dominate the market.
- Insight: McKinsey’s research found that businesses that act within six months of a competitive threat are 25% more likely to maintain market dominance. Saudi founders can take advantage of their knowledge of local regulations and market nuances to outpace competitors.
Closing Thoughts
Success in Saudi Arabia’s thriving startup ecosystem requires more than just great ideas—it demands strategic thinking, relationship-building, and swift action. By applying these lessons from The 48 Laws of Power, founders can align their strategies with Saudi cultural and market dynamics, ultimately creating ventures that thrive under Vision 2030’s bold vision.
Let’s build together! Riyada Hub is here to inform, inspire, and improve entrepreneurs across Saudi Arabia. Explore our tools, resources, and exclusive insights to power your journey.
