The Bedaya Centre for Entrepreneurship and Career Development (Bedaya Centre), a joint initiative by Qatar Development Bank (QDB) and Silatech, in collaboration with Bait al Mashura Finance Consultations, has concluded a "pricing" workshop designed for small enterprises.
In view of the current circumstances and in line with the efforts and precautionary measures being taken to prevent and limit the spread of Covid-19, the workshop was live-streamed via Zoom.
During the workshop, Mohamed Fahmy, development and training consultant at Bait al Mashura, gave a brief overview on the concept of entrepreneurship, which was defined as the process of launching a new product or a company with an adventurous spirit to provide a specific service that caters to the market’s needs for profit.
Fahmy said that the pricing process is the method that the project owner follows to determine the value of the products or services he/she offers to the customers.
He explained how the entrepreneur must define the concept of pricing his/her products and the rationale behind it, as he/she must be familiar with the basic concepts of pricing in order to make it easier for him/her in choosing the best policy to achieve success in his/her project.
Fahmy said every entrepreneur has a set of goals that he/she seeks to achieve, and for which he/she established his/her project, and in order to achieve the goal, the pricing process must be done in a correct manner.
He said the pricing must be based on a business plan reflecting a feasibility study before the start of the project to guarantee the continuity of the project and assure highest profit rate along with an increase in the market share.
During the workshop, a set of pillars and angles were discussed, such as the importance of pricing and its objectives, its strategies in preparing the components of the business plan, comparing goods, and the types of costs and their direct impact on price and profit.
Fahmy concluded the workshop by comparing the different pricing mechanisms, their relationship to marketing, and a set of practical applications were showcased in which the attendees participated.
The workshop made the attendees aware that the product pricing process is not done in a random manner but must be based on an in-depth study covering all aspects and frameworks surrounding the product and the logistics behind it.
Abdulla Faleh al-Saeed, board member and acting general manager of Bedaya Centre said, “We always strive to contribute to enrich the experiences of entrepreneurs in the small enterprise sector, by providing workshops that guide them, refine their spirit and develop their skills.
“The workshop has successfully addressed the difficulties that entrepreneurs face when they reach the process of pricing their products or services that they provide to their customers.”
Abdullah al-Dereai, head of PR at Bait al Mashura, said: “We are delighted to co-operate with Bedaya Centre in this initiative that aims to support and develop entrepreneurship in the State of Qatar, especially in light of the exceptional circumstances that the world is witnessing, which has had a great impact on the performance of projects as a whole.
“This initiative is unique as it benefits entrepreneurs, especially the small and medium scale ones which contributes to diversifying sources of income, which is one of the most important strategic pillars in Qatar National Vision 2030.”