True Stories of Entrepreneurial Success: Al-Waleed bin Talal
Al-Waleed bin Talal is a Saudi Arabian businessman who is recognised as one of the most successful business figures in the Arab world. Born on 7 March 1955, Al-Waleed is the grandson of King Abdulaziz Al Saud, the founder of the Kingdom of Saudi Arabia. However, his success depends not only on his heritage, but also on his vision, smart investment policies, and hard work.
Al-Waleed started his business career by establishing Kingdom Holding Company in 1980, an investment company that operates in various sectors such as property, technology, media and finance. He has a vision to expand his investment portfolio globally.
One of his biggest investment decisions was in 1991 when Al-Waleed invested a large sum of money in shares of leading technology companies such as Apple and Citigroup. This decision brought him huge profits and enhanced his reputation as an accomplished investor.
However, his success is not only seen in material wealth. Al-Waleed is also known as an active philanthropist. Through Alwaleed Philanthropies, he donates large sums of money to humanitarian and community development projects around the world, in keeping with the humanitarian and philanthropic values espoused in Islam.
Al-Waleed bin Talal's story reflects that success in the business world does not have to be in conflict with Islamic values. On the contrary, Muslim entrepreneurs can achieve financial success and still adhere to the principles of ethics, justice, and social responsibility taught in Islamic teachings.
True Stories of Entrepreneurial Failure: Elizabeth Holmes
Elizabeth Holmes is a vivid example of a failed entrepreneur who has reached a high level of success, only to face heartbreaking failure. Born in 1984, Holmes founded a company called Theranos in 2003. Theranos aimed to revolutionise the world of healthcare with diagnostic technology that claimed to be able to perform various blood tests using only a small amount of blood from a tiny syringe.
At its peak, Theranos was valued at over $9 billion. However, further investigation revealed that Holmes' claims and presentation of the technology
not supported by adequate scientific evidence. In 2018, the Securities and Exchange Commission (SEC) brought fraud charges against Holmes and former Theranos President Sunny Balwani.
Elizabeth Holmes was faced with a series of lawsuits, and her image and reputation collapsed. Theranos ended up a huge failure and became one of the most glaring cases of fraud and business failure in recent years.
