Entrepreneurship can be pursued at any age, but some start young. Humoud Alnayef Alkhulaifi is one such entrepreneur who started learning the nuances of trade at a very young age. As a kid, he sold chocolates to family, friends and neighbors. Growing up, he developed an immense interest in the Internet and computing and opened a computer supplies store at the age of 17.
Though he had to close the business to pursue further studies, Humoud Alnayef Alkhulaifi’s passion for computers drove him to learn computer programming and attend dozens of educational courses to further expand his knowledge. Simultaneously, he learned business and finance and followed the Kuwait Stock Exchange to understand the intricacies of the business world.
After graduating from the College of Engineering at Kuwait University, Humoud Alnayef Alkhulaifi joined the Kuwait National Petroleum Company, where he gained various practical skills and started several ventures ranging from a restaurant, a car garage, and an e-commerce business to about ten other small businesses. However, none of these businesses flourished. “It was disappointing to encounter failure after failure but I was determined to not give up on my dream. I continued to learn from my setbacks and looked for new opportunities.”, says Humoud.
The Next Big Leap
In 2010 when Humoud Alnayef Alkhulaifi was trying to sell his family’s house in Kuwait, he realized how difficult it was for people to buy, sell or rent properties through traditional methods, such as newspaper ads, which were slow and had limited reach. “In 2014, I bought my first property in Dubai and found the experience to be much easier due to the availability of technology in the region. This highlighted the gap between Kuwait and the UAE real estate markets, and I realized that technology could help bridge this gap”, reminisces Humoud.
In 2015, Humoud Alnayef Alkhulaifi established Boshamlan.com, an online platform that offers a vast database of apartments, houses, lands, and other types of real estate properties for those willing to buy, sell, or rent them. The user-friendly platform allows people to search, filter, and compare properties in a few clicks. Users can find detailed descriptions, high-quality photos, videos, and details about the neighborhood to make well-informed choices.
With more than 3 million visitors, 20,000 active registered users, and 450,000 app downloads, Boshamlan.com in the last few years has strengthened its position as the most popular platform in Kuwait. The platform boasts of over 5,000 new ads every month, making it the largest free database of real estate listings in Kuwait. At the same time, the online platform maintains extensive advertising campaigns that help advertisers reach a broader audience, increasing their visibility and chances of finding the best deal.
High on Values
Sharing the values that the organization thrives on, Humoud says, “We know that the real estate market in Kuwait is dynamic, and being successful means being open to new ideas and technology. We believe in being honest and transparent with each other and with our clients.”
Here are a few pertinent values that Humoud believes are significant in Boshamlan’s success.
- Taking risks: While it is normal to feel scared of the unknown, taking risks is crucial for growth
- Action: Believe in the power of doing. Sometimes, it is best to take action without extreme analysis or overthinking
- Mistakes are stepping stones: Do not be afraid of making wrong decisions. Decisions may go wrong but it is important to see mistakes as opportunities to learn and grow stronger.
- Adapting to change: Do not be afraid of adapting to market demands and changing customer needs. Change is necessary for growth and improvement.
- Continuous learning: No matter how much one knows, there is always room to grow and improve
- Empowering Teams: Giving the team space to make decisions in their areas. Trusting them is important for their growth and success
- Trust: Trust is crucial in leadership. Sticking to one’s words and respecting the commitments one makes is the most important measure of character.
The Roadmap Further
As Boshamlan.com became more popular, the company made inroads into Qatar, UAE, Bahrain, and Oman in 2018. In the Gulf region, Boshamlan comfortably ranks amongst the top five. Speaking about the future roadmap of the organization, Humoud says, “In the coming years, I aim for Boshamlan to be recognized as the go-to platform, setting high standards for user-friendliness, innovation, and customer care. To achieve this, we are investing in new technologies to make property searches easier. At the same time, we are exploring ways to expand further with the help of partners and real estate networks in the region.
Humoud Alnayef Alkhulaifi’s Advice For the Next Generation of Entrepreneurs
Here are some genuine suggestions that Humoud believes can guide aspiring entrepreneurs.
- Find something you love: The best in anything comes from people who are really excited about what they are doing. If you are passionate, you will keep going when things get tough
- Understand the market: Before you start a business, learn about the industry, similar businesses, and the competition
- Be patient: Building a business takes time. Do not expect to be rich overnight. Focus on small wins and celebrate your progress
- Do not be afraid of failures: Take smart risks, learn from your mistakes, adapt and keep moving forward
- Keep learning: The world changes fast. Stay curious and keep trying new things
