As first-year students in the UK and around the world embark on their university studies this quarter, for many, this will feel like their one shot, their only chance of getting the qualification they need to get a foot in the door of employment during a tumultuous market.

I can understand why they may feel anxious. The global economy has been through a huge amount of upheaval over the last two years and the situation isn’t likely to calm down in the next 12 months. Many countries are already in or facing a recession, against the backdrop of the highest energy prices many of us can remember.

Employment levels in the UK, the US and much of the developed world remain high, but a combination of rising interest rates, high inflation and reduced spending will impact the job market. Job prospects for graduates have been improving in recent years, but competition for the best positions remains fierce.

The situation is equally challenging for young founders and entrepreneurs,
for whom the costs of failure can seem overwhelming. The fear of not performing perfectly can also discourage people from applying for new roles or accepting career-boosting opportunities.

As societies, we need to do more to encourage risk-taking and to be understanding of setbacks. Some countries, such as the US, are better at this than others, where addressing failure is a key topic incorporated into MBA programmes. In Mexico, where 75% of start-ups fail within two years, a group of friends founded a series of events where business people stand up and talk frankly about their failures. The movement has now spread to 100 cities worldwide and has inspired a social enterprise called The Failure Institute that helps companies drive a cultural shift where they learn from failure, rather than be defined by it.

But for many, failing remains a taboo, discouraging people from pursuing their ambitions. This is why, now more than ever, we need to do a better job of embracing the virtue of the second chance – whether as employers, educators or policymakers. I discovered this myself as a teenager in America, where I had travelled from Egypt to study my undergraduate degree in the 1960s. At North Carolina State University I enjoyed all the perks of a carefree freshman. But my world came crashing down when Egypt’s President Nasser, under the political sway of the Soviet Union, nationalized the private sector and sequestered many privately-held assets, including my father’s company and property. My dad, Loutfy Mansour, went from being a wealthy entrepreneur to losing his home and being paid 75 dollars a month on a state salary.

The cheques from home dried up, and I started to struggle as I balanced waiting tables with studying. I faced flunking out thanks to my poor grades. One of my professors told me he intended to give me a fail, which would have meant I would have had to leave the university and return to an uncertain future in Egypt. But when I pleaded and explained what I would face if I went back home, he offered me a deal. If I promised to redouble my efforts, I would be given a second chance to pass the course. It was a turning point in my life.

Sometimes I have to pinch myself when I think about what I went on to achieve after being given that second chance. I had been a waiter in America, living in a damp, overcrowded house and struggling to pay my debts. But I graduated, did an MBA, and returned to Egypt in the 1970s to manage parts of the family business, which by then had been re-established. Today, we employ over 60,000 people from the UK to New Zealand. The investment firm I set up in London in 2010 has provided long-term capital to organisations in a range of sectors from education and tech to renewable energy and sport. My not-for-profit foundation has provided over four million micro loans to women entrepreneurs in Egypt – all driven by the ethos of second chances.

I have been privileged to see my story come full circle. Earlier this year I returned to NC State University to receive an honorary doctorate and deliver the graduation ceremony address to an audience of 20,000 students and their guests. I urged the class of 2022 to pursue their dreams, and if they are given a second chance, to seize it, learn from it, and be grateful for it.
There are clearly huge challenges facing the world. But seeing all those graduating students reaffirmed my optimism. We are human and we all fail, but we all deserve a second chance in life.

Originally posted to Linkedin on the 12th October, 2022

Mr Mohamed Mansour, the internationally renowned Egyptian business leader and philanthropist, has been awarded an honorary doctorate by North Carolina State University (“NC State”), his alma mater.

In recognition of his decades of life-changing philanthropy in Egypt and internationally, Mr Mansour was made an ‘Honorary Doctor of Humane Letters’, the highest honour the university can bestow, at a ceremony in Raleigh, North Carolina on 7 May.

In addition to receiving an honorary doctorate, Mr Mansour was invited to deliver the keynote address at the University’s commencement ceremony. He addressed an audience at Raleigh’s landmark PNC Arena of around 20,000 people, thought to be the largest ever attendance for an NC State commencement, including the graduating Class of 2022 and the students’ family and friends, as well as faculty members, academics and other university staff.

Mr Mansour used his speech to share an important message about seizing opportunities and making the most of ‘second chances’ in life, drawing on his personal experiences at NC State and how he recovered from early mistakes and setbacks with the trust and support of the university in general and one professor in particular.

It is believed Mr Mansour is among the first Egyptians to be given an honorary doctorate by a US university. He studied at NC State from 1964-68, graduating in textile technology aged 20. He later studied for an MBA at Auburn University in Alabama before returning to Egypt in 1973.

Mr Mansour went on to be Co-Founder and Chair of the Mansour Group, the global conglomerate. Among the businesses in the group are Mansour Automotive Company, a leading Egyptian and regional automotive distributor; Mantrac Group, one of the world’s largest distributors of Caterpillar machines; and ManCapital LLP, the Mansour family’s private investment firm.

Raleigh, North Carolina was Mr Mansour’s first home outside of Egypt after moving from Alexandria aged 15 and the university still holds a special place in his affections. Mr Mansour’s father, the late Mr Loutfy Mansour, a successful cotton exporter, had wanted him and his brothers to go to NC State University because it was then – and still is – renowned for its textiles programme.

Mr Mansour is a committed philanthropist in Egypt and internationally. Among the many programmes that he has created over many years, he is the founder and Chairman of the Lead Foundation, a ground-breaking non-profit organisation established almost 20 years ago that empowers and provides funding to small enterprises owned by women in Egypt.

 Reflecting on the ceremony and award, Mr Mansour said:
“My time at NC State undoubtedly shaped me as a human being and provided me with the building blocks which allowed me to go on and build successful global businesses and give back throughout my life.

“When I arrived from Egypt in late 1963, Raleigh was a much smaller town to what it is today but NC State was such a welcoming place for a young man to grow and thrive. The campus has developed hugely over the years but that welcoming environment has not changed.

“It was a tremendous privilege to be invited back to receive an Honorary Doctorate and address this year’s latest generation of bright, young graduates ready to take their next step in life.”

Commenting on Mr Mansour’s recognition by NC State, the university’s Chancellor, Dr Randolph Woodson said:
“Honorary Doctoral Degrees are only awarded to individuals who have attained achievements of extraordinary and lasting distinction and made outstanding contributions to scholarship, creativity, leadership, and humanitarian or public service.

“No one embodies these qualities and reflects the mission of the University more than Mr Mansour. His longevity and success as a business leader and philanthropist are worthy of celebration, and we were delighted to welcome Mr Mansour back so many years after he originally attended NC State as an undergraduate.”

Dr. David Hinks, Dean of Wilson College of Textiles, said:
“The Wilson College of Textiles has always been so proud to call Mr. Mansour an alumnus. For many years we have been enormously impressed by his humanity and sense of purpose. He has enjoyed extraordinary success as an entrepreneur and business leader but has remained true to his strong principles and values.

“The theme of second chances is something that really resonates with a lot of our students at NC State. As Mr Mansour said in his speech, ‘we all deserve second chances’ and often those moments become turning points, as in his own extraordinary life.”