What Does It Take to Be an Entrepreneur in Dubai?
You’ve probably heard that Dubai is the ideal place for startups and entrepreneurs alike. With its solid infrastructure and strategically designed opportunities for entrepreneurs in Dubai, the advantages of registering your company are numerous. As the wealthiest city within the Gulf Cooperation Council and one of the cities with the most promising economic outlooks in coming years, Dubai is perfect for any sized business.
Why is Dubai Right for Your Company?
Its attractive location in the Middle East, in addition to its wide range of benefits that cater to the startup circle are just some of the many perks that Dubai has to offer.
Here are some of the other benefits:
Worldclass & Leading Infrastructure
Local & International Advantageous Trade Practices
Locally-based Incubators & Accelerators
Easy Company Formation and Set up
30+ Free Zone Locations
For entrepreneurs with solid ideas and a drive to succeed, joining the economic growth that the country is experiencing may seem like a no-brainer. However, due to the fact that Dubai is the ideal place for many, competition is fierce.
So, what does it really take to be an entrepreneur in Dubai? Here are some of the most highly valued skills that every aspiring entrepreneur should keep in mind:
Networking, Relations & Sales
Company mission, vision and goals are basic guidelines and measures that almost every company formation structure has; these are important, but what mainly prolongs the longevity of any organisation, regardless of its size, is sales.
Investors and big time entrepreneurs alike all believe in one motto: Sales Cures All. Invest time and resources in networking and building relationship pipelines in order to keep your organisation alive and healthy.
Stay Focused, Dedicated & Stick to Your Business Plan
Entrepreneurs tend to drift off their business plan and replicate a pre-existing business model with the belief that if said business model worked for another company, it will yield similar results. However, that is not always the case.
Staying focused and patient are the most difficult elements to factor in when things start to drift downhill; some setbacks are to be expected. Situations tend to deteriorate during off seasons and maintaining a focused, sustainable business plan is key to overcoming it and remaining afloat. Remember these three tips: crunch your budget, stay focused and expand your reach.
Work Hard & S.M.A.R.T:
Working hard and putting in the hours is key; running your own show does not entail clocking out at the end of the day. In reality, even your free time and time off the clock must be dedicated to networking, which will lead you closer to a deal. This even includes weekends and nights. However, working hard is not all it takes; there’s another part that’s equally important, being SMART:
Specific: Your objectives need to be specific and accurately described to the public.
Measurable: Every achievement, goal and anything in between should be measurable.
Attainable: Attainability is key to the team and your clients; be attainable at all times.
Realistic: You are not the only one of your kind that offers your service; be realistic and on top of the market, watching out for competition at all times.
Time-Bound: How can we measure profit if tasks are not timed? Tasks should be monitored.
Building a sustainable, homegrown business is highly desired by investors, banks, clients and customers. It’s not the ideas that make organisations the “best;” it's the execution of building a reputable and honest brand image that’s key. It can be hard, but stay focused on your goals, respect competitors and be open to ideas from employees that can help your organisation grow and advance. Implementing such behaviours in your company will give you every chance to lead within your industry.
At Europe Emirates Group, we encourage entrepreneurs to set up their companies within markets like Dubai in order to take advantage of tax benefits and reach new markets within MENA. Assistance with setting up and forming a company are specialties that define our European standards in incorporating all industries to the United Arab Emirates; contact us today to get started.
CEO, Europe Emirates Group