What Does It Take to Be an Entrepreneur in Dubai?
Dubai is a geographical zone for startups and entrepreneurs; indulged with incubators and accelerators to boost the production of small and medium sized businesses within the G.C.C region.
To date Dubai has been an eye catching location as it offers a wide range of amenities and services that cater to the startup circle.
Some of the many perks that Dubai has to offer for entrepreneurs:
- Tax Free Environment
- World Class & Leading Infrastructure
- Local & International Trade Practices
- Locally based Incubators & Accelerators
- Locally based Investors outreach
- Easy approach to Company Formation and Set up
- Over 30 Free Zone locations in Dubai
Entrepreneurs with solid ideas, who are willing to execute on them, can be part of the economic growth that is escalating at the speed of light towards EXPO2020. Whilst everything sounds like birds chirping within a market filled with opportunities, competition lies just around the corner which is another factor to keep in mind. So, what does it really take to be an entrepreneur in Dubai? Here are some of the top nominated skills every future entrepreneur should keep in mind:
Networking, Relations, and Sales
Company mission, vision, and goals are basic guidelines and measures that almost every company formation structure falls under, but what mostly prolongs the longevity of any organization being small to medium sized are SALES! From investors to big time entrepreneurs, they all believe in one motto “Sales Cures All”, so invest time networking and build that relationship pipeline in order to keep your organization alive and healthy.
Stay focused, dedicated, and stick to the business plan
Entrepreneurs tend to drift off their business plan and either/or replicate a business model assuming this would suit their way of selling because another organization managed to hit high numbers. Staying focused and patient are the most difficult elements to factor in when things start to drift downhill as it’s the way of the market. Situations tend to deteriorate during off seasons and maintaining a focused sustainable business plan path is the key to overcome it. To re-cap, crunch your budgets, stay focused and expand your reach.
Work Hard & S.M.A.R.T:
Work hard and put in the hours; running your own show does not clock out at 6:00PM. Instead, get rid of your time clock as your entire free minutes and off the clock hours are meant to be spent networking with people that get you closer to closing a deal. Yes! That does include weekends and evenings. Whilst “hard” is being dedicated, another ingredient mixed in the bowl which completes this recipe is to be SMART:
- Specific: Your objectives need to be specific and described positively to the public.
- Measurable: Every achievement, goal and anything in between should be measurable.
- Attainable: Ensure attractiveness to the team and your clients. Be attainable at all times.
- Realistic: Remember you are not the only one of your kind that offers your service, be realistic and up to date, watch out for competition at all times.
- Time-Bound: How else can we measure profit if tasks are not timed? Tasks should be monitored and timing can make all the difference in winning.
Building a sustainable, homegrown organic business is most desired by investors, banks, clients and the people being your customers. It’s not the ideas that make organizations “The Greatest” but execution and building a reputable honest brand image. Stay focused and never let competition distract your goals. Be proactive and mirror that image to your company's culture as well as your clients. Respect other competitors and welcome any new ideas from your employees that could be of value to your organization. Implementing such behaviours and fundamentals will give you every chance to lead within your industry.
As 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. Company set up and formation are specialities that define our European standards in incorporating all industries to the United Arab Emirates.