Public-private sector co-operation needed to create entrepreneurial environment, says Sheikh Khalid bin Zayed

The call came during a panel discussion at Entrepreneurs in Dubai, the world's largest gathering of self-made tycoons and business leaders currently running at the Dubai International Convention Centre.

"The Mohammed bin Rashid Establishment for Young Business Leaders is an excellent example of what can be achieved when the region's young entrepreneurs are given the necessary backing," said Sheikh Khalid. "It is not fair to ask commercial banks to shoulder the full responsibility of encouraging start up business. We need more venture capitalists."

Fellow panellist Abdul Aziz Al Ghurair, CEO of Mashreqbank, agreed banks could assist the process but the task had to be spread much wider.

"Banks certainly have a role to play, but the responsibility must be shared - we need a collective effort to create a public-private sector partnership."

And Al Ghurair called for a more-business focussed syllabus to be introduced in the UAE, where youngsters are not exposed to business until a late stage.

"Schools teach mathematics, science and languages very well," he said, "but life is not science and maths. Young people used to go and work with the fathers when they were growing up, learning about business along the way. This does not happen as much anymore, so we should introduce classes in schools to prepare our youth for the business world."

The panel, which was moderated by Abbas Ali Mirza, Patner, Deloitte and Touche and included Anita Mehra Homayoun, Director of Marketing and Corporate Communications, Department of Civil Aviation, Government of Dubai and Vijay Tirathrai, Board Director of the Young Entrepreneurs Organisation also urged potential entrepreneurs not be frightened of failure.

"You must overcome fear - most successful entrepreneurs have failed at some point," said Sheikh Khalid. "Good entrepreneurs overcome obstacles and manage risk. This is only possible through experience so in effect, you must fail to become a successful entrepreneur."

Al Ghurair also advised facing up to risk. "As an entrepreneur, you must accept that most of your ventures will fail - maybe as many as six or seven out of ten. Entrepreneurs are ordinary people who allow themselves to dream and as a result, come up with some crazy ideas. Not all will succeed, but those which do, will pay for the failures."

Entrepreneurs in Dubai has been organized by IIR Middle East in conjunction with the Mohammed Bin Rashid Establishment For Young Business Leaders.
The event was held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The Mohammed bin Rashid Establishment has already set up a Dhs 700 million (US $ 191 million) Islamic Fund to provide capital for new entrepreneurs.
AME Info, Flip Media and Gulf Business are Entrepreneurs in Dubai Media Partners.