By: Dr Vikas Nand Kumar Batheja, Co-Founder & Director, Capital University College
Serial entrepreneurs come up with new ideas and start new businesses. They forgo the security of a salaried job to take on their own endeavors and assume all the risk in hopes of great rewards.
Over the last 40 years, the UAE has successfully diversified its economy and as a result the nation now offers international business opportunities across numerous sectors – from tourism to technology.
The UAE’s forward-looking policies on entrepreneurship yielded positive results as the emirate joined the top 20 nations for creating a competitive environment for nurturing entrepreneurs in the country. The UAE has been ranked first in the region, and fourth globally in the Global Entrepreneurship Index (GEI) 2020 by the Global Entrepreneurship Monitor (GEM – NECI), climbing up from fifth in the 2019 report.
The country has outperformed many of the major global economies such as the UK, Canada, the UK, Australia, EU, China, Japan and South Korea in the overall rankings of the index. Most notably, the country ranked second in the National Governments’ Response to the COVID-19 lockdown and its impact on the entrepreneurial sector. UAE is ranked four by the Global Entrepreneurship Indicator that assesses the state of the national context for entrepreneurship based on evaluating various conditions.
Today, the UAE has commanding experience in supporting and organizing the entrepreneurship sector with various government initiatives aimed at building an integrated system to support and incubate entrepreneurial projects, accelerating their growth, and developing initiatives and programs that make it a growth engine. About 50% of the companies registered in Dubai are startups and employ half of the city’s workforce.
Here are some tips to help you successfully prepare yourself as a serial entrepreneur.
1- Expand your network
Surround yourself with people from diverse business backgrounds so that the people you get in touch with can help you succeed in new business ventures. Working with the right people also makes it easier to find the resources you need if you wish to start a new business similar to ones you already started before.
Trusted people who encourage you can help you navigate UAE’s entrepreneurial landscape. Conduct market research on your industry and talk to target customers to find out the business potential behind the startups. Ask experts questions about launching a startup. Reach out to professionals that can help you with certain areas of business, such as financial advisors and lawyers.
2- Make use of existing platforms
Platforms and freelancers are now fast becoming the norm, especially in areas like marketing and social media management. A number of platforms run by companies and freelancers will help you position and market your business.
Resources like MOGUL offer you an amazing platform to showcase your business ideas. Accounting platforms like Quickbooks and online firms like Pushdigits have a proven track record in the accounting and bookkeeping industry, while resources like Program Ace have had consistent success in utilizing loT and AI to help businesses remain relevant in an increasingly digitalized business space. Aso, creating a LinkedIn company page will significantly increase your reach with clients/customers.
3- Develop your business skills
Serial entrepreneurs should be able to scan a lot of data, determine what is important and interpret the data correctly. They should also be able to project revenues and expenses, lead their teams, and know how to maximize their investments and the returns on them. A good MBA program will arm serial entrepreneurs with all these skills before they go out to the world to try out their skills and seek out opportunities.
4- Track costs
Once you start to develop your business idea, add up how much it will cost. You will need to factor in every business expense necessary to launch and operate. Some costs to keep in mind include your location, rent, supplies, marketing, and more. To start a business in the UAE, there are many unnecessary costs to consider removing in order to minimize expenditures.
5- Know the legal requirements
From forming a legal structure to setting up an accounting system, you must follow the country’s laws.
Register the business with your state and take care of business-specific tax liabilities. And as you hire workers, you need to follow employment laws. The rules that apply to you depend on your state, business structure, and industry. Consider talking to a small business accountant as you set up your company.