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What Every Entrepreneur Must Know To Be a Successful Businessman in Dubai
October 18, 2017
The city of Dubai has become a global destination for
business start-ups. It has diversified itself to incorporate business
activities of all kind and every element in this city is fragmented to support
entrepreneurs who are coming from all over the world. The reason for its
outstanding growth lies in its key strategic position for international trade,
the government’s no tax policy and availability of world class infrastructure
for businesses.
Dubai is the most populated city of United Arab Emirates
providing opportunities to more than 1.5 billion consumers markets around the
globe. According to Dubai’s department of Economic Development (DED), it has
issued over 26,700 new business licenses in Dubai. This is more than number of
total licenses issued in 2015 i.e. 22,691. The statistics indicate that the
business activity in the emirate is growing substantially leading to economic
growth and according to Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the
Economic Development Committee in Dubai; the city is expected to exceed last
year’s economic growth of 2.7%, up to 3.1% in 2017.
While the statistics indicate the upward trajectory in Dubai’s
investment projects, doing a business in Dubai comes with lot of challenges.
These challenges need to be overcome and pitfalls have to be avoided if you
want to setup your business in Dubai. According to Bloomberg, 8 out of 10
businesses fail within the first eighteen months. So, what is the right thing
that 2 entrepreneurs do that makes them successful? There is no exact or easy
answer to this but here are some points which must be considered by a
businessman if he wants to be a successful entrepreneur in Dubai.
Prepare a Sound And Comprehensive Business Plan
Come up with a viable and detailed business plan which should
illustrate a sound business model. You must have a clear vision, well defined
targets and set deadlines for each measurable goal. There are major decisions
which need to be taken for example choosing the form of business, type of
ownership, legal structure and choosing the right location for carrying out
business operations. Of course, financial management is a crucial process
whereby you prepare according to your budget, manage your capital and carry out
ways to increase your cash inflows. This phase requires thorough research. You
should have an extensive knowledge about the region as well as your target area
before stepping in.
These are the critical measures which must be taken to keep
your business afloat. Indeed implementing a sound business plan does indicate
that you as an entrepreneur are going in a right way but is it enough to
guarantee that your business will be successful?
We have learned to work in specific ways so we follow them
but the key here is to change your way of thinking and adapt to changes in
order to be successful.
Networking Is the Key
Networking is the key to establish your client base, increase
your sales and expanding your skills. Dubai is all about in-person networking
events, socializing and developing close personal relations. If you need to
market yourself or your product you cannot just sit there and hope that sales
will come to you. You will have to be proactive. Make it as a daily exercise to
reach out to people as there are small networks within each industry; word of
mouth really matters a lot so be your own brand ambassador, be a part of
important social and business events and use the platform to advertise
yourself.
Generating a network of positive business contacts will help
you in your business endeavor one way or the other. Additionally, it can lead
to further business opportunities and possible future alliance with strategic
partners can help in your business growth in Dubai.
Be Aware of Your Client’s Price Comfort Zone
It is important to give strong consideration to your valuable
clients. Customers who regularly come back to you provide the backbone for your
profits. So give due attention to the price point you offer for your customers
and sustain it for a longer term because specially in Dubai as there is so much
competition, if your prices are too high, your good client relationship can
crumble.
Understand the Culture and Local Traditions and Be Part of It
If you want to live in Dubai as an entrepreneur then develop
a cross cultural communication mindset. This means to stop seeing Dubai’s
culture as a foreign by comparing the behavior to what you used to see at your
home. Instead try to understand it from the context of where it exists.
Hire Right Employees and Choose Your Partners Carefully
It is highly suggested to hire right employees, strategic
partners and choose good mentors because recruiting the talent which shares
your vision will not only transform your business but will accelerate the
growth process. Also help build a culture that promotes team work. Employees
should be comfortable enough to express their thoughts and ideas freely and work
together to make your business a successful enterprise.
Digital Marketing
According to a survey, people in UAE spend more than five
hours on social media through their mobile phones. It is a good practice to
market your business online. Try to bring out content that is informative and
attracts your target audience because when you distribute your content to
blogs, social media pages and press releases, there are higher chances that
people who follow you and share your posts will become your clients.
Stay Focus On Your Goals, Be Determined, Believe In Yourself And Be Your Own Person
Stay focused- give utmost importance and time to your work
and do not chase unrealistic opportunities as they negatively impacts on your
time you spend on your high valued activities of your business.
Be determined-The path to success is not easy. There will be
challenges as well as unforeseen circumstances that will test your
perseverance. Those who stay determined, passionate, have belief in their
abilities and stay confident in their decision making will come out as successful
entrepreneurs.
Be your own person: Nowadays everyone has his own opinion or
comment about business. It can create confusion for you if you pay attention to
all the voices. So develop a strong mind and will to overcome adversity.
One of the better options for businesses is to hire business consultants and save there time and money in experimenting different things because the consultants have the expertise of different businesses and can make the process smooth for entrepreneurs, who want to start a new business in Dubai.
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