Oksana Tashakova, Founder of From Employee To Entrepreneur and Wealth Dynamics Unlimited during the Millionaire Summit at The Address Hotel, Dubai Marina on Thursday 19, November 2015. Photo by Juidin Bernarrd
Dubai - Whether growing an existing one or building from scratch, be creative.
Published: Fri 20 Nov 2015, 11:00 PM
Last updated: Sat 21 Nov 2015, 7:57 AM
The Millionaire Summit aims to educate owners of small and medium-sized enterprises, entrepreneurs and aspirants on the various hands-on strategies and skills to grow their existing business or build one from scratch, according to its organiser.
Oksana Tashakova, founder of www.wduevents.com and Wealth Dynamics Unlimited - the brains behind the summit - said the first-of-its-kind event in Dubai is covering millionaire mindsets, choosing the best business for new aspirants, marketing and multiplying wealth, among others.
The three-day event, which concludes today, will also provide people with the opportunity to forge new contacts, make deals and meet potential investors.
Sharing secrets on what to avoid and how to succeed in the current era of instability, she said agility is the name of the game today.
Success through Wealth Dynamics UnlimitedOksana Tashakova said Wealth Dynamics Unlimited is designed to help people achieve success in their careers or to realise their dreams of becoming business owners.
"Wealth Dynamics Unlimited was born from my desire to make a real impact in the lives of others. As a professional coach, I encountered many people that were unhappy in their jobs, tired of trying to climb the corporate ladder, and uninspired by their achievements. Many people don't realise that they are chasing the wrong goals or not making best use of their natural talents. Wealth is not just a matter of money," she said.
"While I was able to help many people redefine success and redirect their lives; my impact was limited by how many hours I was able to put into any one client. That's when I realised that by creating e-learning products and hosting entrepreneurial events - I could reach far more people and make a bigger difference," she added.
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"In order to survive and thrive in today's economy, today's entrepreneurs have to be flexible, take initiative and take quick and opportunistic action. Agility is the ability to respond - rather than react - to change. You can only do this if you create a business model and strategy that has constant innovation and evolution built into it," Tashakova told Khaleej Times at the summit.
She said one thing entrepreneurs should never do if they want to succeed in business today is compete with their competitors.
"If you do, you'll always be looking over your shoulder instead of looking ahead. The most successful entrepreneurs understand themselves and their market. They create new niches rather than compete in established niches," she said.
'VUCA' world
To a question about the ability to succeed in the global economy, she said the business world today is "VUCA" - volatile, uncertain, complex and ambiguous.
Elaborating, she said digitisation, connectivity, global trade, global competition and innovation are just some of the forces that make the economy VUCA.
"The flattening of our world, the rate of globalisation, is changing everything faster than old business models or paradigms of thought can encompass," she said.
New transformation system
Tashakova, a personal branding expert, business startup strategist and entrepreneurial educator, also explained the ultimate employee-to-entrepreneur transformation system and said it is a step-by-step guide for people to build, market and multiply their businesses.
"It entails three phases - launch, analyse and scale. While many people dream of owning their own business, most never do because they think it requires a lot of money or a lot of expertise. Other people start businesses but they struggle to survive, working more hours than they ever did as employees. They're self-employed rather than true entrepreneurs."
Tashakova said the ultimate employee-to-entrepreneur transformation system helps people to find the best business for them.
Elaborating, she said this system helps people to understand their personal brand and so determine the value of their business. "It helps people to understand the market and find the customers that want just what they have to offer. It helps people to create their unique business model and marketing strategy and operate lean. Finally, the ultimate employee-to-entrepreneur transformation system helps people to learn how to multiply wealth - not work," she said.
Advice for start ups
"Knowing yourself is the most important component of a successful business. Many people start businesses that they are not really suited to run or they start a business with the idea of making a lot of money," Tashakova said.
"When you understand your strengths - you can leverage them. When you understand what you're not so good at - you can make a plan to compensate. And when your business aligns with your values, you not only end up being more motivated and driven to succeed: your customers are then drawn to you because your brand aligns with their values," she added.
Why focus on SMEs
To a question how SMEs can support local economies, Tashakova said SMEs drive the economy, create jobs and foster innovation. She said SMEs have competitive advantage over large corporations because they have their ear to the ground.
"They know what people around them want and they can customise their offerings quickly to adapt to changing trends," she said.
"They are the source of market trends really, rather than followers. SMEs also build local economies because they create jobs, and use local resources, vendors and suppliers."
Referring to an Omani entrepreneur, Qais Al Khonji, she said SMEs account for 40 per cent to 46 per cent of nominal gross domestic product in Dubai, make up more than 60 per cent of the UAE's GDP, and provide 86 per cent of the jobs in the private sector.
The Association for Certified Chartered Accountants has found that in the top 20 global markets, SMEs make up 85 per cent to 99.9 per cent of the business population, account for 52 per cent of private sector value and are responsible for 67 per cent of jobs.
"Most people think of huge multinationals when they think of globalisation and internationalisation of business, but the Internet and ecommerce has allowed many SMEs to deal overseas," she said.
Millionaire entrepreneurs
Tashakova said millionaire entrepreneurs are self-made. Only 18 per cent of millionaires today have inherited their wealth. Millionaire entrepreneurs are people that figure out what they're good at - they leverage their natural talents and strengths.
"Millionaire entrepreneurs find ways to help others. They don't become successful because they take but because what they produce gives something of value to consumers. Millionaire entrepreneurs understand that the key to growth is working smarter instead of working harder. About 65 per cent of self-made millionaires have three or more income streams," she said.
- muzaffarrizvi@khaleejtimes.com
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