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How can entrepreneurs be empowered for financial mastery?
Sharjah Entrepreneurship Festival 2025 aims to equip founders with necessary tools
- PUBLISHED: Tue 14 Jan 2025, 8:18 PM UPDATED: Tue 14 Jan 2025, 8:19 PM
Entrepreneurship has proven to be the engine behind contemporary economic systems, serving as a nest of innovation, employment generation, and societal progress. Globally, small and medium enterprises (SMEs) constitute 90 per cent of all businesses and account for over 50 per cent of employment, according to the World Bank.
In the UAE, SMEs represent a cornerstone of economic development and contribute a substantial 64 per cent to the UAE's non-oil GDP, according to the Central Bank of the UAE.
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Through government support, policy, and a range of services and institutions that empower the entrepreneurial community, Sharjah has positioned itself as a global contender in talent, innovation and business development. While this optimal setting provides a strong foundation, the journey toward financial sustainability and scalability is still filled with opportunities for growth, and knowledge is always our greatest ally.
Entrepreneurship thrives on vision, determination, and an ecosystem that nurtures innovation. For founders and startups, access to insights, mentorship, and diverse networks can transform ideas into reality. The question is: How can those with entrepreneurial aspirations be empowered with the knowledge and tools they need for financial mastery?
Financial literacy is crucial for success
In today's global economy, financial literacy is more critical than ever for entrepreneurs, and involves mastering skills such as budgeting, investing, and managing debt - abilities that directly impact the survival and scalability of businesses. Yet, a significant gap persists. Globally, only 33 per cent of adults are financially literate, according to the Standard & Poor's Global Financial Literacy Survey, and entrepreneurs are not immune to this trend.
Sara Abdelaziz Al Nuaimi, CEO of Sheraa, stated, “While the entrepreneurial journey often begins with a spark of inspiration, the pathway to success can be impeded by multifaceted financial challenges. Procuring seed funding, venture capital, or alternative financing mechanisms represents a notable obstacle for nascent entrepreneurs. The competitive nature of markets further exacerbates the difficulty in persuading investors to endorse innovative yet unproven ideas.”
She added: “Even with sufficient initial funding, sustaining operational viability demands a meticulous approach to budgeting. The mismanagement of cash flow - often precipitated by unforeseen expenditures - remains a major cause of business failure. Expansion, though desirable, entails proportional financial commitments making strategic forecasting and risk mitigation imperative to avoid overextension during scaling phases. These are all aspects that entrepreneurs need to be upskilled, informed, and confident in.”
“Ultimately, entrepreneurs that are equipped with understanding, projection and financial acumen are better positioned to navigate risks, capitalize on opportunities, and drive long-term growth. Addressing these gaps requires deliberate, accessible initiatives tailored to the entrepreneurial ecosystem - a role SEF adeptly fulfills,” Al Nuaimi said.
The Sharjah Entrepreneurship Festival, scheduled for February 1-2, 2025, at the Sharjah Research, Technology, and Innovation Park, is the flagship event of the Sharjah Entrepreneurship Center (Sheraa). The festival unites Sharjah's entrepreneurial community, providing opportunities to network and exchange knowledge with leading global entrepreneurs. Its goal is to equip participants with essential skills, strategic insights, and strengthened connections with financial experts and business leaders.
Associate Editor Somshankar Bandyopadhyay brings more than three decades of experience to the KT newsroom. Currently, he manages the news production of the business section, ensuring that the top economic and business news of the day reaches its readers.