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Thinking of a UAE startup? 8 things you need to know

Dr. Sharon Mendoza-Dreisbach
Filed on October 15, 2016

(Phocalmedia)

The real success of a business lies in going back to the basics, but always staying competitive.

In today's world, venturing into business is both exciting and challenging. To be successful, perseverance and patience are not the only factors needed to open a business. One also needs passion, commitment and a dedication to the business, and must have a positive attitude when it comes to dealing with customers and employees alike.

Let us take the success story of Tony Tan Caktiong of Jollibee Foods Inc, for example. From their humble beginning owning two ice cream parlors in the 1970s, Tan Caktiong made Jollibee one of the most admired and respected companies in Asia. Today, they have outlets in America, China and the Middle East. Professor of entrepreneurship at Harvard, Howard Stevenson, once said, "Jollibee's success story is based on the solid foundations, not a meteor that will burn itself out".

The real success of a business lies in going back to the basics, but always staying competitive.

Step 1: Create a business plan

Doing research is an important criterion you have to fulfill before writing up your business plan. And a business plan is crucial indeed - it serves as a roadmap to making a business successful. A good business plan usually describes the company's profile, projects the future of the business and outlines the company's plans to earn and grow its profit. Further, it should take into account market analyses, organisational structure, products and services, as well as sales and marketing strategies.

Step 2: Educate yourself

A great thing about the modern world is that we all have a wealth of information at our fingertips. However, it's important for entrepreneurs to know the difference between real and fake information. Be knowledgeable about your different options by seeking advice and getting assistance from experts in the industry.

Step 3: Choose the right business location

Choosing a location requires meticulous planning and research. When doing so, always take into consideration your target audience, supply chain, competition, budget, and the laws of the country in which you intend to start your business. Most businesses choose a location so as to reach their target customers more effectively.

Step 4: Finance your business

Having financial capital to start a business is not enough. You also need to think about how much money you will need in the long run, and be prepared for emergencies.

Step 5: Have your business name registered

The legal name of your busi-ness represents your ownership of the business, and it is important that it suits your overall brand image. The name you have chosen needs to be registered with the country's local government agency.

Step 6: Get your business licences and permits

To ensure that you are run-ning your business legally, acquire the right licences and permits.

Step 7: Understand employer responsibilities

A successful businessperson must be aware about his responsibilities as an employer. The guidelines of the UAE Labor Law can help establish a harmonious employer-employee relationship. Employers must inculcate the right values and understanding of the organisation's rules and regulations in their employees.

The employer is also supposed to create a safe working environment, maintain ethical practices, empower employees and acknowledges their contributions. Keep in mind that your success lies on your employees' ability to work for you. Once you have the right employees, you can focus on more important tasks.

Step 8: Keep on improving

A successful businessperson is never complacent. Acknowledging there is always a need for improvement is what makes the business profitable. Every day brings with it new changes and a businessperson needs to be aware of them. Always seek to improve your business. This involves continuously educating yourself, attending trade shows and exhibitions, and con-

 


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