1 / 9

From An Entrepreneur To Another - Know This Before Starting A Business In Uae

From An Entrepreneur To Another - Know This Before Starting A Business In Uae

ShikhaVS
Download Presentation

From An Entrepreneur To Another - Know This Before Starting A Business In Uae

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. SEVEN BUSINESS LESSONS FROM AN ENTREPRENEURIAL JOURNEY IN UAE

  2. Diversify your income stream • Maintain multiple streams of income • Avoid excessive dependence on any single revenue source • Stabilizing your financial positions is the key to sustenance and growth. • Diversification of your revenue streams is a good way to achieve this.

  3. Decide your business activity beforehand • There are certain limitations in doing business in the UAE. • Various approvals are required before you start your business. • Get the right information to know whether your business fits in. • A business consultant can help you decide or assist you with possibilities and limitations available in UAE.

  4. Identify the right jurisdiction • Business jurisdictions in UAE are segregated by Emirates. • Opting for the right jurisdiction depends on the nature of the business you would like to conduct. • Dubai offers mainland business setups, free zone company formations and more

  5. Questions before you start • It is not sure that the product or services you are going to offer will be accepted by customers. • Hence the most important questions to ask are: • How large is your potential market? • Who are your competitors? • What part of their business model can you improve upon?

  6. Opportunities are key to success • Find success from opportunities where you have a special advantage. • Find some a high-value problem. • Build an MVP (minimum viable product) – the cheaper the better. • Most importantly, remeber you need customers.

  7. Managing your money • The Association of Chartered Certified Accountants found in their study that 82% of startups fail as a result of poor cash flow management. • Have a financial model and structure. Best to get get professional help • Get a clear picture about your expenses and income probabilities. • Have a Plan B in place for the worst case scenario

  8. Adapt to change • Lean, Flexible and Adaptable are the pillars of startups • If your business does not adapt, you will fall behind. • Keep in touch with the latest technological developments • Keep a check on the country’s stand on various aspects of your business and its impact on your business category and specifically your type of businesses.

  9. Explore : Lessons to learn as an entrepreneur in UAE THANK YOU

More Related