​Have you ever wondered what it takes to become a successful entrepreneur in Dubai?

You’re not alone.

This is the question that many budding businessmen ask themselves and others.
While Dubai is regarded as one of the best places to set up a business, thanks to its business-friendly environment, strategic location, and minimum taxation policy, the competition here is cut throat.  
Research shows that almost 9 out of 10 startup fold within first or two years. This in and of itself is a testament of how challenging it is to become a successful businessman.

But there’s great news too...

Every year many successful businesses are launched here. And this year could belong to you.
One way to ensure your success in Dubai is by following the formula of successful entrepreneurs.

Here are some key lessons you can learn from successful entrepreneurs in Dubai:

1. Money is great—but it’s not everything

Believe it or not, it’s not always about money. Or let’s put it like this: money is not the main thing.
Find it hard to believe?
The most important thing is to chase your dream, to do what you believe in. If you do that, and do it with all your heart, success will follow you.
On the other hand, if you chase some fast money making opportunities, in the short run you might make some money, but in the long run you are likely to end up frustrated. 
Why?
Because your engagement with what you’re doing will not be 100 percent.
If you want to become a successful businessman in Dubai, ask yourself these two questions almost every day:

• Am I doing what I believe is the most important thing for me?
• Am I passionate about what I’m doing?

Unless you feel like you’re not working on something that’s important to you and about which you’re completely passionate, you’re not likely to feel great about how you’re spending your time.

1. Don’t mind the haters

What’s most important that you believe in what you’re doing. Remember that. And also remember that what others think about your business idea just doesn’t matter.
There’ll be many people who’ll tell you that your business idea has no future or you’re not ready to start your own business. Don’t let these haters deter you from chasing your dream.
In such a competitive business market, you must have a very thick skin to find true success. To get the kind of results you want, you must persevere despite of all criticisms thrown at you.  

1. Always continue moving ahead

Many people are just too happy to throw in the towel after they’ve tasted some success, enough for them to live luxuriously for the rest of their lives.
Do you want to become a one-product wonder? Or do you want to leave behind a lasting legacy?
If the latter is your goal, you must remain at the top of your game always. Even after you’ve become successful, don’t delay chasing new opportunities even a wee bit.
Your focus should be always on exploring new ways to make more impact and take your brand further and further.

1. Mindset makes all the difference

As they say, it’s mind over matter. Nothing could be more true in business.
Of course a great business idea helps, but it is not the main thing that leads to you success. The chief proponent is your mindest, your never say die attitude, your ability to focus solely on your goal in spite of all challenges, and your unwavering belief in your abilities and the potential of your business idea.

Want to know more about how to set up a successful business in Dubai?

Get in touch with our experts. They can help you with everything you need, from creating a sound business plan to developing a great pitch to woo investors, helping with capital raising to providing entrepreneur coaching. 

You have a great business idea but are hesitant about sharing it with the world because you’re unsure if this is the right time to start your business in Dubai.

Hmm, your indecision is understandable.

The market can be a cruel place and deny you a second shot at living up your dream if you fail once. That’s why it is important for you to make the first chance count. And for that, you must get the timing of your business launch spot on.

Genuine as your worries are, they are actually unfounded. Because this is the right time to launch your business in Dubai.

There is tremendous potential in the market at present and one of the main reasons for that is World Expo 2020 to be held in Dubai.

Investors and successful businessmen from across the globe are now showing interest in Dubai, which is fantastic news for startups like you. It means finding an investor in the present market is likely to be relatively easier.

Apart from the much-awaited World Expo 2020 and the interest it has generated, there are several other reasons why you shouldn’t delay the launch of your first business in Dubai for even a moment.

Let’s look at some of these reasons:

• The cost of doing business is low

According to a report, the Strategic Affairs of Council and Dubai Chamber have looked at lower the cost of doing business here. According to the report, the authorities are going to closely examine the concerns raised by existing businesses about high costs of doing business in Dubai and come up with apt solutions. Through this study, Dubai wants to convince investors and businessmen alike that the business environment here offers unique advantages like cost-effective measures and condensed legislative procedures.

• VAT

Dubai is an extremely business friendly city. If you do business here, you wouldn’t have to worry about many types of taxes like corporate, personal, and others.
That said, VAT (Value Added Tax) was introduced here on 1st January, 2018. However, VAT will prove to be a great thing for businesses. While it appears to be an extra expense, it is going to be reimbursed in the supply chain. Another thing to note is that VAT’s implementation will boost the welfare systems in UAE and Dubai, and this in turn will provide better scope to startups.

• Full Ownership to SME’s

Dubai SME is seriously thinking about offering complete ownership—100 percent ownership, that is—to all SME companies. This is a very big move. A fresh regulation was declared publicly for “Incubators & Business Accelerators”. This is open for all innovative entrepreneurs. Businessmen in Dubai can submit an application to obtain an incubator business license. The concerned authority will scrutinize the feasibility, and if it their finding is favorable, the businessmen will not need a sponsor.

• Open Trade System

Dubai is a great place to start your business because is part of the Open Trade System. This basically means that startups here enjoy the security to enter into international markets and enjoy stable and dependable trade relationships. Dubai participates extensively with business leaders across the globe, including North America, Europe, Africa, and Asia.  

• Repatriation

Taxation is almost non-existent in UAE. Precisely for this reason, majority of expats prefer not to move their money out of Dubai. However, if you need to move your money to another country, you can do this comfortably because the exchange rate with the USD is stable.

• Willing Investors

Dubai is growing with every passing day, and so are the needs of its residents. In other words, there’s a lot of room for new businesses here. That’s why, if your business idea has strong potential, finding an investor today is likely to prove relatively easier. Of course, you will need more than just a business idea to impress your investors. Along with it, you would require a detailed and clear business plan. You must also have excellent pitching skills.

If you need help to launch your business in Dubai and UAE, like preparing a smart business plan, you can count on our help.  

Think that a great product or service is enough to convince investors in Dubai to invest in your startup?
Think again!
Research shows that…

• 9 out of 10 startups fail in their very first year
• Most of them fail not because of a below-par product or service but rather because of lack of funds

So why do many businessmen in Dubai and UAE fail to get the required funding even when their business idea is very promising?
They fail because they’re unable to convince investors about the merit of their product or service. In other words, they pitch their product poorly.
If you want to avoid the fate of 90% of startups, you must learn the dos and don’ts of pitching your startup to investors in Dubai and UAE.

3 Dos of pitching your startup in Dubai and UAE:

1. Make the first 60 seconds count
If you can engage investors in the first minute, there’s a good chance they might hand you a cheque.
How can you do that?
To engage investors, you must describe the 3 Ps in the first 60 seconds of pitching.

• Product – Tell them your product (or service), as well as why it is needed. In addition, share the revenue model.
• People – Inform investors about the key minds behind your company and why they are the most suitable people to run the company.
• Passion – The last ‘P’ is just as important as the other two. Unfortunately, many businessmen fail to convey their passion to the investors. If you’re not passionate about your business idea, why on earth someone else will invest money in it?

2. Show them how great your product is
If your product is something that you can carry with you in the meeting room, do that. Let the investors see by their own eyes how great your product is. It is a simple strategy but it works like charm. You might not even need to give a presentation of your business if the investors happen to like your product.

3. Follow up with the investor It is very much possible that despite great pitching an investor might decide against funding your business. But that doesn’t mean you should stop following up with the investor. There’s always a chance that this investor might communicate your business idea to another investor, who might willingly write a cheque to you. It is also possible that the investor who turned you down initially might decide to back you later.

3 Don’ts of pitching your startup in Dubai and UAE:

1. Don’t come unprepared This goes without saying. If you don’t prepare your pitch, you are not likely to impress the investors. At the same time, don’t take it to the other extreme and appear like you’re reading from a script.
 
2. Don’t fear defending your business idea Many entrepreneurs in Dubai and UAE make the mistake of coming to the investor meeting with a lack of confidence. They are just not prepared to handle the expected conflict or contradictions which might happen between them and the investor.  
However, in truth the conflict and contradiction with the investor is an extremely good think for the entrepreneur. It shows that the investor is actually interested in your business idea and therefore it is necessary that you handle any contradicting views well. You should make the best out of this opportunity by listening to the conflicting views and defending your product or service.

3. Don’t pitch to wrong investors Be sure you’re pitching to the right people, who not only value your product but also your concept and passion to realize your dream.

Need further help with your business planning and pitching?

We highly recommend you first develop a winning business plan. You can do so easily by downloading one of our ready-made business plan templates. They come fully loaded with a pre-written text in Word and an automatic financial model in Excel. We have already done all the hard work for you. All you need to do is download the business plan that fits your industry then spend a little time customizing the Word and Excel documents to fit your specific project. We guarantee you will be able create an investor-grade business plan in no time.