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:
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.
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:
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.
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.
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:
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.
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?
Research shows that…
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.
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.