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How to be a Successful Entrepreneur in the UAE
Different entrepreneurs thrive in the United Arab Emirates (UAE), but there is no one-size-fits-all definition or criteria of what it takes to excel as an entrepreneur. Even the great entrepreneurs have different styles – some are unrestrained and boisterous while others are eccentric. However, some traits are essential to becoming a successful entrepreneur as they help you stay focused on important business goals and navigate through the thick and thin with grace.
5 Tips to Become a Successful Entrepreneur in the UAE
The following are vital tips to keep in mind to perform better as an entrepreneur in the UAE.
1. Be Patient
An entrepreneur must maintain extreme patience to prevent natural emotions such as fear of failure. As the saying goes, Rome was not built in a day. Therefore, it takes time for your business to make profits and succeed in the UAE.
2. Be Tough
Resilience and persistence are key traits of a successful entrepreneur. You must withstand business workload and pressure levels and handle them passionately.
3. Manage Fear
Fear of failure limits entrepreneurs from making potentially profitable but risky decisions. Being fearless helps entrepreneurs see opportunities and assemble the right team and experience to explore them.
4. Keep Things Simple
As an entrepreneur, do not complicate things at the workplace or any other aspect of your life. It saves time because simple strategies and metrics are easier to understand, measure, and buy than complex ones to keep things going smoothly.
5. Be Empathetic
An empathetic entrepreneur can put themselves in somebody else’s shoes, and this helps them understand their perceptions, feelings, and emotions. As a result, they get along with various people involved in their business, enhancing its success.
5 Things to Consider Before Starting Your Entrepreneur Journey
One must understand that the entrepreneurial journey is not a walk in the park. There are various issues to consider before becoming one, including:
1. Prepare and Perform Initial Research
Before venturing into entrepreneurship, you must be optimistic because you might struggle, especially in the first year of operation. You must investigate marketing needs and test your services or products on a small population to help you understand and determine the market acceptability of your product/service.
2. Admit Your Weaknesses
Inability to accept your imperfection can make you fail as an entrepreneur. When you admit your weaknesses, it helps you learn and grow because you reflect on what might have gone wrong, realizing critical areas of improvement.
3. Running Out of Money is Almost Certain
Entrepreneurs often run out of money because starting a company from scratch and getting a paying audience might take time. Decide whether or not you can fund your requirements and any other expenditures until your business goes past the break-even point.
4. Prepare to Step Outside Your Comfort Zone
To be a successful entrepreneur takes commitment and many sacrifices. You may need to spend more hours at work devising new strategies and even learning new skills. Therefore, you might have a more fixed schedule than your current one.
5. Keep a Positive Mindset
Being an entrepreneur might be the most challenging thing you will ever do, and it may fail – but you need to do it anyway. It requires an intense work ethic and a positive mindset as you develop strategies for your business to perform better.
Why Become an Entrepreneur in the UAE?
- 100% foreign company ownership
- No currency limits on specific Free Zones in the UAE
- 5% standard Value Added Tax (VAT) rate
- 0% tax rate on personal and corporate income
- Favorable transport networks
- Strategic location
- A favorable time zone that overlaps with many famous business hubs.
Costs of Starting Your Own Business in the UAE
Setting up a business in the UAE can be challenging, but Choose UAE helps smoothen the entire process. The cost varies depending on the type of business license you apply for. Below are some of the most attractive business setups you can go for:
- Dubai Free Zone: Setting up your business in a high-performing business hub with a premium location only costs AED 12,500. Dubai Free Zone will allow you to connect with a vast network of local and international businesses and thrive in a competitive but business-friendly environment.
- Sharjah Free Zone: This free zone’s business setup allows you to thrive in an environment with high regard for culture and creativity. With state-of-the-art facilities and innovative technology, you can start your own business for only AED 6,500.
- Dubai Mainland: Business setup in Dubai Mainland allows 100% ownership of both professional and commercial license. Starting from AED 14,500, you can form your company and even have the opportunity to take on Government projects.
How Choose UAE Can Help
Dubai and the UAE is the perfect spot for entrepreneurs looking to launch successful business empires. At Choose UAE, we have partnered with various government authorities to offer a business setup where we don’t rip you off of costs. With us, you can enjoy a cost-effective solution with no licensing fees and hidden charges.
Our end-to-end and seamless processes of establishing a business are what make us the go-to professional team for foreign entrepreneurs, SMEs, and startups. Contact us today to start your business venture in the UAE.