This article is a generalized one with a major concentration for the scope that entrepreneurs in UAE have. We conversed with Shraddha Barot, who happens to be a real estate entrepreneur; about the entrepreneurship prospects in the country and the variety of factors that are to be considered. This segment is taken by her so as to make a beginning and enlarge her business in Real Estate. The reason which works to be the driving force for her to move ahead in this direction is the high demand that the sector has developed in the recent past. United Arab Emirates is now amongst the fastest developing economies which had directly made an impact on its real estate trade in a positive sequence. Growing demand has taken the needs and desires of many projects to get started in the fastest possible manner. Examples from this side are making high towered buildings or hotels in order to make a sound tourism promotion because UAE is considered to be amongst the most sought after tourist destinations which can boast of its gardens, clubs, amusement parks, and many other projects of similar nature. There are many real-estate projects that are a part of the undertaking of Shraddha Barot. Not only this, but there are many other attributes of her business which includes building of various little projects like high-rise buildings, shopping malls which are amongst the emerging trends in the country. (A Definition of Entrepreneurship, 2010)
There have been various cases where her company has grabbed some inspiring works in the commercial capital of the country, Dubai. An interview with Shraddha Barot revealed the fact that her company is centrally based in Dubai itself.
An interview was taken that incorporated numerous questions that were asked from Shraddha Barot which may help a lot many entrepreneurs in this field to have certain direction in their path to success. Questions which were talked about in that interview mentioned below as an analysis.
The interview commenced with the issue related to the driving aspects which stimulated her to take an initiation and how come such an idea comes to her mind. This question would bring out the dynamic power which made her think even further than the boundaries and reform the existing market situation and standards. As a reply to this she was of the view that she had seen a vision to bring out some essential changes in the sector of real estate and relate them in her own method which no other institution would let her perform. Next Shraddha Barot was queried about the inspiration behind new thoughts which she is putting into practice over her self-established trade. This one was on the examination which could be done over her advance skills to sense the nerve of the market and thus making it likely for her to sight some potential opportunities and at times even threats which is an essential trait of an Entrepreneur. In answer to it she remarked that she eagerly observes the existing situation of the market and make a contrast with state of affairs which had previously occurred and this gives ascent to the novel ideas which could be set up in the division as a beneficial aspect.
Next I talked to her about the assessment between long term and short term accomplishment and what is of more importance for her. This issue would decide whether she is more addicted towards a strategy in the long-run or a loss in the same. As a reply, she said that there are no short-cuts in the path to success and she had a firm belief in long term planning which would result in greater profits, both for her and her organization. This is learning for the emerging entrepreneurs, no matter what sector they are aiming at.
The further interview was about a variety of other features of an entrepreneur which he should have in order to place a tangible organizational base. I asked her about the promotional rules which an entrepreneur should be following so as to have a solid clutch over the conditions and thus making it likely to maintain itself even if the situations aren't all that favorable. As marketing strategies made by a new venture is of great significance to it and are a medium to decide the sales and finally profit of the institution, so this will eventually describe the laws related to revenue of the institution. In reply to this, Shraddha Barot told that marketing is one of the most flexible attributes of the organization and changes quite often with outside conditions. She mentioned a number of inspiring points like,
- Time is of most significant importance for a new venture. It comes even before money and thus an institution should have a proper operational plan for this important asset.
- It's highly required to be effectual than to be hectic unnecessarily as defined by 80:20 law, which states that only 20% of what a person performs contributes to making a decision about 80% of the result one obtains from them.
- If an easy method is obtainable to carry out some action then it should be selected and it should not act as a hindrance to the path of success in the form of arrogance or self-image.
- Normal routine check should be carried out over the development marked by the institution as in the concluding times its only the outcome that is of concern, and in a division like real- estate where 80% start ups are unsuccessful within their early years.
A vital question which comes to our mind is that why only a minute percentage of the entrepreneurs eventually become successful and why it is not likely for 100% of them to have accomplishments in their startups. This was the idea behind my next question that what are the features that can make an entrepreneur successful? In order to make a reply to this question that I asked, Shraddha Barot was of the view that change is predictable and when we get a little precise over our business, it is one of those fields which are facing the maximum current of modifications. It has turned out to be essential for up-and-coming entrepreneurs and flourishing businessmen that they ought to believe that they have to design their business criterion (criteria) and methods according to the changing conditions. Also victorious entrepreneurs should have knowledge of their strong and weak ends so that they could sort out their weak ends by making use of their strong points. Also a flourishing entrepreneur has a propensity to incessantly search for better options & chances, and also he should have the means to change a chance into a achievement and how to make most earnings from it as it is the major aspiration of an organization i.e. 'Profit'. (Profit importance, 2010)
Shraddha Barot talked about the fact that it is extremely necessary to repeatedly make a lookout for chances to set-up with novel populace. In commerce, a person is judged by the corporation he keeps - from his organization group, planned associates and also the board of directors. Corporate always seeks help, and more for small businesses. She said that it is possible that the person you happen to come across in a business connection gathering can make you find secure funding in your plan, or any person at some meeting can give you some organization running advice. She also emphasized on the importance of having deals with partners who can in fact be of help to you, and to whom you can help in exchange. To do well in business, an entrepreneur is supposed to have high-quality skills of networking and always be attentive about events to enlarge his place in the industry.
As an initiating method, Shraddha recommended to develop relationship with all those who can help you to take care of things that are likely to put you down. For instance: journalist, promotion, designing on the web. One is also recommended to try adding up the polulace which is probable to give you expert business recommendations: like a legal representative, an accountant, a business expert etc. In the end, include all those who can of help to you in your personal as for an example: your own relatives, companions, and those working together.
This process is related to reasoning. She puts in not to overlook the part of other's support sides. She insisted to distribute your skills amongst the helpers and create a networking assembly where industry people hold one another. Alone entrepreneurs can hold up others who are similar in the league and is what that can be a reason of our success.
Another point she added is enthusiasm to Learn. For this reason, one does not believed to be a MBA or Master of Business Administration or a PhD scholar to do fine in his own business or commerce. Giving reference to a bunch of entrepreneurs in UAE, she mentioned that there are a lot of entrepreneurs who not still finish secondary education. She said by her own point of view that the majority of self-made millionaires or say flourishing entrepreneurs have average intellect, as far as UAE is considered. However, these people accomplish their total potentials, reached their financial and personal goals in company as they are very enthusiastic to learn. To be successful, one must be enthusiastic to ask queries, remain inquiring, interested, and open to fresh knowledge and experiences. This enthusiasm to discover something becomes more crucial given the rapid changes in information technologies and techniques of doing business.
When we asked her about how to start a novel business, she responded that as a little or solo business holder, one is supposed to have a concrete business plan, even when, one is not getting any loan from any investor. She asked "Would one spend ten thousands of dirham of his personal money purchasing share in a company that didn't still have a hard-written prospectus"?, and if not, then why would any investor should invest thousands of dirham and days of one's precious time on a plan of a business that doesn't have a written B-plan.
For the same reason, she recommended that an entrepreneur must have a written plan; get it confirmed by professionals and specialists, and most significantly, keep in mind to lodge any change as necessary. This may appear like counterintuitive that why difficulty put it in writing if it's related to suffer any modification? Shraddha answered that because writing it in hard form makes it more clear and comprehensible and helps one to get to the later stages of planning, learning, and revising. It's crucial as more than 65% of entrepreneurship tries that unsuccessful had no such business plan in hard writing.
But again a question comes is that should one try to request to as much people or specialists as possible? The sarcasm is that the further one aim to appeal to EVERYONE, the less you will appeal to ANYONE. She gives an instance that let's say one is making a house sell, than would one either list it with the supervisor who functions in more than 14 nations, deals in both commercial real estate and residential buildings, and deals in all items from estates to cottages? Or one would like to choose a supervisor who has experience in one's local community, deals in only homes in a diverse price array that the individual identifies tremendously well? Unfeelingly define your position, try to make it as less as possible, and live accurate to it. That's the solution to go ahead and take novel tests as an entrepreneur.
When we asked her regarding the probable marketing strategies, she answered that the pull is to favor all the marketing strategies that the rivals in the business employs, in order to hang about with tried-and-true means or marketing. To position advertisements that you know zero about creating, or to create any cold calls that give you heartburn. Why? She gave an answer because "that's how it is constantly been carried through." She said it's tough to stand far among your competitors when you are hauling the same type of marketing policy! So in its place, look to your own force or strength indeed. What does someone prefers to follow? What are you enhanced at? Then prefer 3 marketing approach that play to those potentials.
When asked about the dangers in taking clients of outer culture, she responded that this is possibly the hardest plan for fresh business entrepreneur to concern. Chiefly when there is a work, a possible client or a project just exterior to one's place could keep the commerce in the black for the subsequent 6 months or some more. Don't do it!, she suggested, taking on a customer outside to one's niche necessarily results in impatience for you, dissatisfaction on the side of the customer, and in the conclusion, typically costs one much heavier than one make.
We talked to her on the matter of facilitate women entrepreneurs in the nation. She replied that there are actually three basic obstacles for female in UAE to come into in business field. There would arise to be a significant number of issues involved here. In the very 1st place, it emerges that the name 'networking' is not an idea that can be exploited by many women entrepreneurs in the country. They most probably argue their business matters within their own families and, rather more possibly, with their close contacts but this may not submit to be as networking. 2ndly, socio-cultural ethnicity in the majority of part of UAE may append to a less lively chase of formal networking probability such as presence in personals of overseas embassies, etc. Thirdly, for a vast number of the women entrepreneurs, 'commerce' really is a traditional turmoil in which they are required to have been occupied for a large amount of time. For the majority of them, it can be other kind of social pastime than a solid money-making scheme that needs to receive the focus and mind-full efforts to gather information and start new practices.
She gives an example of her sister who started a small business that was related to designs greeting cards. She was busy forming a business-network to exploit mutual benefit with some other women entrepreneurs she comes to know in recent times. Fundamentally the group has been formed to include deals that are balancing to each other. She replied that by far, the following trades are identified in the network: organization of wed- dings, other events, floral decorations, special textiles, etc. The chief objective of the network was to make combined presentations, for example to hotels or administration departments, in order to have access to fresh and particularly better jobs.
Entrepreneurship idea may vary a lot based over the type of business startup entrepreneur has thought of and trying to bring out into reality. Most of the entrepreneurs in current scenario have idea, mission, vision, and plan.
We talked to Shraddha Barot, a real estate entrepreneur about the entrepreneurship opportunities in UAE and factors to concentrate on. She stated that in the country, it has become necessary for emerging entrepreneurs and successful businessmen that they should accept that they have to mould their business criteria and techniques according to the changing requirements.
Shraddha Barot mentioned that it is too necessary to continually look for opportunities to network with new people. As a starter method; Shraddha advised to start with the people who can help you to carry out things you are not good at. Finally, comprise the people who can support you personally: like your family, friends, and colleagues.
Another point she added is enthusiasm to Learn. Giving reference to a bunch of entrepreneurs in UAE, she mentioned that there are a lot of entrepreneurs who not still finish secondary education. She said by her own point of view that the majority of self-made millionaires or say flourishing entrepreneurs have average intellect, as far as UAE is considered.
When we asked her regarding the probable marketing strategies, she answered that the pull is to favor all the marketing strategies that the rivals in the business employs, in order to hang about with tried-and-true means or marketing
She recommended that an entrepreneur must have a written plan. It's crucial as more than 65% of entrepreneurship tries that unsuccessful had no such business plan in hard writing.
When asked about the risks in taking clients of outside culture, she replied that this is perhaps the hardest suggestion for new business entrepreneur.
On the issue of encouraging women entrepreneurs in the country, she replied that there are basic hurdles in social culture of the nation for female Emirates to enter in business field.
- A Definition of Entrepreneurship (2010), Retrieved on 8th March, 2010 from http://www.quickmba.com/entre/definition/
- Profit Importance (1990), Retrieved on 8th March, 2010 from http://www.allbusiness.com/management/117110-1.html
- M. S. S. Namaki. (2008). Strategy and entrepreneurship in Arab countries. London: Palgrave Macmillan