Essentials of Entrepreneurship
In developed countries, the Small & Medium Enterprises (SMEs) are the key factors which bring economic growth, employment opportunities and prosperity to the society. Flourishing SME sectors are the healthy sign that the economy and the society is growing and sustaining. Recently UAE has entered into new phase of development and the increase in the number of Small and Medium Enterprises (SME) gave momentum to the economic growth of the country. Though the majority of the SME sectors in UAE are businessmen, the presence of entrepreneurs make the SME sector more imperative in the business world.
In UAE we have more than 200,000 SMEs which provide nearly 86 per cent of the employment opportunities in the private-sector alone. In recent years it has become clearer than ever that UAE is the regional hub for business with the potential factor that it is easy to set a small enterprise in any part of UAE and to enjoy the tax free benefits of the country by effectively utilizing the high standard infrastructure facility of the country, particularly Dubai.
From nearly one decade of my experience as entrepreneur in UAE, serving particularly Small and Medium Enterprises (SMEs), I had a lot of opportunities to meet and interact many successful entrepreneurs. At the same time I have painfully witnessed the failure of many talented entrepreneurs during my journey. The common factor in every such failure is that, though those entrepreneurs are talented in their technical field they are lacking the managerial skills in many areas of business which are inevitable for any business to be successful. I noticed that the failure in executing the managerial skill in the given below three key business areas results in failure of an entrepreneurship. They are called the essentials of Entrepreneurship.
One of the main areas, which the entrepreneurs need to show their talent, is to delegate the power to the subordinates successfully. Many are not courageous enough to delegate the power to the subordinates; they die with work. Proper delegation of the responsibility and power will make the subordinate to think and to work like an entrepreneur himself. If delegation is not done properly the entrepreneur will become incompetent to handle the important aspects of the business which he is supposed to handle and the business will become stagnant or even get collapsed.
Finance is the most important key of any business to be successful. How essential blood is for the body, so essential cash is for the business. Many go out of business, because of failure in managing the money within the organization; ie, failure in cash flow management. Expense goes above revenue. Collection from customers is not taken seriously. Withdrawal of fund by the investors is done abruptly.
Third area is the customer care. “Customer is the king”. It is commonly used slogan in the business management studies. One could be most skilled in his technical area of the business, but if he does not serve his customers properly, he will definitely loose them because there are many in queue in the market to serve them better.
From the amazing facilities given by the UAE government every investor gets plenty of opportunities to cherish their business dreams in this land. If one puts himself in to the shoes of an entrepreneur, and is successful in executing the essentials of entrepreneurship in the above three areas of his business successfully, his business dream will be flourished step by step. From my experience, I learned that most of the entrepreneurs are not born with managerial skill. They are made; made from the hard work and priceless experience.
If one is the kind of person who is waiting for the ‘right’ thing to happen, he might wait for a long time. It’s like waiting for all the traffic lights to be green for five miles before starting the trip.
“When times are bad is when the real entrepreneurs emerge” Robert Kiyosaki