My friend is a serial entrepreneur. She operates multiple businesses and is now looking to open a new concept shop. Last week she asked me to accompany her and view the desired location for her new business.
As we toured around the chosen space, she discussed all kinds of things she wanted to do with the place. She had everything planned in her head and when we left she was on a high.
The next morning, she sent me an email with a picture of a new outlet located close to the space we had viewed the night before. The shop had a similar concept to hers. She was angry, feeling that proximity of that store would represent competition that would ruin her chances of succeeding.
I calmed her down, stating that just because that store existed did not mean that her business would fail. In fact, it did not mean anything at all.
Our conversation took me back six months to when I attended a seminar on entrepreneurship. The speaker told of a woman who had launched a chocolate brand. He highlighted that if you look around, there is an abundance of chocolate brands out there, from low-priced generics all the way up to the fine Belgian offerings.
Do we really need an extra chocolate brand? Perhaps not. But just because there are plenty of brands out there does not mean that this entrepreneur should not follow her dreams, and it did not mean that her business would fail.
Take a drive down Defence Road in Abu Dhabi and you will see more than 20 mobile phone shops on the same street, located either adjacent to each other or back to back. Most of them have been around for as long as I can remember.
While these shops all sell similar products each one differs from its competitor, in the same way that customers all differ. What makes each shop different is the way they represent their products, and the type of service they offer. If I need a bargain, there is a perfect shop on that street for that option. If I need a funky headset, there is a shop for that. And if I need a technician to fix my phone, there is an ideal outlet for that.
As an aspiring entrepreneur, you may have an idea or a dream that you have wanted to pursue for some time but have not done so because there are many competitors out there. That should not discourage you. There are thousands of supermarket franchises, and similar food and beverages outlets, but you could stand out by the way you represent your product and the service you provide your customers that makes them want to come back again and again.
Look at what is missing from the market and see how your business could stand out. What would make you different is if you offered something extra, different or filled a gap.
Before you consider launching, talk to your potential customers to garner valuable feedback. Listen to their complaints, as many business ideas are born after such conversations. Conduct a focus group where you would gather people to discuss a potential idea, and listen to their suggestions.
I also believe that it all boils down to service. This is what makes people stick to one brand over another. Focus on your customers, and their needs. Remember their birthdays, the type of products they like, and offer a service beyond what is being paid for.
My best friend still goes to her childhood physician even though better clinics and hospitals have opened. “I like how he’s honest with me and does not try to sell me medicines,” she says.
With the availability of multiple funding options, social media marketing platforms, and businesses that seem to emerge overnight, you might feel discouraged from opening a business that has competitors. The great thing, though, is that the market has an abundance of opportunities and room for all. You just need to find out what makes your idea different. Then stick to it, and turn it into a business.
Manar Al Hinai is an award-winning Emirati writer based in Abu Dhabi. Follow her on Twitter: @manar_alhinai
business@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UAE currency: the story behind the money in your pockets
MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
Joy%20Ride%20
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WISH
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Company%20Profile
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
COMPANY%20PROFILE
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
KILLING OF QASSEM SULEIMANI
More from UAE Human Development Report:
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
CREW
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The five pillars of Islam