I recently recalled a conversation I had with a friend when I was at university, who told me that I wouldn’t be able to run a successful business without prior business experience. My friend may be right in some ways, but not others.
For example, having experience in a fashion business would help you when you launch your own. Yet stories such as those of Facebook’s founder Mark Zuckerburg or Microsoft's Bill Gates, who established leading and innovative ventures without prior experience in the business world, prove otherwise. In fact, experience in a traditional company may not be relevant when launching a business in a completely new industry.
If you feel hesitant about starting your dream business because of your lack of experience, here are three things to keep in mind.
Customers usually have the answer
A business acquaintance once told me how every business venture she launched was inspired by a need that she and her friends faced. For instance, neither she nor her friends could find the right nursery for their children, so she started her own.
If you are frustrated with a certain service, or feel that there’s a gap in the market, the chances are that a lot of other people feel the same way and their input can help you refine your idea.
Have a look around, conduct focus groups, and speak to as many people as you can so that when you launch your business solution, you can easily win them over. Richard Branson once wrote in a blog post: "Think about changes you'd like to see as a customer – even if you've just noticed little details that need tweaking. Those little changes may add up to a big idea that leads to a new and truly disruptive product or service."
If you don’t know, surround yourself with people who do
You could be sitting on a million-dollar idea, but you don’t know how to run or manage some aspects of it. This is where mentorship and surrounding yourself with people who can help come in handy. You can even bring an experienced business partner on board who could help you build your company. Also, you can work with a mentor in the same or a related industry, and ask them for guidance in some areas. Alternatively, join a networking group, or online forums where you can find like-minded individuals and discuss ideas with them. When I first started my entrepreneurial journey, I thought that I’d sound like a failure if I didn’t know the answers to the questions I had. But then I knew that my business would be in jeopardy without them, so I approached experts - and those with more experience than I in certain areas. The wider your support network, the better for your business.
Make use of the resources available
From online courses to mentorship programmes and talks, there are so many resources available for you to learn about any industry, develop skills, help you raise funds and reduce your costs.
Abu Dhabi’s Hub71 network of venture capitalists invest in innovative start-ups. Social media also helps in connecting us with entrepreneurs and industry leaders where you can ask questions or seek guidance. There are also a number of accelerators and business centres with experts that can help you develop and further focus your business idea. Sheraa Entrepreneurship Centre in Sharjah organises different events and programmes that help start-up entrepreneurs. The Sheraa Idea Lab, for instance, helps start-up entrepreneurs understand their customers’ behaviour and problematic areas that the right product could help to solve.
A lack of experience in business doesn’t mean you won’t run a successful company Researching, listening to your potential customers, tapping into the right resources and partnering or surrounding yourself with the right people all provide helpful steps in the right direction.
Manar Al Hinai is an award-winning Emirati journalist and entrepreneur, who manages her marketing and communications company in Abu Dhabi
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
The%20Kitchen
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UAE currency: the story behind the money in your pockets
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
Tuesday results:
- Singapore bt Malaysia by 29 runs
- UAE bt Oman by 13 runs
- Hong Kong bt Nepal by 3 wickets
Final:
Thursday, UAE v Hong Kong
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Match info
Manchester United 0-0 Crystal Palace
Man of the match: Cheikhou Kouyate (Crystal Palace)
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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COMPANY%20PROFILE
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If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
Origin
Dan Brown
Doubleday
UAE currency: the story behind the money in your pockets
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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UAE currency: the story behind the money in your pockets
