If you are an entrepreneur, then you have invested time, effort, and money into your business. If your business is successful, then you know that success does not come easy and was most probably the result of hard work and countless hours. So, it is very unlikely you would sabotage that hard work in any way.
Working with many start-ups, I often find that businesses start failing when owners unwittingly sabotage their own entity - only realising it when it’s too late.
When I first embarked on my entrepreneurial journey some years ago, I was one of those types; I wish someone had stopped me back then, before some of my promising small businesses went down the drain.
Here's hoping the tips below will spare your business any unnecessary drama and stop the damage before it’s too late:
1. You are not necessarily the smartest person in your business
You may be the brightest spark in the room - after all you were able to visualise and build your business - however, your role is not to constantly prove you know everything, or to centralise the decision process. As the leader of your business, your role is to help your team to excel in their roles. A good leader listens to their team members, learns from them and helps them grow the company. If you don’t delegate, you will end up doing all the heavy lifting yourself, creating a culture of dependent team members in the process.
Looking back, when I was in university and assigned group projects, I voluntarily took the lead to ensure all the work was done. While I was confident things were done my way, and were “perfect” in my eyes, I ended up taking on all the load. While my team members earned high grades, they did not really know how the project had been put together.
The same thing applies to business. What happens to your business if all the decisions are centralised and you fall sick or have to take urgent leave? This is how promising businesses fall behind - something I have seen many times. You have to take charge, that’s for sure, but let your team members assume ownership as well.
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Read more from Manar Al Hinai:
Five entrepreneurship lessons from the UAE
Why your business should invest in a writer
Five ways to save time and enhance your productivity
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2. Don't limit the idea-generation process to a few team members
This is one of the first valuable lessons I learnt from my mentor - how he involved every team member in his company in the idea generation process. When he was brainstorming a new product, instead of limiting this task to the 10 managers who reported directly to him, he expanded that pool to include junior employees as well. The result was beautiful. Not only did he end up receiving innovative business ideas, his team’s morale was boosted, as they felt a sense of ownership. and they were more productive.
3. Ignoring the economy and market trends
Kodak is a textbook example of a company that refused to innovate and embrace digital photography when it started becoming more mainstream. Refusing to adapt to market changes, led them to bankruptcy. While it is sad to see a business of that scale fall, there are steps you can take to avoid a similar scenario.
Always engage in a conversation about the economy and market with people outside your company. Ask your clients, your target audience, your friends, and even your barber. what is happening. Seek their feedback, by asking, for instance, how they see your business in three or five years.
Ask them what could be improved, and what would make them loyal customers. Digital devices are an extension to our bodies, so evaluate how your business could reach your customers in the most digital friendly way. Evaluate your website, app and social media pages. While some circumstances are unforeseen, staying ahead of the game will lessen the severity of the hit.
Though self-sabotage comes at a steep price, it is always good to learn from our mistakes, and that’s the beauty of entrepreneurship - it’s a constant learning and growing process.
Manar Al Hinai is an award-winning Emirati writer who manages her branding and marketing consultancy in Abu Dhabi.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
More from Aya Iskandarani
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
More coverage from the Future Forum
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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