ShikhaVS (1)

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SEVEN BUSINESS LESSONS
FROM AN ENTREPRENEURIAL JOURNEY IN UAE
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Diversify your income stream

• Maintain multiple streams of income
• Avoid excessive dependence on any single revenue
  source
• Stabilizing your financial positions is the key
  to sustenance and growth.
• Diversification of your revenue streams is a good
  way to achieve this.

3
Decide your business activity beforehand

• There are certain limitations in doing business
  in the UAE.
• Various approvals are required before you start
  your business.
• Get the right information to know whether your
  business fits in.
• A business consultant can help you decide or
  assist you with possibilities and limitations
  available in UAE.

4
Identify the right jurisdiction

• Business jurisdictions in UAE are segregated by
  Emirates.
• Opting for the right jurisdiction depends on the
  nature of the business you would like to conduct.
• Dubai offers mainland business setups, free zone
  company formations and more

5
Questions before you start

• It is not sure that the product or services you
  are going to offer will be accepted by customers.
  
• Hence the most important questions to ask are
• How large is your potential market?
• Who are your competitors?
• What part of their business model can you improve
  upon?

6
Opportunities are key to success

• Find success from opportunities where you have a
  special advantage.
• Find some a high-value problem.
• Build an MVP (minimum viable product) the
  cheaper the better.
• Most importantly, remeber you need customers.

7
Managing your money

• The Association of Chartered Certified
  Accountants found in their study that 82 of
  startups fail as a result of poor cash flow
  management.
• Have a financial model and structure. Best to get
  get professional help
• Get a clear picture about your expenses and
  income probabilities.
• Have a Plan B in place for the worst case scenario

8
Adapt to change

• Lean, Flexible and Adaptable are the pillars of
  startups
• If your business does not adapt, you will fall
  behind.
• Keep in touch with the latest technological
  developments
• Keep a check on the countrys stand on various
  aspects of your business and its impact on your
  business category and specifically your type of
  businesses.

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Explore Lessons to learn as an entrepreneur in
UAE

• THANK YOU