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Small and medium-sized enterprises play an important role in the global economy.
According to the World Bank, small and medium-sized enterprises represent 90% of the world’s enterprises and more than 50% of employment opportunities, and contribute about 40% to the gross domestic product of emerging countries.
The World Bank estimates that 600 million jobs will be needed by 2030. This means that the role of SMEs in employing the next generation and the support the industry needs from government, public and private entities becomes even more important.
More than 94% of companies in the UAE are SMEs, employing more than 86% of the country’s private sector workforce.
The development of small and medium-sized enterprises is a priority for the UAE government, which aims to double the size of the economy by 2031.
Last week, the Ministry of Economic Affairs and The Government Development and Future Office organized an event to sign strategic partnerships with the private sector to support the UAE’s Future 100 initiative.
The initiative will recognize and support SMEs that contribute to the UAE’s future economic sectors and is in line with the UAE’s goal of becoming a hub for 20 new start-ups valued at over US$1 billion by 2031.
Launching a new startup is no easy task, especially if the entrepreneur aims to play a significant role in helping grow the UAE economy and grow the business into a $1 billion enterprise within the next eight years.
However, following the right steps and mindset will increase their chances of success.
The first step is to find the problem that needs to be solved. Most successful businesses grow because they continually solve problems for their customers.
That’s why I strongly urge aspiring entrepreneurs to take the time to research what their customers want and what gaps their business can fill. This is a process that shouldn’t be rushed.
Support groups and mentors will help you reach your goals faster. No matter how smart or talented we are, there is only so much we know.
As you build your startup, build a support group of experts and mentors who you can turn to for advice and counsel.
Their insights can help accelerate your growth and save you unnecessary headaches, often thousands of dollars.
Invest in a strong team. Just like a business idea needs to be researched thoroughly, team building needs to be researched thoroughly.
Hire team members with complementary skills. Find team members who believe in your company vision and are equally passionate about building it.
Sacrifice is part of the process. Starting a business requires money and a lot of time. Keeping this in mind will help simplify the process.
Last but not least, the difference between winners and losers is sometimes persistence.
Like anything worthwhile in life, greatness takes time and dedication
Mannar Arshina
For example, I am an impatient person by nature. When I was building my business, I found it very challenging to wait for results, but the results were worth it.
Like anything worthwhile in life, greatness takes time and dedication.
The UAE has some of the best mentoring and funding programs.
If entrepreneurs put their mind to it, they can build businesses that have a positive impact on the world—by 2031, we could have more than 20 startups valued at $1 billion.
Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi.
Update time: 4:30 am on October 2, 2023
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