Launching a startup is a big step. You can build a whole new universe for yourself and for others by becoming an entrepreneur. But, Rome wasn’t built in a day, and neither were some of the most well-known business names, however, they heeded sound advice and hustled until they saw their success manifest.
The UAE is well-known for being a booming startup hotspot at the present. Dubai, like Silicon Valley, is getting attention for its success stories about businesses that were created and raised on the emirates’ ground. Startups in the UAE such as Avidbeam, Souqalmal, Almentor, and many more are well-known throughout the country and were once nothing more than a grand idea. There is no one formula for success for entrepreneurs, whether they follow trends in startups or try something completely new. In spite of the obstacles and sacrifices small business entrepreneurs face, a majority would do it again in a heartbeat.
The process of starting a business can seem challenging at first, including everything from funding to investments to marketing strategies. But you have to start somewhere, while there isn’t exactly a guidebook on the secrets to a successful startup, we’d like to assist you by providing some useful pointers to bear in mind:
- Be passionate about your work:
Being a business founder can be quite challenging and there are not enough hours in the day to accomplish everything. From big successful business strategies to ideas that didn’t go as planned, if you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.
- Exercise discipline:
Budgeting and self-control are undoubtedly necessary. Entrepreneurship requires discipline in all aspects, especially during the early stages. Set objectives for each day/week/month, rather than determining the number of hours you will work. Keep a work/life balance; we don’t believe in allowing your startup to completely take over your life, but startups do require more attention than established businesses. Make a list of everything you need to do and stick to your deadlines.
- Identify the areas where you need support:
Recognize when you need to hire an accountant, lawyer, insurance agent, marketing specialist, web page designer, or other professionals when running a business. As a business owner, this will kickstart your management process. A team of experts allows you to offer professional assistance to those both inside and outside the company.
- Work with advisors and mentors:
It’s no doubt that you’re going to double-check all your decisions and plans for the startup- whether it be regarding funding, product marketing or expanding to different regions. No single person can have all of the expertise, experience, or even perspective needed to address any business scenario. Learn from the abilities and experiences of others and use them wisely to grow your startup.
- Don’t just hire employees, hire a team:
It will be a long journey, and you will need some support. Ensure that your new employees know what their jobs entail and how important they are to your growth. The vibrant energy of startups is often attributed to their lively, creative, and spontaneous nature, but few realize that this energy is a result of working alongside highly committed people who are committed to the success of their enterprises. Finding an employee is easy, but putting together a team is an important step. Investors and other companies consider this quality when deciding whether to partner with you
- Aim for the bigger picture:
A startup founder should understand that raising capital is not the end goal in and of itself. You can raise funds for your business by obtaining a bank loan or bootstrapping. Having established that, you will need a strategy for moving to the next level and where you will go from there. The ultimate objective should always be to grow your company from within, not through fundraisers.
- Know when to take action:
Startups should always know when and to whom they should pitch their products. Ensure that your public relations tools are used effectively and that company information is released at the appropriate time and place. Timing is everything when launching a business or product. Keep your business plan up-to-date and include all the information about your target audience.
- Enhance your social skills:
If you and your team know important people in powerful positions that’s a huge plus. You’re well ahead of the majority of folks. If you don’t, it’s part of your job to be relentlessly devoted to utilising your current network and searching out opportunities to connect with influential individuals. In any case, the capacity to build new relationships as well as nurture and preserve current ones is critical to the viability of your organisation.
- Keep an open mind
When you put so much time, effort, and trust into one business, based on just one business plan, you’re naturally averse to the idea that it might need to be tweaked, or worse, discarded and rebuilt entirely. A startup can reveal areas of management, marketing, or any other aspect of your business that need to be changed or updated – at any time throughout the process. Never be afraid to make changes in order to improve your performance.
- Start lowkey and expand:
If possible, self-fund your business idea and then seek capital once your growth narrative is in place. You might need to break down your product/service offering into smaller sections so you can gain traction and experience during the early stages. This is known as bootstrapping, where you use your savings, seed funds, and current income to build the basis of your business. Businesses like Dell, Grabon, and Tradohub were bootstrapped.
It takes more than just a concept and action to start a business. Choosing to start something from scratch is more than just setting up a business; it is setting the stage for a new chapter for you and many others. Dubai startups are known for their innovative ideas and concepts. Learning where to begin and what areas to focus on is critical for the future of your organisation.
Humd knows how unpredictable yet incredibly gratifying the process of starting your own business can be. Humd, GCC’s first print marketplace launched in UAE with the vision of providing a plethora of customized printing solutions to startups and established companies to reach their target market and create a brand for themselves in the ecosystem. Humd aims to empower offline print vendors from across UAE, giving them a complete technology solution to manage their day to day operations, helping them make a smooth transition into the digital world.