10 questions to ask yourself as an entrepreneurkwsmedeveloper
Have you been dreaming of dropping everything and starting your own business in Dubai? Not sure if you have what it takes to be an entrepreneur?
Let’s admit it. Creating a company is hard and entrepreneurship isn’t built for everyone. So before taking on the gargantuan endeavor of company formation in Dubai ask yourself these 10 questions first.
1. What is the prime reason that I want to start my business?
The success of your business largely depends upon your personal goals for becoming an entrepreneur. If you are looking to create something new, to so something that you love, to have creative freedom or to make an impact on your community; these realistic goals are very strong incentives for starting your business unlike poor motivations such as to become wealthy or famous.
2. Am i passionate?
Do you have the hunger, drive and self-motivation to get into a new business? A real hunger whether for power, respect, and wealth or to get out of any personal/social/political situation creates focus like nothing else. If you had a job before, being accountable to other people may have pressured you to hit milestones. But that doesn’t work in entrepreneurial world. You will have to be self-motivated and be accountable for yourself.
3. Do i like to challenge myself?
Before you go for business setup in UAE ask yourself, “if I met with a challenge, how will I react?” if you have a mentality of grab a bull by the horns, it will help you in overcoming the challenges that you will encounter in stages of your business development.
4. Do I know who will buy into my proposition?
The most important factor for success is not finding investors for capital rather finding out who will buy into your proposition. You should not confuse capital with revenue.
Take the example of Snapchat whose customers are not the one that post images and comments in the app but the companies that advertise through it. Snapchat’s revenue is completely advertisement driven. This means Snapchat investors understand their target audience of advertisers and have a fair idea of how much money is available to them for digital marketing.
5. What makes my offer stand out?
Take cue from Peter Thiel- “Is there something that you are doing that is 10X better than what the current state is, in some way or another?” If not, forget about it. Any product or service that you offer has to be 10 times better than your competition and it should be tangible and measurable.
6. How well can I handle criticism?
A good entrepreneur always knows how to handle criticism. You need to have thick skin, be prepared to take a lot of heat from customers, prospective investors and business partners. You will be questioned on every decision you make so take the critique constructively.
7. How to get the most bang out of my buck?
You have to be thrifty in initial stage of your business as your initial costs will almost always outweigh your revenue. Good entrepreneurs have a fair idea as how far they can stretch a dollar. Make your startup capital last for as long as possible.
8. Do I have leadership skills?
An entrepreneur has to lead a team of professional-minded individuals with specialized skills to run a healthy business. Therefore, he should have adaptive inter-personal skills, be able to give clear directions, evaluate employees, provide incentives and constructive feedbacks, set realistic expectations and be able to resolve conflicts.
9. Do I have the stamina and the energy to continue the business in the longer run?
Successful enterprises are not built overnight. It takes unearthly amount of energy, staying power, intense grueling, long hours of juggling countless responsibilities and be able to do everything for a business that will eventually yield good results.
10. What is my fallback plan?
Perhaps the most difficult quality to acquire is to let go of your business in case of continuous failure. If that day ever comes, it will for sure be full of despair and anguish. So it is better to have a backup plan. Set aside some funds in case your company sours.