For entrepreneurs, there is nothing quite like owning a business and being in charge of your own destiny. Yes, there are responsibilities that you need to ensure that you have a sound model, a good product or idea and you rely largely on your own intuition. The downside is that you are on your own, will have to ensure that you can make ends meet and you have obligations to anyone you hire. Not making the payroll at the end of the month is not an option — and least not for long.
But more and more young Emiratis are choosing to invest and start their own small and medium enterprises, creating a vibrant economy and growing their businesses through personal fulfilment. Financial institutions are naturally reluctant to invest in entrepreneurs who have an unproven track record. An idea does not create revenue. Sound business planning, working hand-in-hand with financial institutions and availing of all the advice you can muster at least help provide a sound footing on the path to success.
The Khalifa Fund provides start-up assistance in financial terms and in assistance. But helping small businesses grow should not just be the remit of the government. Lending institutions need to ensure that they offer attractive programmes and rates to small business owners. Strict control of credit is not going to allow fledgling businesses to blossom. And third-level educational institutions need to instil business ownership and development as a viable and rewarding career path.
