Encourage the youth to become entrepreneurs

There is nothing quite as satisfying in a professional capacity than striking out and making it in the business world on your own. The reward of entrepreneurship is that it provides an opportunity to carve out a niche, work independently and fulfil personal goals in the business world without answering to others.

If the rewards of entrepreneurship are high, then the risks of failure are equally high. The process is fraught with self-doubt, limited resources and isolation that comes with the independence.

A new scheme has been launched by Shaikh Majid Bin Mohammad Bin Rashid Al Maktoum, chairman of Dubai Culture. The scheme plans to offer tailored learning experiences to select entrepreneurs as they strike out on their own in the field of commerce. The scheme is meant for Emiratis between the ages of 15 and 35, who believe they have the necessary innovative drive and ideas to become successful. It should be stressed that such incubator schemes are essential to foster an environment of growth and creativity, where creative and motivated individuals can develop their ideas, and create economic opportunity and wealth for themselves and, hopefully, future employees.

Entrepreneurs are the mainstay of the UAE in a microeconomic setting. Individuals, who have the ability to turn their ideas into a feasible business model and create wealth, need to be encouraged. But they need assistance in making sure that their business plans are sound, that they have the support of government departments, and that financial institutions are willing to provide startup funds and sufficient capital to see the young enterprises through their growing pains.

The key, though, is ensuring that the entrepreneurs, once initially supported, are given enough subsequent follow-up support to ensure that they continue to be successful.