Category: Business Skills

Risk Takers In Business

Do entrepreneurs need to take risks to succeed?

‘People who take risks are more likely to succeed as entrepreneurs.’ If you’re thinking about starting your own business, you’ve probably come across this theory before. Usually while learning about the rags-to-riches backstory of your favourite entrepreneur, who, at some point, took a lot of risks which paid off. So is success just a case of daring to do something, or is it more complicated than that? Here are some tell-tale signs of entrepreneurial risk-takers.

Read More

Debt collection in the UAE: How to increase your chances of getting paid

The UAE is one of the most challenging places in the world for collecting debt, according to the 2018 Global Ranking on Debt Collection. It’s not getting any easier over time, and it’s time consuming, stressful and costly for business owners. Still, debt collection needn’t be so burdensome if you know what to look out for, and how to respond effectively when your debtor doesn’t pay on time. Here we look at the steps you need to follow to reclaim your debts.

Read More

Four things crushing SME margins {INFOGRAPHIC}

In this infographic we look at four elements that may be ruining the profit margins of SMEs and what companies can do to avoid each one happening.

Read More

The cost of employee retention: How to stop talent walking out the door

Did you know that 40% of employers worldwide are finding it hard to fill key positions in their organisation? There’s a shortage of talent globally. In an increasingly mobile and connected world, attracting and retaining the best employees is more competitive than ever, and startups are not excluded from this. Fortunately, your business can address this issue in a cost-effective way.

Read More

Why startups should never underestimate the importance of solid accounting knowledge

Good financial management is vital to the success of any business. But nowhere is it more important than for startups – where margins are often tighter and the risk of failure much higher than in more established companies. No business wants to fall behind with their accounts. But with busy schedules and limited resources it’s not always possible to stay up-to-date. For businesses in this position, outsourcing can be an option. But before we get on to the merits of outsourced accounting, let’s take a look at exactly what a solid accounting process should entail.

Read More

Can AI help your startup cut costs and improve efficiency?

You will no doubt have read how the likes of Google, Amazon and Apple are making a huge push with artificial intelligence (AI) in their new products. But what does this mean for the workforce? Will it be a good thing, freeing humans from the mundane jobs and enabling them to explore their creative talents, or will it just put half the population out of work? And as the owner of a startup, what does it mean for your business specifically?

Read More

5 tough lessons every successful entrepreneur has to learn

Entrepreneurs are thriving, especially in the UAE. According to MAGNiTT, in the first half of 2017, 27% of investment deals in the UAE were at seed stage, showing active investment in early stage startups. Yet while your entrepreneurial dreams may have been boosted by hearing many success stories, there are always things you won’t have heard. I’m talking about the lessons that those who’ve already made it don’t really want to share – for fear of embarrassment or scaring away others. So here are five of the biggest lessons a budding entrepreneur should learn, and how to use them to build a stronger business.

Read More

5 signs you’re a serial entrepreneur – and what that means for your business

Serial entrepreneurs often exhibit traits which set them apart from their one-time counterparts. These characteristics help explain why, instead of just cashing in and retiring, some business owners just can’t stop founding new ventures. And that’s important for us here in Dubai: startups and SMEs are the lifeblood of our economy, accounting for 95% of all enterprises in the emirate and 43% of the total workforce. But what differentiates a successful serial entrepreneur? How can you tell if you’re in that category, and what are the signs to look out for?

Read More

The copycat approach – why imitation could sink your business

Whether you’re an aspiring entrepreneur or an executive of an established business, at some point you may have thought of how to ‘uberfy’ your business or ‘Netflix’ your profits. But the graveyard of copycat business ideas is full – remember Zune? Or Amazon Fire Phone? Or even Google+? As an entrepreneur, jumping into a new market or expanding in a highly competitive existing one is not easy. So, let’s look at some high-profile companies and their copycat products that failed miserably – and what you can learn from them for your businesses.

Read More

App attack – the business applications that can help your SME succeed in 2018

Is there an app that can genuinely help your small business? It’s a big question. This year marks the tenth anniversary of the ‘app’ – those handy little pieces of software that help us navigate our day-to-day needs – sometimes needs we didn’t realise we had. It’s hard to imagine life before them, but even harder to imagine the numbers involved. Last year saw 197 billion downloads around the world, a figure expected to surpass 350 billion by 2021. So how far have we come in those 10 years when it comes to business use?

Read More