Entrepreneurship and Economic Development in the UAE

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Did you know that an Entrepreneur is a French word derived from the verb “entreprendre” which stands for “to do”? To rightly define an entrepreneur we look at their activity systems. Entrepreneurs are business leaders who find creative small business ideas and use them to foster the economic development of a country. In as much as you can define an entrepreneur as a business leader, several authors who tried to define it included more than 15 elements in that definition. In other words, the entrepreneur acts as a trigger that gives a spark to economic activities in a country.

  1. As an entrepreneur, do you invest in services or product that the people require?

Bill gates depended on futuristic vision. He had predicted internet TV and the use of mobile devices. Bill saw an opportunity in a product that was not avnetworking 400x268 - Entrepreneurship and Economic Development in the UAEailable at the time. He is an “opportunity” entrepreneur who launched a product in response to market needs. He enabled access to service that people required to allow them to be productive. Mark Zuckerberg, Steve Jobs, Arianna Huffington, and Bill Gates are examples of entrepreneurs who have brought innovative products in the market.

  1. Is your business providing employment opportunities?

A brand new business has to hire new staff. The opportunity uplifts the quality of lives of those who benefit from employment from the enterprise. Small business in Dubai makes up 95% of the region’s business. In the Digital and tech sector, 234 private firms in Dubai made deals worth $1.1 billion in 2016. An entrepreneurial mindset sees opportunities where others can see only competition. Dubai is a region with various opportunities.

  1. Regional integration and commercial engagement

Technology can allow regions to integrate and expand the markets globally. When the most successful small business ideas lead to the export of any goods or services to the region, it increases the revenue strength of the region and the overall welfare of the community. The world expo 2020 in Dubai is a classic example where Dubai forges relationships with international partners to grow commercially. The participating small businesses, nonprofits, nations, and corporations drive the growth of Dubai.

  1. Can you address environmental challenges?

The world is under immense pressure to address the scarcity of resources. There is the need for entrepreneurship to refocus on environmental solutions. There are numerous environmental issues such as floods, fires, unsustainable consumption, and unemployment affecting economies. The rapid urbanization of Dubai is dazzling and the neighboring countries want to emulate what goes on in that country. Dubai needs to prepare for a population boom. The country pumps sludge back to the sea. Sustainability of Dubai remains a big theme which requires entrepreneurs with innovative ideas.

  1. Innovation and its socio-economic impacts

Innovative ideas can help in addressing the social-economic challenges in a country. Inefficiencies are in many sectors such as healthcare and agriculture hopefully, a small business in Dubai can generate a new idea to address such problems which result in the reformation of such sectors. Once this occurs, the quality of life of the residents of Dubai will significantly improve. A civic-minded small business in Dubai can provide solutions that promote social inclusivity around critical services like transport and housing.

  1. Innovation and competition

Innovators spend heavily on research and development to move technology to the next level. Where there is increased competition, rival firms invest more in R&D.

  1. New technology and its effect on efficiency

Creative applications are the most successful small business ideas used in driving economies of developing countries. Innovation promotes economic growth. An example is a smart technology for switching off lights is an energy saving in homes and offices that will require personnel to install and run the systems. Innovative product or service is likened to the natural resource because it needs an educated population to implement the ideas and a conducive environment of collaboration in the workplace.

The creative small business ideas from business leaders can play a pivotal role in the development of farms, industrial and service sectors. We will share with you some of the most successful small business ideas that drive economic development in the UAE. Overall, an entrepreneur would take risks, innovate, uses resources, add value and takes an action.

 

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