Start-up fear and feelings of uncertainty, is one of the main drives that draw you back from starting that business idea, who can’t relate? It is a scary endeavor as starting your business comes with many risks, or simply not having enough expertise to know where to start. It could be also the mere idea of handling a startup alone, sometimes it’s overwhelming. As you fear your enterprise won’t be able to compete with large businesses, little do you know that having a small business comes with its economic importance and advantages. So, if you have a business idea, don’t give that up yet and continue reading to know where your strengths lie as a start-up/SME.
The future of business is moving towards start-ups and SME’s. Moreover, breaking ideas are often found in these small companies, as they tend to be more innovative than large corporations. A lot of jobs are created because of them, with new products and services that contribute to the growth of our economy. Here comes the importance of your business idea, as the world and people evolve into new needs, new problems are created, and modern solutions are needed.
As a small business entrepreneur, you have a few structural strengths that you can exploit to grow:
- Agility
Typically, your start-up is smaller and less structured. But you will keep innovating and improving its models, processes, and portfolio. In this way, you can adapt to disruptive technologies and market changes. As a result, you are resistant to change.
- Community
Prestige and high salaries attract employees to large corporations. Therefore, their focus is often lost on the company’s vision, mission, and values, as well as its customers’ success. But as an entrepreneur, you form a tight-knit community by sharing passions, beliefs, and values bringing diversity into the space. Together, everyone works for the benefit of the company, its customers, and the world at large.
- Efficiency
Established companies have high administrative costs. Whilst start-ups provide greater efficiency, cost-effectiveness, and competitiveness. Having an awareness of your limitations helps you focus on your company’s core strengths and partnering with other small businesses. As a result, you will offer a superior value proposition to customers.
- Adaptability & Flexibility
Your employees can simultaneously be a salesperson and relationship managers. In this way, you can maintain customer relationships and respond to emergencies. You must encourage learning and have a high tolerance for mistakes. Having flexible working hours and places to suit your customers, hence the result is a more versatile workforce.
Success starts with the courage to just start, especially if you’re deciding to base your startup in the UAE, there is no better place, as it has easy tax regulations and tremendous support to boost startups. By 2020, small and medium enterprises represented over 94% of all operating companies in the country and contributes around 40% of total GDP in Dubai alone. And now in the year 2022, it’s raining with opportunities for new SME’s. So, what’s on your mind? We are a team of SME experts ready to consult and help you with your ideas, market gaps, finances, and legalities in the UAE. Book a consultation with us now or contact us.
