Day: June 8, 2023

1. Advertising

The UAE has received a significant market share in advertising dollars over the last few years. In 2019, Euronews reported that global advertising in the MENA region reached USD $579 billion in the last year, with a significant portion of this directed in Dubai. One area that saw a large investment was digital advertising, which accounted for over $50 billion of advertising in the region.

If you are considering establishing an advertising agency in the UAE, brand development is important, as is a strong social media presence. Setting up in the area can also help you network better with area businesses.

2. Information Technology and Web Development

As part of the Smart Dubai  campaign, Dubai has formalized its goal to be a smart city that embraces technology and the future. It is listed as the top smart city in the MENA region in the Smart Cities Index. As such, it has served as a mecca to many tech-based businesses and is home to more than 1,200 tech startups.

Opportunities exist for a variety of IT and web development innovations, including app development online PR firms, online marketing and online security. Nearly every sector offers business opportunities based on the creation of new technologies, so getting your idea in front of stakeholders can help you penetrate this market.

3. Business Consultancy Service

One of the most promising business opportunities in the UAE is business consultancy services. If you are an expert at global expansion, you may be able to help other businesses in the area since there are so many entrepreneurs and new startups flooding the area. Be sure that you obtain all of the necessary licenses before beginning operations.

4. Financial Services

With so many business opportunities in the UAE, there is a high demand for financial services, including bookkeeping, accounting and auditing. If you are knowledgeable in this area, you may be able to gain part of the market share, especially if you are targeting small businesses and startups so that you are not competing with the large international accounting firms in the region. These services are coveted even more now since the VAT was introduced in 2018 and businesses need help making the necessary calculations and accounting reports related to it.

It does not require much capital for you to start a bookkeeping firm in the UAE. However, you will need to obtain a business license and have the necessary credentials to get started.

5. Transportation/Logistics

With its world-class infrastructure and strategic location, Dubai is a prime location for logistics operations. Dubai serves as an important point in the supply chain, and companies that can meet this need are in high demand. Additionally, transportation services including trans-city transport services and local taxi services are necessary to help citizens and tourists alike to travel the city.  Experts can help you obtain the necessary licenses and approval to start this type of business.

6. Travel Agency

Dubai is a much coveted tourist destination. 15.8 million people visited Dubai in 2017. With disruption to the travel industry in the early part of 2020, there is expected to be a surge in the tourism industry after lockdowns are lifted. With the city’s beautiful hotels, beaches and shopping malls, many people will continue to travel to the historic location, so opening a travel agency in the near future may wind up being a profitable opportunity.

A reputable company can assist you with the process of getting your agency’s trade name improved and locating an appropriate location where you can lease space for your agency.

7. Education

With approximately 85% of the population in Dubai being expats, there is an immense need for educational services in the area, especially ones that can offer services in multiple languages. To establish a school, college, or education service, you will need to obtain the necessary certifications and licenses. You will also need to develop the necessary infrastructure unless you are purchasing a franchise.

Digital learning in the UAE is also on the rise and can allow you to take advantage of this business opportunity in the UAE without as large of a capital overlay.

8. Healthcare

The healthcare industry serves as a beacon to individuals from nearby countries due to more affordable healthcare options in the UAE. Additionally, the Dubai Healthcare City free zone is specifically directed toward the healthcare industry.

If you want to start a healthcare clinic in Dubai, you will need expert assistance to help you procure the necessary licenses and visas for your providers.

9. Retail Businesses

Unlike many other areas around the globe, Dubai has observed a rise in retail business due to a number of factors, including a solid economy, an increased standard of living, a larger number of foreign tourists and a rise in its population.

When considering this business opportunity in the UAE, you will need to think about what type of retail establishment you want, such as a storefront, warehouse, or sales office.

10. E-Commerce

Because the e-commerce sector in the MENA region is not as developed as in other industrialized countries, there is a lot of room for growth in this sector. With more sales online than in stores in the early part of 2020, companies wanting to sell their products online can take advantage of this sudden surge.

This type of business is particularly appealing to entrepreneurs who want to start their business with a laptop and an idea. Due to technological innovations, sellers can set up this type of business in Dubai and then run it from wherever they are physically located while benefitting from Dubai’s favorable tax environment.

11. Apparel and Jewelry

Dubai is a fashion destination for tourists, and apparel companies are taking notice. They often use textiles that derive from this area to appeal to the global marketplace. Apparel and footwear is the area’s largest retail sector.

Additionally, Dubai has a great resource of precious stones and is one of the most sought-after markets for jewelry.

To establish this type of business, you will need to carefully consider your business activity when forming your business. Options include import/expert, design, tailoring, costume rental, and many others. Next, you will want to consider which area is most suited for your business, such as the Dubai Design District, which  is well known for its high population of designers and artists.

A number of locations around the world have developed and grown as a result of entrepreneurship. Entrepreneurs’ creation of employment possibilities has aided in addressing issues such as regional imbalance and poverty. Particularly developing nations, which are heavily reliant on agricultural, are working to support entrepreneurship.

In general, there are two categories of factors that affect the growth of entrepreneurship: economic factors and non-economic factors.

Economic Factors Affecting Entrepreneurial Growth

In essence, these elements are in charge of making sure that a country’s economy grows and develops. These elements create a favorable economic climate and financial security for the enterprise’s success. These economic elements, which affect the growth of entrepreneurship in various ways, include the following:

1. Capital

   The need for capital is essential when starting an entrepreneurial activity. The requirement for purchasing land, materials, machines, etc. is capital. When sufficient capital is on hand, an entrepreneur is in a position to acquire all the production requirements. Consequently, entrepreneurial growth results.

2. Labor

   Affordable and skilled labor is necessary to run a successful business. This Will Boost The Venture’s Overall Productivity, Promoting The Growth And Development Of The Entrepreneur’s Business.

3. Raw Material

   The availability of high-quality raw materials at reasonable prices is another factor influencing the growth of entrepreneurship .The cost of production will be decreased if the raw material is easily accessible and close to the manufacturing unit. Nevertheless, this issue can be resolved by ensuring a robust supply chain, but doing so might raise the cost of production.

4. Market

   A market is just a place where producers and consumers interact. Here is where the actual buying and selling happens. The future direction of the business depends on the market. A business venture is doomed to failure if a consumer is unwilling to purchase a product that the entrepreneur offers. However, if the product of the entrepreneur can fulfill its purpose and address the issues of the consumers, it indicates that there is a market for it. This will boost the company’s sales, which will foster entrepreneurial growth.

Non-Economic Factors Affecting Entrepreneurial Growth

1.Social Factors Affecting the Growth of Entrepreneurship

The economic aspects need to be addressed as well, but this is insufficient to guarantee entrepreneurial growth. Social scientists claim that some of the social factors influencing the growth of entrepreneurship include the following:

• Social Mobility

  One of the social factors influencing the growth of entrepreneurship is social mobility. Both social and geographic mobility are involved. An entrepreneurial venture has been found to be able to grow more in environments that are flexible and liberal in the past. As a result, we see that some areas are experiencing higher levels of entrepreneurial activity than others.

• Legitimacy of EntrepreneurshipEvery society creates its own set of standards, laws, and rules. In turn, these values provide as a social setting for entrepreneurial activities. In order to achieve business goals or make money from a new idea, the entrepreneur ought to continue to work while keeping in mind that social values and laws are upheld.

2. Psychiatric variables

In addition to the previously mentioned elements, psychological issues are also important determinants of entrepreneurship. Even if the economic and social climate is favorable and supportive of a firm, it won’t matter if the participants aren’t driven by their own interests. A few of the psychological elements influencing the growth of entrepreneurship include the following:

• Status Respect

  It has been noted that the loss of status encourages dissatisfied members of a society to choose a different, distinctive product option. This opens up opportunities for entrepreneurial growth. When someone is dissatisfied with the current situation, they search for innovations. This promotes the growth of entrepreneurs.

• Inspiration for High Performance

  The Need-Achievement Theory According to a theory put forth by D. McClelland, a desire or motivation for outstanding performance determines whether or not an enterprise will grow or develop. He has said that whether a business venture or an entrepreneur succeeds or fails depends on their level of motivation. Both employees and the business owner can receive the proper training to guarantee a high level of motivation.

3. Political Factors Affecting Entrepreneurship

Government activity affects each of these aspects, either directly or indirectly. Because the government recognizes that the growth of entrepreneurship in the nation would have a positive impact on the economy, it designs policies and legislation with entrepreneurs in mind. As a result, the government regularly provides support to business owners through the creation of industrial parks, special economic zones, subsidies, and other programs. One of the most important variables impacting the growth of entrepreneurship globally is political concerns.

Entrepreneurship is influenced by a number of things. Because of this, an entrepreneur needs the cooperation of all project stakeholders. The growth of entrepreneurship is essential, especially in a nation like India where it has the potential to generate significant economic value and job possibilities.

Harappa has started a course on Leading Self to help people better grasp the aspects that affect entrepreneurship growth. This course, which is being taught by the top industry professionals, will be extremely helpful for people who are starting their own business or have immediate plans to do so.