When we think of entrepreneurs we most often think of tech startups founded by millennials, some barely out of college, hoodie clad and spending their free time playing computer games or on social media. This is no surprise as some of the most successful companies that exist today were founded by individuals who fit this stereotype. Think of Steve Jobs when he co-founded Apple, Mark Zuckerberg when he founded Facebook, or Sergei Brin and Larry Page when they founded Google.
It may therefore be surprising to some that a recent survey carried out by a leading US university found that the most successful entrepreneurial companies (defined as those with high growth and employment rates) were founded by people with an average age of 42! The research was carried out between 2007 and 2014, and focused on scalable businesses that attracted venture capital investment. The reasons are many - work experience, life experience, industry contacts, social connections and financial resources, amongst others.
The above is not isolated to the US and applies all over the world, particularly in our region, MENA. Branching out on your own after having built a career in a particular industry is the best path to success in a region where reputation and track record are held in high regard. This applies not only to your target clients, but also and often more importantly to suppliers, financial institutions, and other stakeholders.
For most people the idea of leaving full time employment to embark on the journey of entrepreneurship is a daunting prospect. This is even more so in a place like the UAE, where there seems to be so much more to consider: trade license, local partner, residence visa, dependent visas, etc. Then comes the choice of setting up in a free zone or mainland, which makes it even more challenging.
If you are considering entrepreneurship and would like professional advice on setting up your new venture in Dubai, the team at Sentinel Business Centres offers free impartial advice on all matters relating to business setup. They also complete the entire setup process on your behalf, and provide the required office space to suit licensing requirements and offer ongoing support to your business.
Contact Sentinel Business Centres for more information.