“Startups”- A trait that was once fainting away has regained momentum in the current times. Almost each ambitious individual today thrives to own an enterprise, where the feeling of belonging can prevail. People around the globe crave to have one such enterprise and this feeling is quite dominant among individuals residing in UAE.
Dubai is a place which is very well known for luxury lifestyle, tall skyscrapers, amazing nightlife and extraordinary events destination, which makes it almost irresistible for anyone to take up the opportunity of being an entrepreneur. The business friendly environment makes it an icing on the cake.
So what defines a startup mindset?
Obviously, having the craving for a startup is not enough. Many times we have come across quotes like “If you think you can do it, you can”, “Entrepreneurs are not born they are made” and many more, I believe that one has to be dynamic enough to be able to stand the competition and make one’s presence felt. Though the startups have world of opportunities to reach unbelievable heights, the right start and mindset is imperative for its success. Let’s understand what kind of startup mind-sets one should have? To begin with, startup mindset is a combination of being able to deliver what the target audience wants at the best price by minimum investment with uniqueness that does not go unnoticed, at a fast pace. Is it too much? Don’t worry; let’s have a look at the essentials of a startup mindset:
Lean Mentality: Any new startup would naturally have a lean mentality- which is very useful. With this psyche rather than solving problems with money, the individuals have to think out of the box within their various limitations including financial. This can be done by streamlining the process and maximize the effectiveness, which would help one to enter the market with a minimum viable product (MVP) that would appeal to the target audience. However, lean mentality doesn’t mean one has to be cheap but one has to simply think smart and spend the money on the right resources.
Uncertainty & Confidence: The most common trait every entrepreneur should have is the unshakable confidence in self and the venture, but the future is mix of both coincidence & luck- which is completely unpredictable. Another important trait for a startup mindset is how comfortable you are with the uncertainty that lies ahead. If uncertainty doesn’t bother or in other words if you are excited enough to face the uncertainty with confidence- you are there!
Innovative: Evolving from being a startup to a successful company is the result of successful capitalization of a business idea which is executed well. Being innovative is an ongoing process, where without losing on the core values new methodology is adopted in the organization, process, market & product. In fact, world’s leading business houses have “innovation Labs” backed by strong support in terms of money, manpower & resources.
Thinking like a startup & Scaling like an Enterprise: To make the startup successful, one should take the best from both the worlds. This can be done by igniting & challenging for you as well as for the employees. Combine the best attributes of startup culture (like innovation, gaming, mentorship, etc) & having the vision to scale up the startup to an enterprise. This will give you an edge over the others and increase your chances of being more successful.
Conclusion: To sum up, I would say to have a successful business the right mindset is inevitable. Try to figure out what’s the unique feature that you can offer with your product or service to your target audience. Connect with the audience, keep learning, work as a team, take risks, and learn from failure.
Let’s put this in perspective to Dubai– We are in one of the most happening places of the world. The administration in this region is continuously working on reformations that makes doing business easy for everyone. We have individuals from all parts of the world and above all we are present in a place where there is no indirect tax. The government has introduced various options to setup businesses in the mainland, freezone or offshore- which can be chosen as per your requirement.
Don’t wait for the right moment to start, just start and make each moment right.
This blog post is written by Ms. Divya, Senior Business Advisor at Flyingcolour Business setup, who loves to help entrepreneurs to begin their startup journey in Dubai and across UAE. Call us for any entrepreneurial consultation in UAE. Please send inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366.