THE CASE FOR
BY UZAIR HASSAN
The playing field has changed, irreversibly. Jobs are not as readily available as the graduates coming out of colleges are. The gap is growing and will create a chasm too large to fill by government supported projects to create more jobs. A reality check is needed. Now.
This is where Entrepreneurship comes in. An Entrepreneur is self-motivated and a risk taker/adventurer. Key traits to succeed in this highly complex & competitive entrepreneurial environment.
Statistically, the SME sector accounts for a sizeable percentage of multiple factors. The World Bank states that SME’s represent about 90% of businesses and more than 50% of employment worldwide. SMEs also contribute up to 40% of national income (GDP) in emerging economies.
In Dubai alone, SME’s make up nearly 95% of all companies, employing 42% of the workforce and contributing around 40% to Dubai's GDP. With these figures one cannot argue against the push for entrepreneurship.
The impact on any economy, given the above figures, is significant. It even helps the middle class grow, deepen & strengthen. With that in mind, pushing entrepreneurship becomes not only an urgent as well as a critical aspect, but one that requires a multi-pronged approach. Constraints and inefficiencies impact heavily on SME’s full potential & their performance is muted/stunted by several factors.
My personal experience setting up several companies as well as my experience as a
consultant helping others setup or run effective entities has brought out these 3 key aspects that require attention:
company formation, hiring etc.
Clarity and succinct presentation of one’s idea is key. Presenting an idea via a Business plan is the norm. New developments in this arena have created simplicity and ease while providing depth and linkages between the elements.
Government backing can also be initiated via grants & subsidies, tax holidays, setup support, non-profit community development finance institutions, incubators etc. Innumerable options, yet, in very limited quantities globally.
Uzair Hassan is the CEO of 3H Solutions Group. An ex-banker, a professor and a serial entrepreneur, Uzair is a Fellow of the Institute of Leadership and Managementand also a Fellow of the Chartered Management Institute. He is a member of Mensa and Advisor to the American Leadership Board.
38 | BIZPRENEUR MIDDLE EAST March 2021