Joining an incubator and seeking support from entrepreneurship initiatives are some of the most effective ways for early stage startups to manage operating costs and grow their businesses, Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber of Commerce and Industry said.
Her comments came during the second instalment of “Ask the Expert”, a monthly video series recently launched as part of Dubai Chamber’s Business Connect initiative. During the segment, Sycheva spoke about key considerations that entrepreneurs should take into account when setting up their businesses.
“When a startup thinks of a cost-effective option to incorporate the team needs to be clear about the efficiency of business setup and efficiency of business operations. Founder and owners should be very clear about who their customers are and where they are located. This will eliminate many questions, and streamline selection. You want to be closer to your customers – be in physical or legal address,” Sycheva explained.
One of the most common mistakes entrepreneurs tend to make in the early stages is opting for the lowest available business setup package, which often means incurring much higher costs when they expand their operations down the road, she pointed out. Instead, she advised startups to look at other more important factors such as location, competitive advantages offered by free zones, technology and talent.
Startups in Dubai are fortunate to have access to so many entrepreneurship-focused initiatives and programmes designed to help them grow. Highlighting Dubai Startup Hub an example, she noted that Dubai Chamber’s entrepreneurship initiative provides tailored support to startups through guidance, education, training, mentorship and networking at no cost. This year, Dubai Startup Hub expanded its offerings to members in response to new Covid-related challenges by providing free legal advice, as well as business matchmaking and access to global expansion opportunities.
“There is no single company who will have all the answers about how much it will cost to run the business one, two, or three years down the line. This is usually the knowledge, the insight that you get from peers, which is why we have built Dubai Startup Hub as a platform where various stakeholders within the entrepreneurial ecosystem can connect, share knowledge and collaborate,” she said.
The “Ask the Expert” series supports Dubai Chamber’s efforts to shed light on key aspects of doing business in Dubai and provide an opportunity for members of the business community to pose their questions to industry experts, while it also leverages social media channels to engage with the private sector and respond to its changing needs.
The series, consisting of short videos, will delve into other topics of interest to businesses in Dubai over the coming months, including CSR and sustainability, investment opportunities, business matching and research.