Shot of a stressed out young woman working in a demanding career
In the early days of any business, you will be burning cash. You may spend it on lawyer fees, web design, logo design, and product manufacturing. Getty

How women face challenges in the business world



I constantly read about how challenging it is for women to become entrepreneurs. I consider myself lucky to not have faced major challenges in managing my business, and how blessed I am to be from a country that supports women and entrepreneurship.

However, if I tune in to my favourite blogs and news sites, it is not uncommon to read about unequal pay, sexual harassment, and unpaid maternity leave issues that many women around the world face.

One of the challenges that women entrepreneurs also face is how they feel that they have to negotiate or validate their services worth harder; this is a topic that I have come across in many women in business blogs.

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An acquaintance of mine runs an events management business in Abu Dhabi, and often ends up providing a service at a lower than intended price. She does not feel confident enough to set the price higher, or she would feel shy to negotiate pricing especially when negotiating with men.

I can imagine how such incidents, and others such as sexual harassment and dealing with obnoxious vendors, could make women entrepreneurs want to give up, and stick to the security of a 9 to 5 job. But this should not stop you.

Here is what I have learned through my many encounters with women entrepreneurs from around the world about fighting through the challenges we women face in business. I hope that you will find some of them useful.

Don’t let unfamiliarity deter you

The beauty of being an entrepreneur is that you will often sail in uncharted waters. As my sister and I were about to launch a new business, we were warned about how many of the business owners in our field were men and that may present a challenge as we compete with them. But it only made us want to do it even more.

We knew and were confident that what we were going to launch wasthe future, so we buckled up, and worked harder on setting it up. Do not wait for change to happen, or that the right environment would somehow be created so that you could create your business. Evolve, or you will never grow.

Know your services' worth

I cannot recall the number of times my female business friends would call to discuss a proposal of their services fee. A common question they always raise is: “You don’t think it’s too much, do you? I just don’t want to turn them away!”  When it comes to money, women become extra sensitive, and this is something that is not culture-tied. They just think about it once or twice, before sending the proposal out to their prospect clients.

It is true that your clients would pay amount X, which sometimes may be a large amount, but they are also paying it for an exchange of a service, which often includes long working hours, thought and dedication, so don’t feel bad about it.

But also beyond money, know your services' worth. Don’t accept any offer just to make ends meet. Be true to what you are passionate about, and also value your time. Set working hours, and also dedicated break times and holidays. My weekends are sacred, and I do not work after certain hours or during special holidays no matter what. You owe that to yourself. Take a break to relax, and unwind, as not doing so would only backfire against you.

Lead by example and support each other

What I tend to hear from many other women entrepreneurs is how women in business do not support each other. Though my mentors have been men, I do support aspiring female entrepreneurs. I introduce them to business acquaintances, provide them with a work experience, or simply help polish their work CVs. But the most important thing that I believe women entrepreneurs need is faith in what they want to offer the world, and I have personally seen how one person’s faith in an entrepreneur can do wonders, and help launch amazing businesses that make our world better.

Own being a woman

The final advice I will leave you with is to own being a woman, because at the end of the day if you are truly passionate about what you do, if you are determined to make a difference, if you will dedicate your time and effort to ensure that your vision sees the light, then it does not matter than if you are a man or a woman. The great thing about this is that both passion and success are gender neutral, so you might as well just go for it.

Manar Al Hinai is an award-winning Emirati writer who manages her branding and marketing consultancy in Abu Dhabi.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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