Entrepreneurship is a key driver of any successful economy and the globally trending interest in start-ups and freelancing continues to grow.
In the UAE, the interest in and importance of entrepreneurship as an economic growth engine has accelerated as the government’s balance sheet has shrunk with declining oil prices. This has encouraged many to start their own businesses or become freelancers. Based in Abu Dhabi, GlassQube Coworking, the UAE’s first co-working business centre focused on SMEs, start-ups and freelancers, has witnessed the growth of this trend firsthand.
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Read more:
Mena is a digital marketing desert – and it’s hurting SMEs
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As the chief executive of GlassQube Coworking, I have the pleasure of working with entrepreneurs, SMEs and start-ups across all sectors every day. GlassQube itself is a start-up and as its Co-Founder I have gone through the start-up gauntlet myself. My co-founder Fahad Al Ahbabi and I created the vision for GlassQube back in 2014 and launched our first location in September 2016. From ideation to execution to building and operating a commercially successful venture, we are well acquainted with the perilous start-up journey. Over the past few years we have made many mistakes, learned many tough lessons and made some interesting observations. We have distilled this experience down to our Top 5 list of tips for start-ups:
1) Do your homework (don't be lazy and ask stupid questions): The old axiom that "there are no stupid questions" is totally false. There are lots of stupid questions and I have heard many of them at GlassQube. The number of wannabe start-ups who come to GlassQube with big "unicorn" dreams and no due diligence is flabbergasting. Typically, this person comes into GlassQube before making any serious effort to understand the most basic principles or processes related to starting a business. They will always ask me the exact same series of the most fundamentally basic questions about trade licenses, visas, and start-up costs and of course my "best price".
The licensing and business set-up regime in the UAE is complex and having questions on the process is expected. However, the UAE Government has done an exceptional job over the past couple of years publishing excellent information on these topics and there is no excuse for not having a full grasp of the fundamentals. Preliminary research presents an inexcusably low barrier to entry and yet is the most important investment you can make in your business. Educate yourself on the fundamentals of your market, your business and the competition. The more preparation and contingency planning you have done upfront, the more resilient your business will be as you navigate the inevitable pitfalls.
2) Beta test your thesis: If, after you complete your initial due diligence and you continue to believe that your idea has a market and can be competitive, then as quickly as possible you must test your thesis. The road to ruin is littered with start-ups who have worked on their "innovative disruption" in a vacuum and discovered far too late that their idea sucks. Test your ideas quickly with real market data and pivot as necessary. (For more on pivots please see tip 4.)
For example, before we launched our first GlassQube Coworking location we did a vigorous competitive analysis which included market size, competitive analysis and pricing strategy. The initial data told us that there was a market gap and an opportunity for GlassQube’s unique offering. However, GlassQube is a highly capital intensive business and we had to find a way to increase our confidence in the investment thesis. As a final due diligence exercise we ran a beta test using a “fake” GlassQube Coworking website. We acquired the domain, built a basic website, set up a few social media accounts and “launched” GlassQube Coworking without actually having a business yet. Within days we had hundreds of inquiries for co-working and private office space and over the coming months we actually pre-sold several memberships. So before we even had a physical location for GlassQube Coworking and before we invested any capital, we beta tested our thesis and proved that it was correct with actual market data: customers.
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Read more:
Middle East start-ups need a cultural shift to embrace coworking spaces
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3) Have a high risk tolerance: If you are risk averse or can't manage extreme stress then keep your day job. Seriously.
Entrepreneurship is super-concentrated toxic risk-induced stress in a bottle. The unindoctrinated tend to focus on the sexy image of the start-up world, perpetual “disruption” and unicorns ringing the Nasdaq bell.
This is a fairy tale.
In reality, starting a business is brutally difficult and filled with innumerable opportunities for catastrophic failure; an endless source of hyper-extreme stress. If you are not excited about the prospect of spending months or perhaps years lying in bed awake at 4am, sweating profusely with your stomach in knots because you don’t know if your business will survive another day, then starting a business probably isn’t for you. Entrepreneurship is a terrifying journey of calculated risk that becomes incrementally less terrifying as you continue to manage the risk and survive to fight another day.
4) Be tenacious but know when to pivot: "Everyone has a plan until they are punched in the face"; - former world boxing champion "Iron" Mike Tyson.
Successful entrepreneurs must have the humility to acknowledge when they’ve been punched in the face and their plan isn’t working, coupled with the presence of mind to shake it off and change course. In the contemporary lexicon this is often referred to as a pivot.
The landscape of Silicon Valley unicorns is rife with legends of Company X that started off as a doing “A” but pivoted a number of times to find unicorn success doing “B”. Airbnb once sold cereal, Facebook started as a Harvard pseudo-Tinder, Patagonia originally only sold carabiners. The list goes on. Let’s also pay tribute to those who failed to pivot; the whale blubber industry, ice harvesters, and, who remembers Sega Genesis?
At GlassQube we had to pivot very early upon realising that the start-up community we were targeting was not responding in the way we anticipated. We had assumed a much deeper, more sophisticated start-up ecosystem which proved to be categorically false. We quickly pivoted to more effectively serve the SME market while still cultivating the small but growing startup community. This proved to be a highly successful pivot and today SMEs comprise 85 per cent of the GlassQube community.
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Read more:
Off hours: GlassQube co-founder is off the clock and on the hunt
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5) Health: This is an important component of any lifestyle analysis, career or otherwise. Whenever I speak to my mom she almost always ends the conversation with, "Take care of your health. Without your health you have nothing." Although it gets a little annoying hearing this from her for the 1 zillionth time, she is of course right.
I have a long history training and competing in combat sports such as kickboxing and jiu-jitsu. I was able to maintain this through college, grad school and continued to have amateur fights into my early days as a banker.
However, as my career progressed my office vs gym hours became inversely correlated on a logarithmic scale and my fitness took a back seat to the punishing grind of Wall Street. I have never been as fat and out of shape as in my last year of investment banking in 2012.
Thankfully, today I am in much better shape. I train jiu-jitsu and play tennis at least eight hours a week every single week. I block out my weekly training schedule in my work calendar and I don’t schedule meetings or calls during this time. This is non-negotiable. Of course I realise that not everyone has the flexibility or necessarily the desire to train eight hours a week but the point is to invest in your body as an integral part of investing in your career. You will have more energy, be more productive, reduce your stress and live a much better quality of life.
Being a successful entrepreneur should not be mutually exclusive with being healthy - because you can’t be a boss if you’re dead.
Bernard Lee is the chief executive and co-founder of GlassQube Coworking
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Read more about the coronavirus
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Killing of Qassem Suleimani
How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The%20specs
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2019 ASIAN CUP FINAL
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Killing of Qassem Suleimani
UAE%20athletes%20heading%20to%20Paris%202024
%3Cp%3E%3Cstrong%3EEquestrian%3C%2Fstrong%3E%3Cbr%3EAbdullah%20Humaid%20Al%20Muhairi%2C%20Abdullah%20Al%20Marri%2C%20Omar%20Al%20Marzooqi%2C%20Salem%20Al%20Suwaidi%2C%20and%20Ali%20Al%20Karbi%20(four%20to%20be%20selected).%3Cbr%3E%3Cstrong%3EJudo%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Narmandakh%20Bayanmunkh%20(66kg)%2C%20Nugzari%20Tatalashvili%20(81kg)%2C%20Aram%20Grigorian%20(90kg)%2C%20Dzhafar%20Kostoev%20(100kg)%2C%20Magomedomar%20Magomedomarov%20(%2B100kg)%3B%20women's%20Khorloodoi%20Bishrelt%20(52kg).%3Cbr%3E%3Cbr%3E%3Cstrong%3ECycling%3C%2Fstrong%3E%3Cbr%3ESafia%20Al%20Sayegh%20(women's%20road%20race).%3Cbr%3E%3Cbr%3E%3Cstrong%3ESwimming%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Yousef%20Rashid%20Al%20Matroushi%20(100m%20freestyle)%3B%20women%3A%20Maha%20Abdullah%20Al%20Shehi%20(200m%20freestyle).%3Cbr%3E%3Cbr%3E%3Cstrong%3EAthletics%3C%2Fstrong%3E%3Cbr%3EMaryam%20Mohammed%20Al%20Farsi%20(women's%20100%20metres).%3C%2Fp%3E%0A
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
The five pillars of Islam
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Killing of Qassem Suleimani
MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
THE%20JERSEYS
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Kill%20
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