In recent years, the quest to decipher the entrepreneurial "code" or DNA has gained significant traction worldwide; it has also ignited a global discussion riddled with opposing views and theories. This, of course, comes as no surprise. The overriding question of whether entrepreneurs are born or bred sparks a hefty debate, and one which tackles a long-standing concern: can an entrepreneurial spirit actually be cultivated, or is it purely innate? In general, arguments supporting the former outweigh the latter by far.
The truth is, understanding the anatomy of an entrepreneur is a tricky landscape to navigate – and one that comprises a slew of complex processes and dynamics. Still, in the past decade, unlocking this phenomenon has emerged as a central issue – of national importance – here in the UAE. The Government has placed entrepreneurship high on the national agenda, recognising its role as a catalyst for a strong, balanced and diverse economy.
Despite the existence of numerous UAE-based entrepreneurial initiatives, we still do not have a large number of young business pioneers. In fact, according to a survey conducted by the Global Entrepreneurship Monitor, in 2011, the UAE had the second lowest rate of established entrepreneurs, at just 2.7 per cent. That same year, fewer than seven adults per 100 intended to start a new business.
Given these figures, it is absolutely imperative that, together, we question how to better nurture the next start-up generation. First and foremost, we must identify the character traits that punctuate the personality of a successful entrepreneur and ensure that those are instilled among UAE youth during their most formative years.
There is no doubt that the entrepreneurship mindset is marked by distinctive characteristics and patterns of thinking. Most entrepreneurs possess a unique type of temperament – one guided by a reluctance to play by the rules. This entrepreneurial outlook is the culmination of a series of social, behavioural and intrinsic factors, all of which straddle the line between nature and nurture.
What remains clear, however, is that an entrepreneurial pursuit doesn’t necessarily have to be ingrained in a person’s genetic code; it can also be stimulated at a young age, and successfully seeped into a child’s consciousness. And so, instead of encouraging young graduates to navigate the entrepreneurial path post-academia, we must create initiatives to boost pioneering thinking pre-graduation and during students’ developmental years. This inevitably means promoting a more proactive approach to entrepreneurship both from an education and home life standpoint.
It is time to ask ourselves: what can we do to ensure that the seeds of entrepreneurship are planted into the psyches of Emirati children early on?
It has long been stipulated that the ability to build creative innovators with strong leadership skills is what forms the crux of a successful education system. In the UAE, our education programmes are steeped in the tradition of academic development; however, our curricula don’t posit or even present a direct connection between entrepreneurship and economic self-sufficiency. This is precisely why entrepreneurship education – at pre-university levels – is so vital: it would allow young students to sharpen their creative prowess, learn to operate at a gut level, enhance their leadership abilities and even shape their social psychological development.
Simply put, it is about building an academic programme that fosters an entrepreneurial spirit so that, once these young Emiratis enter the professional world, they are not left staring into the abyss of instability. Indeed, the Global Entrepreneurship Monitor Report revealed in 2011 that 51 per cent of adults who did not start a new business in the UAE were held back by a fear of failure.
An efficient education can push people to be intellectually independent and better able to embark on an entrepreneurial career trajectory. In short, the entrepreneurial path is fraught with challenges; and so exposing young Emiratis to entrepreneurship early on is key to bridging the chasm between a groundbreaking vision and real-world fears.
Family life is also part and parcel of an individual’s entrepreneurial experience. Parents can help craft their children’s entrepreneurial capacity by imbuing them with a deep understanding of this particular world and imparting a self-made ethic at an early age. This entails forging a high-performing culture of innovation within the household – one that advocates individualism and self-belief, spurs self-efficacy, praises entrepreneurs as role models, urges independent reasoning, sanctions adventure and incites risk-taking.
This process can be facilitated with the creation of family-oriented science fairs, sessions and discussion panels geared towards youth-driven entrepreneurial activities and actions. Raising awareness of government-led initiatives can also aid aspiring entrepreneurs in finding the tools and resources to bring their idea to fruition. This is essential as the Global Entrepreneurship Monitor Report found that, in the UAE, more than 65 per cent of individuals looking to launch a business relied solely on family and friends as an advisory network. That is simply not sufficient.
To conclude, qualifying our budding UAE entrepreneurs early on is critical if we seek to truly tap into their full potential. To achieve this, there needs to be a seismic cultural shift in the Emirates – one that brings about the changes needed to harness the power of entrepreneurs and secure our nation’s prosperous future.
Ahmad bin Byat is the chairman of du, chief executive of Dubai Holding, director general of the Dubai Technology and Media Free Zone Authority, and a member of the board of trustees of the Mohammed bin Rashid School of Government
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)