By Eman Al Baik
Entrepreneurs in Ajman have been advised to invest in industrial and retail sectors and to carry out feasibility studies before starting their businesses.
Sultan bin Ghedayer, Chairman of the newly established Young Businessmen Council (YBC), told Emirates Business that industrial and retail are sectors untapped by the UAE nationals. Investing in these would ensure their sustainable growth, he said.
However, Bin Ghedayer advised nationals who seek to establish small and medium enterprises (SMEs) to carry out feasibility studies before starting up.
"Some young businessmen have just copied successful business models and failed to attain a sound market share," he said.
"Also, entrepreneurs should take into consideration the risks they would face when setting up a business in sectors that are controlled by giant players - such as the real estate and construction sectors."
A feasibility study should cover the position of the concerned sector, the needs of the market and the likely market share, he said. The official also advised entrepreneurs to update their knowledge by attending workshops and conferences.
"Businessmen should not sit back after establishing their businesses - he or she should have up-to-date information, especially about the best practices and latest technologies," he said, adding that the council is ready to assist them.
Established last January, the council has 37 young Emirati businessmen as members and is co-ordinating with the Ajman Chamber of Commerce and Industry and its SME arm Tomooh to meet the needs of this sector and ensure legislative and supportive framework, said bin Ghedayer, who is also the Managing Director of Dana Mall, a family business that will be inaugurated next July.
Faisal Al Nuaimi, General Manager of Ajman-based Idea Management Consultants, told this newspaper that the economy cannot grow unless the country's sons and daughters contribute to it efficiently.
"In times of crisis, an expat businessman may move out, [but] the citizens would face the challenges and bear with the hard times," he said. "Nationals should be considered the backbone of the economy - they are assets.
"The mistake of not carrying out feasibility studies is common among national entrepreneurs in Ajman. Many have lost money because of this."
© Emirates Business 24/7 2010
