Economy: 7 necessary steps for entrepreneurs before starting their projects

The Ministry of Economy has identified 7 basic steps that entrepreneurs in the country should take before entering the field of entrepreneurship to enhance the chances of success of their small and medium enterprises.

The ministry clarified in a recent report that these steps are to determine the specialization of the project or the business sector, study the market well, identify ideas that represent innovative solutions, identify the latest trends in the sector in which work will be carried out, communicate with other entrepreneurs, and join educational and training programs for entrepreneurs.

The ministry stressed that entrepreneurs should also search for defects, obstacles and threats facing the project and then modify and improve them to ensure the establishment of a successful project capable of competition, noting that the more the entrepreneur faces new experiences and real challenges, the more his experiences increase, his knowledge deepens, and he is able to face challenges and succeed in the project.

The Ministry pointed out that the National Agenda for Entrepreneurship and Small and Medium Enterprises aims to make the UAE the home of entrepreneurship in the year 2031. The national agenda also includes 29 initiatives aimed at enhancing the business environment in the UAE so that the UAE can double the number of its companies to reach one million start-ups and incubate 10 companies. billion emerging and achieving a solid partnership between the public and private sectors

The ministry noted that there are 4 main future directions within the national entrepreneurship agenda, which include strengthening the country’s position as a destination for global entrepreneurship and practice, enabling emerging and small and medium enterprises to accelerate growth, stimulating the entrepreneurship sector and small and medium enterprises to innovate, increasing productivity, and enhancing the culture of entrepreneurship among groups of society, through Ease of doing business, obtaining financing, digital transformation, stimulating the entry of various segments of society into the field of entrepreneurship, and enabling small enterprises to access different markets.

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