As the challenges associated with the coronavirus pandemic escalate, there is no shortage of innovative entrepreneurs who have come to the aid. If today's innovators are inspired by COVID-19 as an entrepreneur who co-founded, builds and sold a company with mission leadership, I suggest there are four major steps to take to turn this venture into a profitable business Set up in Dubai in the long term.
1. Determine if your upgrade addresses a long-term issue.
Great innovations are created in response to specific, urgent and large problems. In a way, the covid-19 crisis illustrates our most pressing problems and solutions.
Today, some covid-19-inspired organizations have been created to respond to urgent and important issues, but they are unlikely to be critical if circumstances change. This second category includes meal-based food delivery services that have begun to help healthcare workers.
To determine whether your new product or service is addressing a long-term or short-term problem, I recommend entrepreneurs look at the old and start. Create a market opportunity analysis using data from 2019 onwards. Was the problem you were addressing now a problem? If so, how big is it? Next, list what specifically changed in use or expansion of this issue with the emergence of Covid-19, or the need for an upgrade.
2. Determine the long-term market.
The next step is to visualize whether there is a large and enthusiastic market for your product or service in the future after Covid. Pandemic notes that the most common reason for the demise of failed startups is a lack of market demand.
A deep understanding of who your customers are and how your product or service fits into their world is key to building a lasting business.
As a Covid-19-inspired entrepreneur, ask yourself two questions: Are you bringing in something new that your customers care about? Are there a lot of these consumers enthusiastic about growing a business once the coronavirus is brought under control?
3. Pivot actively if you need to.
If you decide that the current target market will not be large enough in the future after Covid, you will need to focus.
If this is your chance to gain a strategic pivot, do everything in your power to spin early, active and thoughtful.
4. Business model.
Today's many inspiring innovations for Covid-19 are generously presented or donated support as appropriate in emergencies. Covid-19 leaders of these startups must be aware that their contributions to nonprofits are low. Given the current economic conditions, it can be difficult to maintain an exclusive organization for donations in the long term.
covid-19-inspired innovators should consider original income models in the field of social entrepreneurship. Social enterprises have a dual mission of social impact and economic growth, and they have developed a set of business models to achieve these parallel goals.
While today's entrepreneurs are shaping their business model, while other financial constraints similarly force many companies to rethink their businesses, the old must also be considered. I suggest that entrepreneurs today use this framework to define their company's customer value proposition (CVP), profit equation, and the key resources and processes they need to introduce as they navigate in the future. The Covid-19 epidemic is clearly confirmed
It is not clear now that among the tens of thousands of covid-19-inspired entrepreneurs they will create successful products and services in the long run, but by going through these stages, people will use more and more innovations today for years and decades. from now on.
Dubai still considered the best place to start a business despite the COVID-19
To start any business, you need good infrastructure, financial resources, human resources, transportation, buyers, and above all, a safe place. Given the potential threats posed by the COVID-19 pandemic, new investment, and business growth around the world have been severely affected. At a time when many countries are struggling to deal with the situation, the UAE government has taken immediate precautionary measures to ensure the safety of its citizens and businesses. This is why Dubai remains one of the top five global cities for entrepreneurs. Here are the top 7 reasons why Dubai is the best place to start a business despite the COVID-19 case.
Government support for companies
- The Dubai government generously supports companies by offering concurrent packages, reducing the cost of doing business by 25-98%.
- The primary goal is to boost investment in business-related activities, improve manufacturing, trade, exports, and innovation for business development, and reject the impacts of COVID-19 on business in Dubai.
Specific steps for startups
The UAE government is trying to help small businesses during this period. For startups to start their business now, the government has taken a number of steps, including:
- Some fee waivers
- Rent office holidays
- Online company registration
- More flexible payment structure in monthly installments
- Support from banks and financial institutions
- Banks help SMEs handle debt by providing loan holidays and discounted fees.
Other financial institutions and authorities, such as the Dubai International Financial Center, Abu Dhabi Global Market, the Recession, and the Dubai Silicon Oasis Authority, are funding startups that are putting in pressure.
- Targeted Financial Assistance Program for the UAE government
- The Targeted Economic Support Scheme is a preliminary step taken by the UAE government for the benefit of companies.
- The scheme aims to provide a temporary waiver for all private sector companies affected by COVID-19 from interest and interest payments on outstanding loans.
- During this time, $ 50 billion in bank capital reserves were freed up to encourage more lending to private sector companies that needed credit.
- Attempts to protect employees from formal, formal means of agreeing to pay wages and ease work practices.
- The rules regarding the transfer of employees between the various entities registered in the free zone provide an alternative to temporary dismissal by the employer during job retention.
Other government measures
- To manage property costs, COVID-19 excludes renters who struggle to pay rent during the pandemic.
- 10% reduction in utility bills
- Excluding companies from selling permits and new offers
- 20% refund of customs duties imposed on imported products sold in Dubai
- 90% reduction in fees charged for submitting customs documents
- Refunds for guarantees and guarantees investments
- Eliminate fines for companies and individuals
- Volunteer support from organizations and business coaches
- Organizations and individuals are ready to support SMEs by providing online training and consulting services via the Internet
- Business training providers Bessern and The Co-Dubai offer regular sessions for those in need.
Governmental control measures to reduce the risk of COVID-19
Before receiving recommendations from the World Health Organization, the UAE government took all necessary steps to curtail the COWID-19 pathway. In this way, the UAE became one of the first countries to adopt all safety and preventive measures, in addition to various control measures to reduce the effects of COVID-19 on companies in Dubai.
The UAE already has a business-friendly tax system, and for years it has attracted foreign companies and kept them to register here. Additionally, at a time of the COVID-19 outbreak, the UAE government has taken immediate steps to address the pandemic's impact on businesses. This is why it is still a good idea to invest in Dubai regardless of covid-19 status.