INTRODUCTION

Far too often, people are so eager to start a new business or product, that they end up skipping some very important considerations. This is very likely one of the major reasons that so many new businesses fail within the first five years. Being an entrepreneur you need to analyze different factors and it s a heavy responsibility because your statements and decisions really matter. Increasingly, the study of the entrepreneur is being recognized not only as a critical source of information about the various activities associated with a new venture, but also as a more general source of information about innovation and creativity within organizations Starting a new business can be both exciting and frightening. There are many practical things to consider -- location, size, employees, quality control, etc. And then there are the anxieties and concerns: "Will I make it?" "Am I in over my head?" "Where do I start?" Start by having confidence! To help ensure your business' success, it is of the utmost importance that you are aware of all the regulations, requirements and aspects of operating a business before beginning your endeavor. Ensure that you have all necessary licenses, permits or registrations applied for and approved before you open your door. Legal rules and regulations are constantly changing; Updates can be obtained through the many state agencies, Finally, remember that it is important to check with both your city and country clerk before undertaking any business venture.

PRMOTIONAL PRODUCTS INDUSTRY (Profile of the study area)
The promotional products industry started in the early 1900's. Merchants began to give calendars to their clients as gifts with printed logos of their companies. The intent was to promote or to remind their clients of their business while the gift item was being utilized. Since then calendars continue to occupy a significant portion of the industry. It shares this field with writing instruments and bags, each having about 8% of the industry. The largest sector of promotional products is wearable's which occupies about 30% of the industry. This category is

bags and calendars. 50% of the industry is made up of wearable's.made up of T-shirts. Distributors also have their experience in dealing with the suppliers in terms of their service. Many companies offer their products and service on the websites where the clients can bypass the middleman.A.E. They put out trade shows and collect and publish information pertaining to the business. The promotional product industry is a quintessential service business. Most distributors and suppliers will join the Promotional Product Association International (PPAI). uniforms. In the long run. it will continue to grow. It was estimated that close to 20% of the sales orders for the distributors have been accomplished through the use of websites. However. About 50% of the business is done through companies with sales volumes over 2. The industry suffered in 2009-2010 somewhat because of downturn of the economy as a whole. Distributors can vary in size from a home-based mom-pop store to companies with hundreds of employees. A supplier will carry its products based on the company's knowledge.5 million dollars a year. experience and connection with the manufacturer of the product. On the other hand. Crystal awards are included in the category of recognition awards and trophies which is about 3. It can thrive in many different combinations of products and skills. hats. caps. . jackets and footwear. thus presents an enormous amount of opportunities for small businesses. The distributors play a very major role in selling the products from various suppliers to the end buyer. quality and some of the relationship can be strong and lasting. Usually it is called a line of products which that supplier is known for or specializes in. These percentages may vary from year to year and the above represents the average of published figures in 2008 and 2009. Suppliers offer a selection of products from the manufacturers and they sell almost exclusively to the distributors. the above described structure has been affected significantly because of the use of internet.6% of the industry. writing instruments. the new technologies such as the use of websites and the value of Dirhams inevitably will add more challenges to the industry here in the U. which is an organization that provides many vital services for the industry. these are the suppliers and distributors. The promotional products industry traditionally has two major parties that represent the supply chain between the manufacturer of the products and the end buyer.

the discovery of oil in the mid 20th century drastically changed the UAE s economy making it one of the wealthiest nations in the Muslim world. Office hours tend to be 0900-1300 and 1630-2000 though today work often goes even later as a result of the immense construction boom. Attitudes to time in the UAE are much more relaxed than in many Western cultures. money and family connections are all key determining factors of a person s status. As such. Status is important and must be recognised by using the correct title such as Shaikh (chief). though in some cases. . Thursday and Friday are the official days of rest. Age. it is still important to be aware and respectful of some of the differences that might exist. Understanding this distinct culture is paramount for anyone wishing to successfully do business in the Emirates. Nevertheless. it is important that you shake hands and greet the most senior person first. It is not uncommon to therefore find many members of one family working for the same company. People and relationships are more important than schedules and punctuality. Many are owned and run by one powerful person who makes all of the decisions(sole propertiership). o Structure and hierarchy in Emirati companies There is a strong vertical hierarchy in most Emirati companies. find out beforehand or ask the person who introduced you.ANALYSIS OF MAJOR FACTORS:Social factors Overview Emirati society is a unique blend of cultures and people. Mohandas (engineer) and Ustadh (professor). The Emirates are a considerably modern state in relation to the rest of the Middle East. particularly if you hope to have a successful business relationship. If you are unsure of someone s title. Who you are is usually more important than what you have achieved. Traditionally focused on maritime activities such as fishing and pearling. o Working practices in the UAE The working week traditionally starts on Saturday and ends on Wednesday. When first meeting a group of people. people will work Thursday and take off Saturday instead. This person must be treated with respect and deference. Religious and historical influences combined with a progressive outlook and extensive economic opportunities make the UAE a most intriguing and unique place to do business. many traditional attitudes and business practices are evolving towards a more Westernised approach.

o Working relationships in the UAE People in the UAE prefer to do business in person. and the tourist industry in the Emirates is forecasted to grow by some 4.9% per annum until 2017. If you do intend to use business cards whilst in the UAE. Relationships and mutual trust are paramount for any successful business interaction and can only be developed through face-to-face meetings. UAE tourism already accounts for 0. so having someone to introduce you will be of immense benefit to your business relationship. Economic Factors The UAE possesses one of the most highly developed and industrialised economies on the planet. after Qatar and Kuwait. A frenzy of real estate activity is producing a vast array aweinspiring hotel and resort developments in a bid to supply an unprecedented demand for top quality property in the UAE. Environmental Factors The UAE government especially Dubai has been effected because of the environmental factors quite handsomely because of its quick and international high class development example the . It is important to have connections to someone in the UAE who can introduce you before attempting to do business there on your own. ensure that the information is printed in both English and Arabic. Business cards are common but not essential to Emirati business culture.4%. with the activation of initiatives such as Plan Abu Dhabi 2030 and the Dubai Strategic Plan 2007-2015 high on the agenda. attracting record numbers of international jet-setters and investors alike. ranking 5th in the world and 3rd in the Middle East. The UAE boasts one of the fastest growing tourist sectors in the world.5% of worldwide tourism.a. Family and friends come before anything else. as reflected in its GDP per capita.6% p. while predictions from the Economist offer an average forecast for the period 2008 to 2012 of an average 7. As a result. The GDP growth rate in 2007 stood at 7. Tax Free Environment The absence of taxes is a clear incentive for investors and this advantage draws many foreign companies to establish activities within the numerous free zones and industrial cities of the UAE. it is not uncommon for an Emirati to reschedule or cancel something to accommodate their needs or wishes. Emirati people prefer to do business with those they know. Detailed planning for economic growth was a strong feature of UAE government planning during 2006-2007.

For example: companies operating in the Emaar real estate have to adopt directives and regulations created by the UAE government. This has gained significant importance off late. the natural sunny seasons are still there. The World etc. technological factors have gained great impetus in the UAE s new ventures.But the government not responding so much over this issue is because of their good luck in the past decades having no major natural disasters. I read a study that the under water sea current in the Gulf of Oman especially the Dubai coastal area has changed drastically and it has affected the ecosystem. and the spending power of consumers and other businesses. Organisations need to consider the latest relevant technological advancements for their business and to stay competitive. Business must consider the stability of the political environment. Political factors This refers to the changes in government and government policies. business men. The political arena has a huge influence upon the regulation of businesses. It has become easier for companies to communicate with their customer in any part of the world. government s policy on the economy etc Technological factors These factors greatly influence business strategies as they provide opportunities for businesses to adopt new innovations.building of Burj Khalifa . and is a major driver of globalization. Burj Al Arab. . the 3 palms . Firms can select new modes of distributions with the help of technology. This helps the business to reduce costs and develop new products. Huge volumes of information can be securely shared by means of databases thereby enabling vast cost reductions. or entrepreneurs should always keep these factors alive in their long term plans that even though this country is developing at a speed of a bullet but now because of the recession things have really fallen. the government is not really interested as long as it attracts more inversters and profit to the travel and tourism industry. The roads stay stiff and hard made of tar not cement because of the natural climate which is really Hot through the year except for the winter season. Technology helps business to gain competitive advantage. and inventions. Political factors greatly influence the operation of business. Ice cream parlours are not a bad choice. While designing the business strategies firms must consider if use of technology will allow the firm to manufacture products and services at a lower cost. Investors. With the advent of modern communication technologies. and improvements in service. And due to that concerning the environment.

Watches. -By a look at a recent survey Dubai has announced a new idea of starting the water taxi system by the Road Transport Authority-RTA which was a great success in a few days of trial. specifically Crystals.Metals.Statue.Being at a corporate level.Medals. -Buying a business easily works in such a country and is an easy way but requires more money and leaves you with a question mark that can it be done any better then how it already is because its always about the profit.Acrylic. This is a great advantage for new comers but yet difficult because of the leading competition. -Launching a new product or service is another good way of entering the competitive pocket eating market quickly. PROBABLE ALTERNATIVES OF GOODS OR SERVICES In simple language entrepreneurs should have a solid backbone behind every decision. Starting a business involving premium gift items has a large scope within itself in the UAE. they should not give up and one with that kind of attitude always finds a way to get back on track if the business fails. people here like to celebrate by presenting new and trendy gifts. An idea of building luxury boats cannot be ignored by the high class society as even luxury cars get stuck in traffic jams.UAE has now becomes one of the leading developing countries in the world because of the latest technology being used. .Laser Engraving.something that will really attract the consumers.Trophies.Promotional and corporate level gift items. for example for generations people of any age have been eating milk icecream but now people have become more health and fitness conscious hence launching a new and more delicious icecream made by pure yogurt which is low in fat attracts plenty.Gifts demand more quality in less time. Starting a new venture in the field of promotional gifts has already many alternatives within.Plaques.

people need to try harder and spend more to create attention or more profit hence they ask for customized products to stay unique. Acrylic. Crystals. not only widening its interest but also increasing its capacity to manufacture top quality products which comply with customer s standard Winner Awards could be manufacturers of high quality products like Plaques/Shields. It s a positive approach to enter the market as awards don t just happen in schools but in big government sectors as well. this new venture can be a source of high class customized corporate level products. providing exclusive business gifts and promotional give-aways. people are more educated and creative wanting something different to present as competition has increased hence even the impressing level has gone higher. and having competition makes it harder to fit in this generations market but it is not a bad idea to have a try and make sure to take care of the quality of the products with reducing costs to maximize the profit margin. Equipping the latest machinery covering a wide range of skills related to their applications. This new venture could bring in foreign investors from international level brands such as mont blanc to promote their items through directly. . manufacturing and trading widens the factory and attracts more suppliers and customers. Venture name Winner Awards A high quality business involving different kinds of gifts mainly corporate level trophies and other gift items.hence this venture could result in big profitability and even later with the help of foreign investments or foreign corporate clients the chances of failure are not much. Hopefully this idea is not a bad one. Choosing the idea of starting a new business in the promotional industry was mainly influenced by the the choices the locals make in UAE regarding their choice in colour which is either white or gold. I chose gold. Their taste in covering almost anything valuable in the shiny Gold or even purely Gold new customized items is starting to become a new trend.INTENDED FINAL VENTURE By analyzing the factors and ideas above my conclusion stays technical yet elegant to start a new venture in the area of promotional gifts industry and the product is corporate gifts. In this 21st century. Gold plated products are sold viciously in this part of the world. Trophies and Medals.

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