FUNDAMENTALS OF INNOVATION & ENTREPRENEURSHIP

SUBMITTED BY: RASHED ALNUAIMI

STUDENT ID: K-919210121
CRITERIA'S TO START A BUSINESS

 Decide business idea: A good business idea is very important for a

successful business. We can explore two major types of business, such
as services or products.
 Conduct the Market Research: Marketing research is one of the
important factors for entrepreneurs to consider when they are starting a
new business.
 Secure Startup Funding: In UAE, there are a couple of options
available to entrepreneurs to fund their businesses.
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 Meet Legal Requirements: The startup of a business

always needs legal obligations, and it is very
important for all the owners to be aware of all these
requirements.
 Master Sales Process: Selling is one of the important
skills for a successful business. One of the biggest
mistakes by the owners is that key to a successful
business is more sales
MY BUSINESS IDEA AND ITS IMPORTANCE

I will start the E-commerce business in the future. There are number of
reasons of choosing this as my business. Below are few of them:
• Less operational expenses
• Increased profit
• A broader range of customer
• Increased availabilty of products
• Easier process for buying
• Down to line customers
• lower advertising cost
• Easy to analyze customer trends
• Flexibility of business.
8 KEY STEPS TO START A BUSINESS IN UAE:

I will start the E-commerce business in the future

 Business Plan: The first step to setting up the business in UAE
is to design the business plan. Do the research and find the
competitors, the best location, and how we will execute the
business activities.
 The Mainland of Free Zone: Now we should decide where
we want to set up the business in Dubai, such as the mainland
or the free zone.
 Legal Structure: In the next step, we must decide whether we
want our company to be a private partnership, public
partnership, sole proprietorship, local branch, international
branch, or Limited liability company.
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 Trade Name: It is important to set a suitable name for

your new business in the UAE.
 Initial Approval: It is another necessary step to draft and
sign the Memorandum and Article of Association and also
get them signed by all the business partners.
 Office Space: We need the office space to run the
business, or we can also work virtually, depending on the
nature of the business.
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 Business License: The UAE government offers four types

of business licenses such as commercial license, tourism
license, professional license, and industrial license.
 One-Time Registration Free: Finally, we have to pay the
one-time registration fee to the UAE government. The
government will send us a mail with our payment voucher
once our papers are approved
FIVE WAYS OF BUSINESS GROWTH

 Build a Sales Funnel: Our sales funnel can help us to take the
business to the next level.
 Increase Customer Retention: We always try to retain our existing
customers by increasing customer loyalty, which can also increase our
sales.
 Participate in CSR: Many customers are attracted to businesses that
are engaged in CSR.
 Form Strategic partnership: Entering into the strategic partnership
can give us a chance to get a broader network of customers.
 Franchising: In the future, we will also go for franchising as it is the
most common strategy for the growth of the small business
FUTURE JOB AND INNOVATION:

 I want to be an entrepreneur or market analyst in the future. It is related to my field of study, and I have the ability
to be a successful entrepreneur.
 “Artificial Intelligence for Content Creation” is one of the latest innovations in the field of business and
entrepreneurship.
 In the field of business and entrepreneurship, two effects of AI will be:

1. It will help to boost the different key performance metrics, such as business growth, productivity, revenue,
efficiency, and digital transformation.
2. It will also automate the daily routine task, and employees will get free to focus on more strategic and creative
work (Feuerriegel et.al, 2022).