Principle of Setting up a Micro-Enterprise, UAE

In this example essay, we will discuss the principle of setting up a micro-enterprise in the UAE.

Small-scale enterprise development requires dedication, creativity, persistence, a high level of discipline, and hard work. The micro-entrepreneur must make tough decisions instantly and have the capability to train and manage employees and business accounts. Furthermore, micro-enterprise development for personalities with disabilities requires an attitude of dealing with additional challenges. That requires precise attention and intelligence.

Moreover, while setting up a micro-enterprise, it is essential to:

Deal with specific challenges

In any enterprise, some specific hurdles need to address. These comprise:

• the reallocation of the enterprise
• seed money
• management skills
• marketing skills
• maintenance of machinery, equipment, and premises
• accounting skills
• construction and other physical jobs

For beings with disabilities, their mental, physical and emotional capabilities need to review for enterprise sustainability.

To review, ask these questions to yourself and write down your answers:

1. your weaknesses?
2. Your strengths?
3. Your current personal requirements?
4. How you balance your weaknesses?
5. Who will work with you?

 

 

Choose suitable business:

A suitable business differs from one individual to another. Individual preferences, along with mental and physical capabilities, are the foremost determining factors. Although, the focus should be on market demand and drawbacks of business.

A micro-enterprise must produce enough income to sustain the energy and time invested in the enterprise. Support of the family also plays a significant role in selecting the business since a person with a disability requires help in performing several tasks, primarily during the venture start-up.

Now do the following tasks honestly:

1. Make a list of things you are good at doing.
2. Prepare a list of the things you would like to do.

Be aware that if there is any competition, it indicates an existing market. Therefore, Discreet research is necessary.

Review market demand and the competition

A study of the competition is essential. Competition means an existing market. You must research how prominent is the market?

It is necessary not to soak the market. Moreover, to supply the product or service that is in demand.

Answer these questions carefully and try to be specific:

1. Who are your customers?
2. Who are your competitors?
3. Is there a surplus or shortage?
4. How much can the market absorb before saturation?

The market location is also crucial for micro-entrepreneurs. Agricultural products are to sell at the fresh market and accessible to every micro-entrepreneur. If the market is too distant, proper transportation systems are needed. Else, a third party/person will deliver the product, or a middle person will be there. Although, Hiring workers or including third parties increases production costs.

Check seasonability

Farming and agricultural products are seasonal. To check seasonability, answer the following questions:

1. Are raw and fresh materials available throughout the year?
2. Is the product or crop available only for specific seasons?
3. Is the product or service only wanted during particular seasons of the year?
4. Can there be produced during the off-season? 
5. Can the goods be preserved in storage?

Some products can grow in the off-season, making real profits since fewer competitors during that period. Although, such products require more time and attention and can open a niche business opportunity for micro-entrepreneurs with disabilities.

 

 

Decide on business size:

The micro-entrepreneur must decide the size of the business.

• If it is too big, it becomes too hectic to manage and may require additional help, which increases costs.
• If it is too big, the market may not be able of understanding the product
• If it is too small, the business may not remain feasible.

Usually, it is better to begin a small business and extend it slowly when the market is adapting your product or service. Moreover, when it becomes profitable.

Check feasibility before starting the enterprise:

Nowadays, too many persons are starting their own business. Although, they are blinded by the trend or by an attractive product. However, numerous micro-enterprises shut down their business after a few years or months of service. That is shattering the SME’s dreams of following the excellent way of designing a decent life.

So before starting up pre-feasibility study must be conducted. Although this may be based upon estimations, it benefits to equip for the long term and, in some cases, shows that extra activity is way more beneficial.

Start-up investments generally comprise:

• Construction and/or rent
• Legal professional charges
• Permits/licenses
• Assistive devices (when required)
• Raw material
• Utilities
• Wages/salaries/payments
• Equipment and accessories or tools

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