Entrepreneurs Hub

The "Youth Hub", an initiative by the Federation Youth Authority, was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, United Arab Emirates (UAE) yesterday, 4 September 2019. According to Gulf News, "it will be the largest open trade incubator in trade centers, markets, airports, cultural and tourist facilities in the state".

This is open to young entrepreneurs who are in the age group of 18 to 35 years old. They are privileged to set up their businesses in six (6) months subject to renewal in the country's most profitable spaces.

They are very blessed to be provided with free spaces as the primary challenge in starting a business is the high cost of space rental. Normally a tenancy contract is required, and one cannot have without sufficient money to pay for that. There is also a space size requirement for different trade activities.

Added to the free spaces are key services and facilities, flexible modern designs, marketing, and brand identity support and above these, the much-needed guidance and mentorship. Every ambitious businessman learns from mentors.

This is a very important move of the government as youth is always the hope of the motherland. When a person engages in a business at a very early age, he learns courage that defeats fears. We all have fears, that is why we love the fearless people. For Arianna Huffington, president of the 'The Huffington Post Media Group',

Fearlessness is like a muscle. I know from my own life that the more I exercise it, the more natural it becomes to not let my fears run me.

While many young people in the big countries struggle to pay their student loans and it will take ages before they can start their own businesses, here, young business-minded people are supported for their emerging trade ideas. The financial risks and burdens are lessened, if not totally eliminated, so they can focus more on improving their core competencies and performance of what they have to offer, to compete in the vibrant global market, which is right before their eyes because UAE is considered to be an international business converging point.  Time is of the essence so they can avoid committing many mistakes to convert resources to opportunities and revenues, so the probability of accelerated growth and success is high.

Indeed for any place to prosper, there must BIAs -- business incubators and accelerators -- and these can only be powered by seasoned businessmen who learned from their direct experiences on the field, not only from the books.

The good news is the hub will serve as a connector to link the young entrepreneurs to the so-called group of strategic stakeholders. It gives them the ease of access in terms of right prospecting as their products and services can be evaluated and supported.

Everything is a space, in a space. And space is everything. So it is a very wise move to collaborate with those (government and private) who own spaces and far wiser with those whose spaces that offer quick access to the target market, like malls and trade centers. It can be a part of their Community Social Responsibility (CSR) programs. We see many spaces in the malls which are vacant and can be utilized in a better way, like a BIA (business incubator and accelerator). There are also hotels which closed that can be utilized as office cum residence for those who operate online businesses.

I highly admire and respect businessmen for their courage to take the plunge. It is not easy to put up one more so if you do not have the right financial resources and support system. They start small, but their impact is huge. Nicole Snow said,

A small business is an amazing way to serve and leave an impact on the world you live in.

I hope there will be also a Golden Hub for the golden people in the 50's who still that hunger to be productive, so they will not be a burden to their families if in their younger days they gave their all to them and not enough, if not nothing, is saved for retirement. The younger generations will also learn from them. Their earnings will help them spend for local products and services, and will help in economic growth. It will be a plus if the golden expatriate entrepreneurs can be mentored and assisted to have a AED500K project to qualify them for a golden residency visa so they can stay longer in the country they consider as their second home. As featured in the TheNational.ae the requirements  for such a 10-year visa are:

1. Must own a successful project valued at AED500K or more in a certified field in the UAE;
2. Must have the approval as a certified business incubator who founded the project, and;
3. Must provide a comprehensive health insurance document for themselves and their family.

I must say I am passionately mesmerized by their vision and actions.  The base of peace and order in a country is economic stability. Find a place where people's needs are met, and you find peace.

---

Photo credits:  Pixabay