Business leaders say listening to feedback from the market is the key to success for start-ups in the UAE. Other entrepreneurs and experts' insight and advice can also be valuable when starting a business. ‘'Avoid isolation, over protecting your idea, spending too much time and resources on perfecting an MVP [Minimum Viable Product] and delaying market launch," said Sirine Fadoul, manager of the Incubation Centre at Dubai Technology Entrepreneurship Centre. "Also avoid developing an MVP without talking to users – a lot of them - and lastly resisting or rejecting good advice if it opposes your vision." The region's leading business intelligence provider, MEED, asked UAE business leaders to answer questions about the current SME market and what new businesses should be looking out for in order to succeed, ahead of its Gulf Capital SME Awards, taking place on the 26th October, Conrad, Dubai. The awards encompass 13 categories, one being the Start-up Business of the Year. The finalists for this award are Kidz Factory, Children›s Lane, Amazeballs General Trading, The Animal Agency, Marhababy, Ta›leem Training & Skills Development Centre and BOXknocks. The winners for all the awards will be announced at the upcoming prestigious ceremony. Other business leaders agreed that knowing your market is important. "Stop doing things because you feel it is right," advised Mishal Kanoo, chairman of the Kanoo Group. "Study the market and then see if what you think and what is actual are the same, and research, research, research." Developing a strategy and sticking to it, timing expansions, hiring well, and controlling cashflow are also key elements to SME success. "Entrepreneurs should pace their growth with the resources they have in hand," said Walid Cherif, Senior Managing Director & Head, Gulf Capital Credit Partners. "They should start testing their ideas on a small scale then expand. When expanding, it is important to invest in management and in building capacity. Managing a $1m revenue business is very different than a $10 million revenue one – you have to invest in systems and processes (accounting, financial management, HR, etc.) Finally, hard work and passion are vital to any start-up, as it seeks to grow and stay ahead of the competition." "And the most important one - don't be afraid to make mistakes," added Donna Benton, founder and chairman of the Entertainer. "You will make mistakes, in fact you have to make mistakes to get ahead; it's all part and parcel of taking risks. Just make sure you learn from them and adapt your path accordingly." The UAE's top SMEs will gather for the fifth edition of the Gulf Capital SME Awards on Oct. 26, 2016 at the Conrad in Dubai where the final set of winners will be announced. The full list of finalists is available online at www.smeawards.meed.com.
