Why Setting up a Company is Also a Learning Experience for Business Advisors
Oftentimes, the allure of having one’s own business can be so tempting, would-be entrepreneurs tend to overlook the unheralded yet vital aspects of setting it up – and this leaves them open to unsolicited advice, derailing what is supposed to be a streamlined process to realize their goals.
As such, it becomes commonplace to see these persons lean on hearsay, word of mouth, instincts or a hastily-made internet search, which will most likely lead to failure even before anything has started.
“It’s one thing to be knowledgeable on the ins and outs of setting up a business, but we should not stop there because it is an entirely different thing to go out of your way and continue learning,” says Mariben Tan Eustaquio, managing director of EZONE, a Dubai-based company that provides business setup advice.
“Even the most seasoned business people with acclaimed acumen had to learn at several points in their careers, which makes them no different from all of us who aspire to be one.”
Professional business advisors shouldn’t be seen as an extra expenditure or step; rather, it should be viewed as part of the investment, a vital gear of the machine that would eventually run a company.
And there could probably be no better time to strike business opportunities in than in today’s modern world, where all the necessary tools – from human capital to funding and, of course, technology – are within arm’s reach to help one start off.
Also, with the pandemic’s effects starting to wear off and new, innovative ideas coming to the fore, the opportunities are endless, evidenced by the rise of startups and small and medium enterprises (SMEs).
“Always start with what you can or have, and don’t overdo things at the beginning. Taking risks is okay, but make sure you calculate these risks and know what you’re doing,” Eustaquio says.
According to the UAE Ministry of Economy, SMEs – popularly described as the “backbone of an economy” – represent over 94 per cent of the total number of companies operating in the nation, accounting for around 86 per cent of the private sector workforce.
In Dubai alone, SMEs comprise almost 95 per cent of all companies, employing 42 per cent of the workforce and contributing about 40 per cent to the emirate’s gross domestic product.
All companies, big and small, had to start somewhere, and the road may not be easy. Eustaquio, a seasoned executive and business advisor, says it is equally challenging to tailor advise to potential business persons, given not everyone is made from the same fabric, varying in the knowledge and background needed to start off.
However, this is what fuels her and EZONE.
“It’s true that our clients differ and they seek varying degrees of advice, and there are even times when we run across an entirely new situation,” Eustaquio says.
She acknowledges that, just like starting a business, what they are doing is never easy, but she always reminds to never let pressure get the better of you and think with a clear head.
“But that’s the beauty of what we do – as we adapt and do the homework for them, eventually presenting the best options we can find, it’s the manner in which we collaborate that sows the seeds for a potentially successful venture, and we are happy to be a part of their journey.”
Of course, dealing with clients is also a learning opportunity for Eustaquio and her team, whom she always reminds to never stop seeking new avenues for growth, just as she champions to EZONE’s clients.
“I also view this as an opportunity to learn; interacting with different types of people also opens up new experiences and knowledge for us. It’s a give-and-take relationship, between our clients, myself and all of us at EZONE,” she adds.
EZONE provides advice for setting up businesses on an entrepreneurial level by understanding the unique needs of its clients with personalized, unbiased and cost-effective solutions to incorporate their businesses in the UAE.
With almost a decade of industry know-how and first-hand experience, EZONE has emerged as one of the go-to firms when it comes to business setup solutions, allowing its clients to grow and scale their ventures in a hassle-free manner and free from incorrect or misleading business advice. And, of course, all at very competitive and affordable rates.