Beyond the Business Plan: Essential Lessons for Entrepreneurs Navigating The UAE and GCC Market

I still remember “Moby Dick”, the famous novel written in 1851 which tells the adventure of the narrator ‘Ishmael’ who sails on a whaling ship under the command of Captain ‘Ahab’. Thinking he has signed onto a routine commission on a normal whaling vessel, he soon realises that Captain Ahab’s real intention is the pursuit of his life-long obsession; a specific whale known as Moby – Dick, a giant whale known to destroy whalers that seek him. Captain Ahab’s obsession had cost him his leg and a ship, and eventually also cost Captain Ahab his life and his crew in a final standoff against the whale in the rough high seas.

Navigating the entrepreneurial waters in the UAE and the Gulf requires more than just a solid business plan and financial acumen. It's important for entrepreneurs to develop a range of critical skills that are essential for their long-term success in this unique and dynamic market. 

As an entrepreneur myself running a business in a competitive and sophisticated consulting industry, I learnt soon enough that very little light is shed on critical issues most business leaders are confronted with.  Issues such as:

The dark and lonely side of being self-employed and having your clients, your employees and family heavily rely on you. 

The emotional toll that comes with keeping a brave face, even when everything might seem like they are on the brink of collapse.  

Operating in what is arguably the most geopolitically volatile region, yet at the same time one of the most fast changing and emerging economies.

The highly diverse market makes navigating the business environment more challenging taking into consideration the cultural influences and power dynamics not only in different organizations, but sectors as well.

The unique cultural identity of the nationals adds another layer of complexity taking into consideration their distinct buying habits as well as their influence as decision maker in private and government sectors.

All these are realities that entrepreneurship degrees and entrepreneurship platforms such as ‘accelerator programs’ and ‘incubators’ seldom prepare business founders for 

So, what are some of the key skills and knowledge entrepreneurs setting up or operating in the local market may need?  Here are some I’ve identified based on my experience: 

1. Building Long-Term Relationships:  The ‘collectivist’ nature of the local society puts significant importance on relationships.  Establishing and maintaining strong, trustworthy relationships with clients, partners, and stakeholders is crucial. This involves not only delivering on promises but also going the extra mile to growing genuine connections.  The popular term ‘Wasta’ is an outcome of this long-standing relationship that is based on trust. 

2. Engaging People from Different Cultures: The UAE and Gulf region are rich in cultural diversity. Entrepreneurs will need to develop the cultural sensitivity and even the ‘Cultural Intelligence’ (CQ) required to navigate the cultural nuances and effectively communicate and collaborate with people from different backgrounds.

3. Influencing Skills: Whether it is for the purpose of negotiating deals, leading a team, or convincing stakeholders, the ability to influence others is important.  I always say that more than a skill, in the gulf region it actually is an art!  Effective entrepreneurs know how to build rapport, articulate their vision and inspire confidence and buy-in from others.

4. Adapting to Changing Market Dynamics: The business landscape in the region is constantly evolving. New projects, new policies, new industries and an influx of new market players means that entrepreneurs need to be agile and demonstrate an ability to pivot their strategies in response to market shifts and emerging trends.

5. Emotional Resilience: Just like ‘Captain Ahab’ from the Moby Dick book, entrepreneurship is like riding the rough waves of a sea. The highs and lows requires that entrepreneurs build emotional resilience that will help them stay focused and motivated, even in the face of setbacks and challenges.

Being an entrepreneur or a business leader in the UAE and the gulf region can be a lonely and frustrating experience for many.  The truth is, the market and cultural dynamics are very unique and in many instances go hand-in-hand.  This is a factor that might confuse many entrepreneurs who think a ‘one-size-fits-all’ approach to business will work here. The truth is, running your venture successfully in the country requires a more realistic understanding of the business landscape, and a more sophisticated set of strategies that go beyond just the standard business and financial plans many business leaders rely on when doing business in the UAE and the gulf region.  Strategies, I will share in my next article