Hisham Farouk, Managing Partner of Grant Thornton discusses supporting dynamic entrepreneurs.
Hamad Bu Amim, director general of the Dubai Chamber, said “The global financial crisis showed the need of growing economies to support innovative ideas and adopt youth enterprises. It is vital to focus on entrepreneurial growth in order to boost SMEs as these businesses also contribute significantly to employment and economic activity.” (as cited in Arabian Business, May 28)
Entrepreneurship within the UAE has steadily increased as government initiatives are put into place to encourage new thinking and innovative ideas. The country heavily supports and encourages dynamic businesses that have an instinct for growth, whether a sole trader startup which with the right professional advice and management can become a large conglomerate, or a family owned business which is passed from one generation to the next.
Recent years, has seen an influx of entrepreneurs with many people developing an initiative or vision and translating these into dynamic businesses. Evidence shows that, “since the emergence of the global economic crisis, the importance of SME’s and creative entrepreneurs has increased in parallel with the declining fortunes of other sectors”.
Universities and graduate programs encourage and promote entrepreneurship as a feasible career pathway, which further supports today’s generation to develop into the leaders of tomorrow. Such support enthuses graduates to think like dynamic future leaders, which in turn supports economic success and renders further opportunities for following generations. It also continues to diversify the economy and creates balanced growth, aswell as encouraging and empowering female entrepreneurs.
As a region, we continue to see a rise in the number of dynamic entrepreneurial startups. We at Grant Thornton UAE believe that it is imperative to support entrepreneurial businesses that with the right business advisors can mature and grow.
In support of entrepreneurial businesses, we have great pleasure in announcing that we will be sponsoring the ‘Entrepreneur of the year’ award at the SMEinfo awards due to take place in November. I will be part of the judging panel and will offer support and guidance to these businesses, which with meaningful and actionable advice can become dynamic in their approach and continue to grow to become the market leaders of the future.