Challenging job market makes entrepreneurship the new ‘Plan A’ as ADU’s Enterprise center becomes a magnet for aspiring business magnates
Program’s
reputation attracts some to fly in weekly from abroad for lectures and fresh
ideas
While entrepreneurs have tended to first enter
the job market to gain experience and then apply it to their own businesses,
aspiring entrepreneurs in Abu Dhabi are saving years or even decades of their
lives by gaining expertise in entrepreneurial programs and diving straight into
the business world. Interest in entrepreneurship is at an all-time high due to
the job market’s diminished appetite for fresh graduates and the rise of Abu
Dhabi as a lucrative hotspot for investors.
Arguably the most popular of these programs is
Abu Dhabi University’s Innovation and Entrepreneurship Center “ADU Enterprise”
- as evidenced by the fact that some participants have even opted to fly in
from outside the country for weekly lectures.
Dr Nabil Ibrahim, Chancellor of Abu Dhabi
University explained: “Our program is reversing the trend by the vast majority
of start-up businesses that fail within a five year time frame by incubating
“out of the box” thinkers who are the architects of tomorrow’s business empires.
We help entrepreneurs to flourish in any business climate by giving them a
supportive ecosystem connecting them to the business community, investors and
the wider economy of the UAE and beyond.”
Khaled Alnahedh, a 27-year-old start-up owner from KSA weighed in with
his take: “I went to the extent of flying from Riyadh to Abu Dhabi for weekly
lectures, because ADU’s Enterprise program equipped me with precious skills
such as making irresistible pitches to investors, crafting an innovative
business model and looking at the market from all angles. Now I am looking
beyond simply starting a company, and am aiming to have several businesses.”
An emerging pattern is that entrepreneurial
skills are evolving from a luxury into a necessity for those currently in non-business
career paths like engineering, as it fast tracks their promotion to senior
executive positions.
Ibrahim Salem Bin Madhi, 25, a Mechanical
Engineering student at ADU, pointed out: “What makes the learning process so
enriching is the diversity of methods: blending group networking and prominent
guest speakers, presentations and lively discussions, hands-on demonstrations,
business plan guidance and other tools that transform the lecture room into a
boardroom. It’s not just about what the program gives you but also what it
takes away: because it takes away all fear of venturing out solo into the
corporate jungle.”
However knowledge is only one side of the
equation, as many would-be entrepreneurs fear it will take astronomical amounts
to finance their dream. Dispelling this myth, the Enterprise program is showing
participants how to make maximum impact with minimal funds.
Fahimeh Mohammad Rastegar (25), who has just started her own interior
design company, commented: “The common misconception is that interior design is
only for a wealthy clientele, but I have learned to distinguish my brand by
targeting middle-income yet style-savvy trendsetters. The program taught me
that it’s not about big budgets but big ideas.”
According to Lama Sawaf
(47), an electrical engineering graduate, even those who are already
entrepreneurs should consider upgrading their expertise: “I learned
unconventional ideas about building an enterprise that had never crossed my
mind before, and also got constructive feedback on the business plans I already
had.”
With SME’s contributing the overwhelming majority of private sector jobs,
it is anticipated that the spiraling interest in entrepreneurship will boost
the job market and the wider economy.
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