"Everybody wants to become a cupcake entrepreneur at some point," Emirates NBD executive vice president Tariq Bin Hendi said at the Arabian Business StartUp Academy. His statement was welcomed with roaring laughter from the audience of startup and SME founders, their reactions a fitting testament to his main point: People have romanticised entrepreneurship.
Inexperienced youth who have been financially “guarded and shielded their entire lives,” Bin Hendi said, are basing business ideas on fads as opposed to a legitimate products or services.
Fahim Al Qasimi, partner at UAE-based corporate advisory and investment ﬁrm AQ&P, was harsher in his statements. “Go get a job,” he said at the academy, referring to amateur entrepreneurs who lack the experience to set up a business but do so regardless while using investor capital.
In an opinion piece to Arabian Business, Al Qasimi – an entrepreneur himself – said many startups will cease to exist in 2019, stating that claims of being the ‘next big thing’ will be dispelled.Failed startups will be the norm, and a handful of successful exits the exception, Al Qasimi said.
(Source: Arabianbusiness.com YouTube channel)