If you haven’t read the first part of this series, you’re missing out on the insight of your life! We now are joining Samara as she shares her business journey, offering tips on overcoming challenges and seizing opportunities. This is your chance to learn about legal steps, team management, and negotiation strategies!
UH: What is your first and most important tip to start a business?
Samara: The first and most important tip for starting a business is to thoroughly research and understand the market you’re entering. Identify your target audience, competitors, and potential challenges. A solid understanding of the industry is the foundation for a successful venture.
UH: What are the legal steps that should be taken to make a business?
Samara: Legal steps vary by jurisdiction, but generally include registering the business, obtaining necessary licenses and permits, and determining the appropriate business structure (e.g., sole proprietorship, LLC, corporation). Consultation with a business attorney is crucial to ensure compliance with local laws.
UH: According to your experience, what is the golden rule of having a successful business?
Samara: The golden rule for a successful business is often effective communication. Clear communication fosters a positive work environment, helps in understanding customer needs, and facilitates successful partnerships and collaborations.
UH: In your opinion, what is more important in a business is the creative initiative, idea of the business, or having enough experience before opening the business?
Samara: Both creative initiative and prior experience play significant roles in business success. While a unique idea can set a business apart, experience provides the knowledge and skills to navigate challenges. A balance of both is often ideal.
UH: How can people know when they need to stop if their business is not going anywhere else and when they need not to give up?
Samara: Entrepreneurs should regularly assess their business performance against predefined metrics. If despite efforts, the business is consistently failing to meet goals, it might be time to reevaluate the strategy or consider pivoting. Persistence is valuable, but adaptability is equally crucial.
UH: Can you share some tips for effective team management in starting business?
Samara: Effective team management in a startup involves clear communication, setting realistic expectations, and recognising and leveraging each team member’s strengths. Foster a collaborative and positive work environment to enhance productivity and creativity.
UH: Can you tell us some insights on negotiating deals and contracts, successfully especially if there is a partnership in this business?
Samara: Successful negotiation in business partnerships requires preparation and understanding of the key interests of all parties involved. Clearly define expectations, roles, and responsibilities in contracts. Seek win-win solutions that benefit all parties, and be willing to compromise without compromising the core values of the business.
UH: What are the challenges of entrepreneurship that you have faced as a woman?
Samara: Juggling responsibilities, especially with young children, and the need for better mentorship and support networks have been significant challenges for me.
UH: What are some of the challenges that women intrapreneurs face often in the business world?
Samara: Women in corporate environments often face barriers such as the glass ceiling, gender stereotypes, unequal pay, and limited representation in leadership roles.
UH: From your experience, how did you overcome these challenges?
Samara: I overcame these challenges through advocacy, seeking mentorship, negotiating for equal pay, and actively engaging in initiatives to support gender diversity and inclusion.
UH: How much there is a difference in the challenges that woman face as intrapreneurs from men?
Samara: Both men and women may encounter gender biases, but women often face additional challenges such as stereotypes about leadership styles and limited representation in decision-making roles.
UH: What are some opportunities or advantages that woman intrapreneurs can take?
Samara: Building supportive networks and participating in initiatives designed to support women in business can provide valuable opportunities for growth and success.
UH: Can you share with us what was the most important opportunity that you have taken and you consider a life-changing opportunity and was a milestone?
Samara: Setting up my own business and obtaining my license in the UAE were significant milestones for me.
UH: Do you think that opportunities only come once so we have to take them even if they do not match our needs, or we should not compromise and opportunities come more than one time?
Samara: Opportunities may not always be scarce, but it’s essential to assess each opportunity’s relevance and potential impact before deciding to pursue or pass.