Text size:

  • Small
  • Normal
  • Large
Emirates Airline was named in the top 10 first class cabins by therichest.com. Find out what position it came here.

Expert advises entrepreneurs to hire best talent possible

Growth in the GCC is set to be lower than last year, according to chartered accountants association ICAEW. But it does not mean that it is a bad time to start a new business.

There is never a bad time to start your own business,but the biggest mistake budding entrepreneurs can make is hiring the wrong people, says Amanda Line, the regional director of the chartered accountants association ICAEW.

1 Know your business

Entrepreneurs must understand their market. "I also think that you are likely to be more successful if you set up a business doing something you know, where you understand the product or service," says Ms Line.

2 Get the right people

"The biggest mistake a business can make is cutting costs and not getting the right people," she says. It may be tempting to get everything as cheaply as you can, but new business owners must get the best people they can afford. "The other thing is to be really realistic about the key skills that you have and look to find people with complementary skills," she adds.

3 Sort out your finance

The second-biggest killer of a business is not having enough money at the outset, says Ms Line. "People always underestimate the amount of money you need to start a business, which immediately limits your options," she adds.

4 Proper planning

You need at least a three-year plan, she says. This will be required by banks and other providers of capital, and it will also help with pricingin the future.

5 Data, data, data

Entrepreneurs should look at the numbers every day. "It's easy to get carried away selling your product and not paying any attention to, for example, your margins," she says.


Back to the top

More articles

Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.


To add your event to The National listings, click here

Get the most from The National