Scribd Logo
Upload

Welcome to Scribd!

  • 66 views

    Entrepreneurship MaE, Muhammad Ahmed Zaheer, BSME18-22

    Uploaded by

    Ahmed Zaheer
    The entrepreneur owns Spyro International Group in Dubai which provides various business services including branding, marketing, and consulting. He comes from a business family and has a degree in mechanical engineering. He worked for several years before starting his own business based on his experience and confidence in his unique service approach. Some challenges in starting up included finding funding and experienced employees, but he was able to solve problems through reinvesting profits and managing expenses carefully during the initial growth period. His long term plans are to expand into new industries and services while advising other entrepreneurs to gain experience before starting their own business and learn from failures.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Entrepreneurship MaE, Muhammad Ahmed Zaheer, BSME18-22

    Uploaded by

    Ahmed Zaheer
    66 views5 pages
    The entrepreneur owns Spyro International Group in Dubai which provides various business services including branding, marketing, and consulting. He comes from a business family and has a degree in mechanical engineering. He worked for several years before starting his own business based on his experience and confidence in his unique service approach. Some challenges in starting up included finding funding and experienced employees, but he was able to solve problems through reinvesting profits and managing expenses carefully during the initial growth period. His long term plans are to expand into new industries and services while advising other entrepreneurs to gain experience before starting their own business and learn from failures.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The entrepreneur owns Spyro International Group in Dubai which provides various business services including branding, marketing, and consulting. He comes from a business family and has a degree in mechanical engineering. He worked for several years before starting his own business based on his experience and confidence in his unique service approach. Some challenges in starting up included finding funding and experienced employees, but he was able to solve problems through reinvesting profits and managing expenses carefully during the initial growth period. His long term plans are to expand into new industries and services while advising other entrepreneurs to gain experience before starting their own business and learn from failures.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    66 views5 pages

    Entrepreneurship MaE, Muhammad Ahmed Zaheer, BSME18-22

    Uploaded by

    Ahmed Zaheer
    The entrepreneur owns Spyro International Group in Dubai which provides various business services including branding, marketing, and consulting. He comes from a business family and has a degree in mechanical engineering. He worked for several years before starting his own business based on his experience and confidence in his unique service approach. Some challenges in starting up included finding funding and experienced employees, but he was able to solve problems through reinvesting profits and managing expenses carefully during the initial growth period. His long term plans are to expand into new industries and services while advising other entrepreneurs to gain experience before starting their own business and learn from failures.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Entrepreneurship

    MaE
    Assignment
    Muhammad Ahmed Zaheer
    BSME 18-22
    1

    Interviewee: Sayed Yousuf Ali


    I interviewed a successful entrepreneur from UAE. He has established many ventures
    in the Middle East. He is the owner of Spyro International group in Dubai. He is
    basically into service sector and their services include Spyro Edu, Spyro Technology,
    Spyro Medicals, Able Joe Oil and gas etc. I personally admire him as he has achieved
    a lot in his young age. He possesses the qualities and the capability of a successful
    business entrepreneur.

    Describe the business and industry.


    This is basically a service industry. They provide customers with branding services. As
    a part of this, they conduct brand audit, review corporate marketing communication
    internally as well as externally. This includes advertisements, yearly reports, trade show
    booth, brochures, sales sheet, training videos, press releases etc to show the
    uniqueness of the clientele.

    Describe the background of the entrepreneur, education,


    family, interests.
    Mr. Sayed Yousuf Ali the owner of Spyro group decided to start his business in the
    year 1995. He hails from a business family; His forefathers were into business and have
    many ventures in UAE. He has completed his BE honors in Mechanical engineering. He
    worked in private sector for 3 to 4 years in design engineering, training and project
    planning. His father is also a influential business personality and his mother is a
    housewife. He has a young brother who is studying medicine in United States. His
    interests are reading, meeting new people, travelling and exploring new places.

    Where did the opportunity for this business come from?


    His forefathers were businessmen so trying hands on business was very obvious. Small
    fabrication unit was always a dream but could not be started so had to redirect
    activities to different directions. His experience and knowledge prompted him to start
    business and he was confident enough that he will flourish. He was confident that he
    could come up with unique approaches to help clients. He choose this business as it
    was a service sector which was close to his desires.

    What did the entrepreneur do to prepare to start the


    business?
    2

    When we start a business there would always be some unforeseen challenges that
    would arise. For this I prepared a business plan. A business plan does not help when
    starting a business but it allows us to analyze the funding options that we have, making
    crucial business decision, and also helps to understand the industry and market.

    How did the entrepreneur deal with any perceived risk


    prior to start-up?
    Functional risk was one of the perceived risks that the entrepreneur had to deal with.
    The services that were provided were effective and its outcomes accepted by the
    customer was one of the perceived risk that he faced. This is a company that promotes
    the clients business by providing branding services so initially the clients will not have
    complete trust of the outcomes.

    What major problems did the entrepreneur encounter


    during start-up?
    To start this business the basic problem that he faced was the investment. Investment
    was necessary to loop in for starting the factory. So he came with an idea to align with
    partners by selling his ideas and impressing and convincing them to invest in the
    business. Unfortunately many backed out. Then he planned to start a small subsidiary
    in UAE i.e. Consultant engineering service. This was a big hit with a good team,
    trustworthy & hardworking team. The profit that came through consultant service was
    used to invest in Middle East.

    There were not many major problems. Although starting business in Middle East is
    easy getting good trustworthy partners, proper documentation visa formalities, papers
    to be approved by labour were time consuming processes. Choosing of company
    name was also an issue as it had to be approved by the Chamber of commerce. Catchy
    names are important to business. In service world what works are catchy name &
    quality products & services.

    In the starting phase of a business appointment, highly experienced employees will


    not work because of the high salary demand. To cut short the expenses we chose
    employees with less experience which affects the jobs that we undertake. So majority
    of the task assigned to the employees would not be something that they have
    specialized in it.

    How were these problems solved?


    3

    Profit from the Consulting Company was used in the new venture that sorted out the
    financial problems that arose when starting the business. As this company was
    introduced in Dubai they got the name that we wanted.

    During the initial stages we just kept on investing in the company and managing the
    expenses. We cannot fully think about profit. It takes 2 to 3 years to get surplus amount
    from the business. At this stage maximum jobs, synchronize the processes that will
    help you in long run.

    Who did the entrepreneur use for help and guidance


    during preparing to start-up their business?
    He took guidance from his father & grandfather who were already into business and
    also learned a lot with his own experience & mistakes and as well as from the people
    around him.

    Who does the entrepreneur consider himself to be in his


    entrepreneurial network?
    He considers himself on top of the line and wants to at least be once in the Forbes
    magazine.

    What are the entrepreneur’s growths plans for the


    business?
    Explore maximum of what is possible. Hunt for different service sectors & industry like
    advertising, hospital, consulting etc. Widen his horizon and learn maximum out of it
    and plan for investment money in a proper arena. His major growth plan is to start a
    fabrication unit for machinery

    What special steps did they take or are they taking at the
    moment possibly due to business slump?
    If the company has proper number of jobs coming in & proper flow of money then
    even in business slumps the business can stand well. But if the situation is going worse
    we can have to talk to the employees and make them understand that company will
    not be able to provide them with the same salary packages. Instead of sending them
    on long leaves or firing them we could reduce the salary in that case, still the employee
    would have some earnings. At this stage the company should also avoid unwanted
    investments and the money that comes in should be stocked up for future use.
    4

    What advice would the entrepreneur give to someone


    thinking about starting a business?
    For the youth who are interested in starting a business he advised that they should
    work for some time. This will allow them to learn and explore many departments.
    Understand the different arenas of a job, get good contacts and then invest into the
    same field where you have gained experience. If you have a very unique and innovative
    idea which you feel would hit the market then go for it.

    If you are from a business family and are planning to start a new business then do take
    advice from your parents who are already into business. Analyze the industry that you
    are interested in, plan everything and then invest. But if your decision is wrong then it
    would show a very negative impact on your family business and would be a negative
    publicity for the other organizations.

    The most important advice is don’t get depressed due to failures. Failures are the initial
    stages to success.

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy