MKTM033 The Entrepreneurship Report

Business Plan for “My Brilliant Idea”

 

Table of Content


Table of Content...................................................................................... 2

Executive Summary................................................................................. 4

Business Details....................................................................................... 5

Industry and Market Analysis................................................................... 7

Customers and Value Proposition............................................................. 8

Marketing Strategy.................................................................................. 9

Operations Plan..................................................................................... 11

Management Team and Company Structure............................................ 12

Resources.............................................................................................. 12

Financing.............................................................................................. 13

Financial Calculations and Projections..................................................... 13

Risk and Strategic Options...................................................................... 15

Key Milestones...................................................................................... 16

Gutcher, L 2014, UAE a leading light in global consultancy; The National Business. [Online]. Available at < http://www.thenational.ae/business/industry-insights/economics/uae-a-leading-light-in-global-consultancy> (Accessed 17 August 2016)............... 19

JAFZA:  Facts and figures 2008. [Online]. Available at: <http://www.jafza.ae/en/aboutus/facts-figures.html> (Accessed 24 July 2016..................................................................................................... 19

Johnson, G, Scholes, K, & Whittington, M 2008,  Exploring Corporate Strategy, Prentice Hall, London. ........................................................................... 19

Johnson, G, Scholes, K, & Whittington, M 2011, Exploring corporate strategy, Prentice Hall, London. ........................................................................... 19

Johnson, G, & Scholes, K, 2008,  Exploring corporate strategy,  Prentice Hall, London................................................................................................. 19

Marceda, C 2014, GCC consulting market to outperform global markets in 2014. Gulf News Economy. [Online]. Available at <http://gulfnews.com/business/economy/gcc-consulting-market-to-outperform-global-markets-in-2014-1.1276579/> (Accessed 17 August 2016).................................................................................................... 20

Mccarthy, E 1960, Basic marketing, Richard D. Irwin, Homewood, IL......... 20

Platt, R 2014,  Business finance: 6 sources of finance for a business. [Online]. Available at: <http://startups.co.uk/business-finance-6-sources-of-finance-for-a-business//> (Accessed 17 August 2016).......................................... 20

Reijonen H  2008, ‘Understanding the small business owner: What they really aim at and how this relates to firm performance – A case study in North Karelia, Eastern Finland’, Management Research News, vol.31, pp.616–629. ............................................................................................................. 20

Reijonen H & Komppula R 2007, ‘Perceptions of success and its effect on small firm performance’, Journal of Small Business and Enterprise Development, vol.14, pp.689–701.......................................................... 20

Rigby, G & Rigby, G 2011, Types and sources of finance for start-ups and growing businesses: An instant guide, Cengage, New York. ...................... 20

Sophia, M 2013, GCC’s consulting market booming at $2bn. Gulf Business. [Online] Available at: <http://gulfbusiness.com/gccs-consulting-market-booming-at-2bn/> (Accessed 17 August 2016). ....................................... 20

The Chartered Institute of Marketing: How to define your unique selling proposition 2009. [Online] Available at: http://www.cim.co.uk/files/usp.pdf[Accessed July 23. 2016).................... 20

Appendix 3: Results Based on Questionnaire:      24

 

 

 

 

Executive Summary

Cultural Consultancy Inc. is a business venture that will educate both domestic and foreign companies on issues related to rules of etiquette, culture, how to communicate, and what to do when they are in the UAE (United Arabs Emirates) in order to facilitate an effective negotiation process. The vision of the company is to be a market leader in the UAE by providing cultural consultancy to local and foreign businesses, both large and small. Based on the market analysis, the UAE is a growing market that requires consultancy services related to educating local and foreign companies on business rules of etiquette, culture, and communication skills. The primary objective of the business is to be the leading cultural consultancy in the UAE and to realize the anticipated profit targets within the first financial year. The business will be located in Dubai and will cover the entire UAE which has a population of over 9 million people, more than 80% of whom are foreigners, and hence the demand for cultural consultancy. Notably, there is a potential growth of the business because of the high demand for a cultural consultancy and management by local and foreign companies. The business requires a start-up of AED 767,000 that will be financed through owner and private equity. The business will be promoted through the use of social media and traditional advertising methods such as television (TV) and print media. Other than employing staff members, the owner Carl Cleverclogs, will be the manager of Cultural Consulting Inc. The business will be profitable in 2017, 2018, and 2019 with net profits of AED 1,300,000, AED 1,587,000 and AED 1,713,000 consecutively. This shows that the firm will be able to recover its start-up capital of AED 767,000 within the first year of its operation.

 

Business Details

The United Arab Emirates ranks amongst the fastest growing economies in the Gulf Region. The country is further characterised by a high degree of economic resilience, which makes the country attractive to foreign and domestic investors (IHS Global Incorporation 2016). Moreover, the UAE has developed an effective business environment through integration of the economic free zones (Fox 2016). Dubai is one of the largest and strategically located free zones in the UAE (Fox 2016).  Subsequently, Dubai has become one of the leading hubs with reference to global trade because of its efficiency in facilitating trade between different countries. Dubai has become an attractive investment destination with reference to diverse economic sectors. In comparison with other Middle Eastern countries, it is relatively effective and easy to run a business in UAE, especially in Dubai (Griffioen 2015).  These characteristics make Dubai an attractive investment destination.

In the quest to establish a business in Dubai, a comprehensive market research was conducted to scan the prevailing business opportunities. The market research revealed a prospective business opportunity with reference to provision of consultancy services on UAE’s national culture. The viability of establishing a culture consultancy firm is underlined by the fact that Dubai has become uniquely cosmopolitan and modern city because of its role in international trade (Xtreme Consulting Group Incorporation 2016).  Extreme Consulting Group Incorporation (2016) further affirms that ‘expatriates and UAE nationals are neighbours; however, they can also be strangers’ (p.4). Dubai is comprised of an extensive cultural mix that has many sub cultures such as expat Arabs, expat Europeans, expat South East Asia, Emirati, and the young population (Extreme Consulting Group Incorporation 2016).  The country’s cultural composition presents a perfect business opportunity for offering consultancy services on diverse cultural aspects.  Most foreign investors in Dubai lack the necessary negotiation skills and the Islamic traditions and etiquette needed to undertake business. Thus, the idea of establishing a cultural consultancy firm in Dubai that is aimed at helping in reducing cultural differences such as language barriers, cultural shock and improve business negotiations will be feasible.  The services are necessary because Arabs are expert negotiators who anticipate a tough bargaining power, and hence a convincing pitch is required (Griffioen 2015).  These services will be provided to both local and foreign investors in the AUE.  The Culture Consultancy firm will develop a unique selling point by developing offering its clients extensive consultancy services with reference to cultural aspects. Subsequently, the firm will facilitate the efficiency with which foreign investors and traders conduct business with UAE nationals.  Unique selling position (UPS) plays a role in saving consumer time when considering the purchase of products/services in the market (The Chartered Institute of Marketing 2009).

Company Vision: Business Objectives

A vision statement is used to communicate the mission of a company, and identify the primary strategic business units as well its purpose in terms of its business scope, corporate objectives, and competitive leadership (Lomash & Mishra 2003; Kachru 2005; Abrams 2003). The vision of the consultancy firm is to be a market leader in the UAE in terms of providing cultural consultancy.

The business objectives

§  To be the leading culture consultancy in the UAE and realise the anticipated profit targets within the first financial year.

§  To have a market share of 10% within 5 years of business operation in the UAE consultancy industry.

§  To provide high quality services to target consumers such as local and foreign business ventures operating in the UAE.

Industry and Market Analysis

             According to (Wasserman 2012), investors need to have factual information on a market before they can invest in any business start-up. It is important therefore to conduct industry and market analysis in order to enable Cultural Consulting Inc. get the necessary funding from prospective investors.

            The UAE has a population of more than 9 million people, with 2.5 million people living in Dubai (Global Negotiator 2015). The Emirate of Dubai is a logistics and commercial centre in the region. Additionally, 85% of the population in Dubai is made up of foreigners while the rest are locals (Global Negotiator 2015). Over the years, Dubai has become more diversified economically thanks in large part to its international and enterprising environment. The Emirate acts as a place for living and working, and is in this respect an attractive place to start a business. The market has international companies who require employees with analytical skills for business negotiation and operations. Establishing a cultural consultancy firm in the region would thus help to fill the gap of meeting the high market demand for services such as educating the local and foreign companies on business rules of etiquette, culture, and communication skills required when operating business in the UAE.

            The market for consulting in the UAE is large, with different companies diversifying into different fields. For example, the UAE and the rest of the Gulf Cooperation Council (GCC) countries constitute the fastest and largest growing market in the world. For instance, Adgeco Group (2014) indicates that in 2013, the business consulting industry grew by 20%, which is equivalent of $1.9 billion. This was the largest global growth to be experienced in the consulting market.  The GCC consulting market is booming at almost $2 billion, with most companies investing in human resource (HR), technology and operational improvement consulting work (Sophia 2013). Big companies such as A.T. Kearney, Ernst & Young, Booz & Company, and Deloitte have emerged as market leaders in consultancy in the UAE. Dubai is regarded as the epitome of excellence and the place where companies grow fast compared to other regions in the UAE. Furthermore, there are a lot of clients in the UAE, with few people investing in consultancy services (Marceda 2014).

There is potential for growth in the UAE consulting market. The Trade Arabia News Service (2015) report indicated that in 2014, the GCC consulting market increased by more than 15% to $2.5 billion. This is an equivalent of $1 billion increase within a period of three years. The growth rate for UAE, Qatar, and Saudi Arabia for consultancy has been 14%, 12%, and 35% respectively (Gutcher 2014).  The cause of the rapid growth in the consultancy industry is attributed to large infrastructural investment accompanied by well-established regulatory agency.

Customers and Value Proposition

The concept of value proposition provides a statement of the services and goods provided by an organisation to its target consumers in exchange for purchases. Cultural Consultancy Inc. will provide affordable and high quality services to both local and foreign customers in the UAE. In order to create a competitive advantage over our competitors, the company will provide cultural training on proper etiquette and language skills. The solutions are to be provided to start-ups, 1-3 year old companies, and companies older than 5 years. However, companies entering the UAE and start-ups in need of negotiation skills and services will also be targeted.  The target customer’s biggest concern is that most of the newly established businesses in the UAE be they local or foreign may not be willing to pay the entire fee charged.

Cultural Consulting Inc's primary competitors will be A.T. Kearney, Ernst & Young, Booz & Company, and Deloitte which are the biggest consultancy companies in the UAE.  The primary customers of Cultural Consultancy Inc. are small and big local businesses, as well as foreign investors in the UAE. Also, employers in existing companies and graduates willing to work in the UAE will also be targeted. Companies and investors in the UAE are targeted because effective multilingual communication is required during acquisitions, mergers, and start-ups, all of which revolve around communication and the ability to negotiate.

Marketing Strategy

The 4 P’s by McCarty (1960) and the Extended 7 P’s by Booms and Bitner (1981) are considered useful in enhancing the marketing mix of Cultural Consultancy Inc. The primary elements of the ‘4 Marketing P’s’ evaluated are Product, Place, Price and Promotion:

Figure 1: The 4Ps of the Marketing Mix. Source: Kotler, Ang, Leong and Tan (1999)

Product/Services

Cultural Consultancy Inc. is based on the provision of different services to local and foreign customers in the AUE consultancy market. The services are tailored to meet consumer needs and to ensure effective negotiation processes. The services will also familiarize people with social expectations, the country’s culture, and professional customs (Deari, Kimmel, & Lopez 2008).  The services to be provided by the Cultural Consultancy Inc. are:

      i.         Provide business negotiation services on behalf of  clients with potential investors in the UAE.

     ii.         Advise businesses and investors on the financial situation in the UAE, and the most lucrative business opportunities.

   iii.         As expert negotiators, our role will be to negotiate with local companies and legal authorities in order to gain operation certificates.

   iv.         To educate local and foreign companies in case they require our services, in rules of etiquette, culture, and communication skills in terms of how they are supposed to communicate and the dos and don'ts in the UAE. This is aimed at easing the negotiation process, in addition to educating clients on business ethics and etiquette in the UAE.

     v.         To provide training and capacity building required by business owners to solve problems linked to cultural shock and language barriers.

   vi.         Provide market information and local knowledge, which are highly essential and important when negotiating business contracts in Dubai.

Place

According to Booms and Bitner (1981), the place for providing goods and services should be strategically placed in order to attract customers. It should also be easily accessible by clients. In regards to Cultural Consultancy Inc., the company will have its offices in Dubai. This is an ideal location considering that 80% of the population in the UAE is made up of foreigners (Balakrishnan 2009). In addition, UAE is accessible by more than 2 billion people from West Asia, Africa, Europe, and America (JAFZA 2008). The Non-oil sector contributes 70% of the GDP in the UAE (UK Trade and Investment 2015). There are more than 5,000 British companies with business operations in UAE, and more than 4,762 British brands have investment in the UAE (UK Trade and Investment 2015). This is an indication that there is a viable market for the services offered by Cultural Consultancy Inc.

Price

Price for services offered by Cultural Consultancy Inc will range from AED 1000 to AED 2500, depending on the kind of the services offered to the client. The price is competitive and the company will make profits out of it, in addition to paying out such expenses as salaries. A competitive pricing strategy will be adopted and it comprises of offers and discounts, among others (Lin 2011). This pricing strategy is effective because local and foreign businesses in the UAE have excess disposable income and the economy is stable. As such, there is limited risk of eroding profits due to inflation.

Promotion

Cultural Consultancy Inc. plans on using various channels of promotion and advertising to communicate services offered to the market. Conventional marketing tools such as TV adverts, use of print media, publications in newspapers and magazines will be used to communicate the products to the targeted consumers. The company will also develop a website and a portal in order to reach target consumers during the set time-frame. The company will also rely on social media marketing such as Facebook, Twitter, You Tube, and other media platforms to promote its services to customers in the UAE and other regions (Lamb, Hair & McDaniel 2008). By taking advantage of social networking websites and social media, the company can promote its services and in this way, create a competitive advantage over its competitors.

Operations Plan

            In a bid to reach out to its customers, Cultural Consultancy Inc. plans on using the following communication channels:  telephone (landline/mobile), email, fax, internet blog or social media channel. Facebook and Twitter will also be used to connect with the customers. The offices of the business will be open early in the morning and closed by evening. In order to accommodate the culture of UAE the office will operate half day in order to follow labour laws and requirements.

Technology is a primary component of any consultancy firm. Therefore, technology will be adopted to enhance communication and efficiency in the workplace. Laptops, tablets, and websites, and social media networks form the technological aspect of the company. 

Management Team and Company Structure

Carl Cleverclogs is the primary owner of the Cultural Consulting Inc.  The business will be located in Dubai. It will be management by the owner who has excellent leadership and management skills (Reijonen 2008; Reijonen & Komppula 2007). The plan is to hire three staff members, a cashier, secretary, and an executive director who will see the daily operation of the business.  The company will also have a social media strategist who will play a major role in marketing the company on the online platform. The company will be managed based on a delegative form of leadership whereby employees are allowed to come up with ideas and communicate easily with the management of the company (Johnson, Scholes, & Whittington, 2008; Johnson, Scholes & Whittington, 2011; Johnson & Scholes, 2008).

Resources

There are six broad types of resources required to ensure effective operations of the business. They are financial, physical, technological, reputational, human resources, and organizational resources.  Resources are virtual or physical entities of limited availability, staff, materials, supply of money and other assets that are used by an organization for it to work effectively. Based on their priorities, the resources required in the case of the new cultural consultancy are listed in the table below.

 

Type of resources

Descriptions and examples

Financial resources

Start-up capital, money, and other financial requirements

Physical resources

Tangible property such as office space, equipment, and other technological facilities and equipment to enhance the operation of the business.

Human resources

Manpower, experiences, training and knowledge among others human resources. . The company will employ both local and foreign staff with experiences from different cultures. Also, persons with knowledge of both Arabic and English will be most preferred because they can easily handle businesses that involve multicultural backgrounds.

Technological resources

The specialized equipment such as laptops, desktops, internet connections, smartphones, mobile phones, printers, websites, social media, and other technological tools

Organizational resources

Business systems, routines, and structures

Reputation resources

Perception of the people in the area of operation

 

Financing

The commonly use sources of financing are  personal investment, venture capital,  angels, business incubators, crowd funding, bootstrapping, debt financing, and factoring (Platt, 2014; Rigby & Rigby, 2011). Other than financial savings, the business venture will require other sources of capital for it to start and operate effectively.  The owner will finance a third of the initial capital required, while the two thirds will be through private equity. According to UAE Bank Loans (2014), equity financing is one of the most appropriate ways used in Dubai to support start-ups. Equity financing can be from personal, friends, and family investment, angel finance, venture finance of small bank loans. Total start?up cash required to establish the new culture consultancy in UAE is AED 100,000.

Financial Calculations and Projections

Break even analysis will be achieved when the cost of operations exceed AED 767,000, which implies that more than 10 business transaction have to be carried out annually.

Income and Expenses Statement

 

 

Income and Expenses Statement

AED

 

 

 

Year 1

Year 2

Year 3

Gross  sales

 

1,500,000

2,000,000

2,150,000

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

                                     1,500,000

2,000,000

2,150,000

 

 

 

 

 

Cost of Sales

 

0

0

0

Total Cost of Sales

 

100,000

325,000

350,000

 

 

 

 

 

Gross Profit

 

1,400,000

1,675,000

1,800,000

 

 

 

 

 

Expenses

 

 

 

 

Web Hosting /Website

 

200

200

200

Laptops/iPads

 

5,000

0

0

Wages and Salary

 

56,000

56,000

56,000

Insurance

 

400

400

400

Business Name

 

200

0

0

Phone Connection

 

300

300

300

IT installation/Internet

 

3,000

500

500

Marketing

 

3,200

1,600

800

Rent and Leasing

 

8,000

8,000

8,000

Permits and Licenses

 

300

300

200

Equipment/Screens

 

400

200

100

Inventory Working Capital

 

2,500

0

0

Legal Fee

 

500

500

500

Others

 

20,000

20,000

20,000

Total Expenses

 

100,000

88,000

87000

Net Income

 

1,300,000

1,587,000

1,713,000

 

From the table above, the company will be profitable in the three years consecutive with net income of AED 1,300,000, AED 1,587,000 and AED 1,713,000 in 2017, 2018, and 2019.

3 Years Cash Flow Projections

 

 

Year 1

Year 2

Year 3

Cash

 

1,500,000

2,000,000

2,150,000

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

1,500,000

2,000,000

2,150,000

 

 

 

 

 

Cost of Sales

 

0

0

0

Total Cash

 

1,500,000

2,000,000

2,150,000

 

 

 

 

 

Cash Received 

 

1,500,000

2,000,000

2,150,000

 

 

 

 

 

Expenditures

 

   92,300

88,000

87,000

Cash Flows

 

1,507,700

1,912,000

2,063,000

 

Risk and Strategic Options

SWOT analysis is based on the strengths and weaknesses of the organizational as well as the opportunities it has and threats from the macro environment (Thompson 2001). Table below presents an organizational audit for Cultural Consultancy Inc.

Strengths:

§  Cultural Consultancy services are needed in the UAE (Campbell & Lyons, 2010).

§  The company’s employees have acquired the requisite communication skills.

§  Dubai is a free trade zone, which makes it relatively easy for a business start-up (Campbell & Lyons, 2010).

Weaknesses:

§  Conduction of all business transaction and meetings must be in Arabic.

§  Trust in the UAE must be acquired before any form of business transaction takes place.

§   Networking with people is needed to expand business opportunities.

 

Opportunities:

§  High number of foreigners in the UAE and businesses make it suitable for business.

§  The company can expand its business to other regions.

§  The UAE’s open attitude towards western cultural and economic influences makes it a highly attractive location to international visitors (Alsaloom, 2015). 

Threats

§  New and existing players in the cultural and communication consultancy sector would bring competition and rivalry

§  The threat of entry by other operators in the near future can reduce the profitability.

 

 

            As part of exit strategy, the owner plans to continue operating the business and make it a limited liability company by shares in the future. The other pan is to expand to other parts in the Middle East such as Saudi Arabia, as well as have offices in each of the seven emirates of UAE. 

Key Milestones

            The primary milestones are presented in the table below.

Milestone

Due Date

Who’s Responsible

Initial capital contributions

October, 30, 2016

Owner

Legal entity established

November 30, 2016

Owner

Dubai Launch

November 30, 2016

Owner

Website and Social media networks

November 30, 2016

Owner plus social media networks

 

 

Reference List

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Palo Alto, Calif

Adgeco Group: UAE is among World’s Fastest Growing Consulting Market 2014. [Online] Available at < http://www.adgeco.com/uae-among-worlds-fastest-growing-consulting-market/> (Accessed 17 August 2016).

Alsaloom, A 2015,Why Doing Business in the United Arab Emirates (UAE)? [Online] Available at: <http://www.alialsaloom.com/doing-business-in-UAE.php> (Accessed 24 July 2016).

Balakrishnan, M. S 2009, ‘Approaches to enter emerging markets: A UAE case study’, 9th Annual Hawaii International Conference on Business, Hawaii, pp. 1-28.

Booms BH & Bitner MJ 1981, Marketing Strategies and Organization Structure for Service Firms. In Donnelly JH, George WR. (Eds), Marketing of Services, Conference Proceedings: American Marketing Association, Chicago, IL, pp. 47- 52.

Campbell, H., & Lyons, C 2010, A hedonist's guide to Dubai. London: Filmer, Ltd.

Deari, H,  Kimmel, V, & Lopez, P 2008, Effects of cultural differences in international business and price negotiations, Pearson, London.   

Fox, K 2016, DMCC; the largest and fastest growing free zone in the UAE. [Online]. Available at: <.http://eds.b.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=bd67716d-84fa-4620-b77f-0ac73e7acbc8%40sessionmgr107&vid=0&hid=114>  (Accessed August 22, 2016).

Global Negotiator:  Living & Working in The Gulf 2015. [Online]. Available at: < http://www.thesrgroup.com/SiteImages/Assets/2/9/BM-ME-LivingWorkingGuide.pdf/> (Accessed 24 July 2016).

 Griffioen, A 2015,  Tips in doing contracts and negotiations in Dubai .[Online]. Available at: < http://www.allianceexperts.com/en/knowledge/countries/africa/tips-in-doing-contracts-and-negotiations-in-dubai/> (Accessed 24 July 2016).

Gutcher, L 2014, UAE a leading light in global consultancy; The National Business. [Online]. Available at < http://www.thenational.ae/business/industry-insights/economics/uae-a-leading-light-in-global-consultancy> (Accessed 17 August 2016).

IHS  Global Incorporation: Country reports; United Arab Emirates 2016. [Online]. Available

at: <http://eds.b.ebscohost.com/ehost/pdfviewer/pdfviewer?sid=a453caeb-ec2a-4fc5-be43-d62874543dcd%40sessionmgr105&vid=0&hid=114>  (Accessed August 22, 2016)

JAFZA:  Facts and figures 2008. [Online]. Available at: <http://www.jafza.ae/en/aboutus/facts-figures.html> (Accessed 24 July 2016

Johnson, G, Scholes, K, & Whittington, M 2008,  Exploring Corporate Strategy, Prentice Hall, London.

Johnson, G, Scholes, K, & Whittington, M 2011, Exploring corporate strategy, Prentice Hall, London.

Johnson, G, & Scholes, K, 2008,  Exploring corporate strategy,  Prentice Hall, London.

Kachru, U 2005, Strategic management: Concepts and Cases, Excel Books, New Delhi.

Kotler, P, Ang, S, Leong, S & Tan, C 1999, Marketing management  an Asian Perspective, Prentice Hall, London.

Lamb, C, Hair, J & McDaniel, C 2008, Essentials of marketing, South Western, Mason, Ohio.

Lin, S 2011, ‘Marketing mix (7P) and performance assessment of western fast food industry in Taiwan: An application by associating DEMATEL and ANP’, African Journal of Business Management, vol.. 5, no.26, pp. 10634-10644

Lomash, S & Mishra, P 2003, Business policy and strategic management, Vikas Pub. House, New Delhi.

Marceda, C 2014, GCC consulting market to outperform global markets in 2014. Gulf News Economy. [Online]. Available at <http://gulfnews.com/business/economy/gcc-consulting-market-to-outperform-global-markets-in-2014-1.1276579/> (Accessed 17 August 2016).

Mccarthy, E 1960, Basic marketing, Richard D. Irwin, Homewood, IL

Platt, R 2014,  Business finance: 6 sources of finance for a business. [Online]. Available at: <http://startups.co.uk/business-finance-6-sources-of-finance-for-a-business//> (Accessed 17 August 2016).

Reijonen H  2008, ‘Understanding the small business owner: What they really aim at and how this relates to firm performance – A case study in North Karelia, Eastern Finland’, Management Research News, vol.31, pp.616–629.

Reijonen H & Komppula R 2007, ‘Perceptions of success and its effect on small firm performance’, Journal of Small Business and Enterprise Development, vol.14, pp.689–701.

Rigby, G & Rigby, G 2011, Types and sources of finance for start-ups and growing businesses: An instant guide, Cengage, New York.

Sophia, M 2013, GCC’s consulting market booming at $2bn. Gulf Business. [Online] Available at: <http://gulfbusiness.com/gccs-consulting-market-booming-at-2bn/> (Accessed 17 August 2016).

The Chartered Institute of Marketing: How to define your unique selling proposition 2009. [Online] Available at: http://www.cim.co.uk/files/usp.pdf[Accessed July 23. 2016)

Thompson, J L 2001, Understanding corporate strategy, Thomson Learning

Trade Arabia News Service: GCC consulting market expands by $1bn in 3 years, Trade Arabia Business News Information 2014. [Online]. Available at: <http://www.tradearabia.com/news/REAL_280626.html> (Accessed 17 August 2016).

UAE Bank Loans: What Are The Alternative Sources Of Funding For SMES That Find It Tough To Get Bank Loans in UAE? 2014. [Online]. Available at: <http://www.uaebankloans.com/alternative-sources-of-funding-for-smes/> (Accessed 17 August 2016).

UK Trade and Investment: Doing Business in the United Arab Emirates: UAE Trade and Export Guide 2015. [Online]. Available at:

            <https://www.gov.uk/government/publications/exporting-to-the-united-arab-emirates/exporting-to-the-united-arab-emirates> (Accessed 24 July 2016).

Wasserman, N 2012, The Founder's dilemmas: Anticipating and avoiding the pitfalls that can sink a start-up, Princeton University Press, Princeton.

Xtreme Consulting Group: Market development capabilities overview 2016. [Online]. Available at:

<https://www.ely-keskus.fi/documents/10191/7763964/Market+Development+and+Marketing+management+in+Qatar+and+UAE+-+Kadir+%E2%80%93%20Kopio.pdf/b3ec4808-db8d-4834-9d95-bf3fe4118e41> (Accessed August 22, 2016).

 

 

 

 

 

 

 

 

Appendices

Appendix 1; Start up expenses

 

Capitalized

Cost in AED

Building

65000

Laptop and Ipads

20000

Screens

3000

Website

10000

Internet

3000

Equipment

40000

Licenses

1500

Insurance

5000

Business name

1000

Computer Equipment

2000

Total Capital cost

150500

 

Expensed

Cost in AED

Phone Connection

1500

Inventory Working Capital

40000

Legal Fee

2000

Installation of Equipment

15000

Salary and wages

478000

Others

80000

Total Expensed Costs

616500

Total Start-up Cost

767000

Appendix 2; Breakdown of Employees Salaries and Wages

Employee position

Salary (Cost In AED)

Secretary

36,000

Cashier

48,000

Other staff (3)

144,000

4 Executives

25,0000

Total annual Salary

478000

 

Appendix 3: Results Based on Questionnaire:

            The findings from primary research were collected via the use of questionnaires and they indicated that cultural interpreters and cultural negotiating experts are on demand in the UAE. For example, 80 percent of the foreigners were in demand for culture consulting services. With regards to the kind of services provided by culture consultancy firms, the respondents’ findings are presented below.

 

From the figure above, culture consultancy provide services related to negotiation purposes (40%), communication skills (30%), and language and culture learning (20%), among others (10%). Similarly, Knuchel (2002) established that language training, cross-cultural negotiations, and improving communication skills for negotiation were important when operating in multicultural regions.

            The findings (100%) established that Dubai was a better location for a business in the UAE because it was strategically located, had high non-oil services and businesses and most of its population is composed of expatriates and foreigners.

 

 

 

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