Fatal mistakes within start-up companies are often made as early as their inception.
A major one is the temptation to spend money and time on things that are not critical to the success of a project. Assuming that you are convinced your product or service is the next new thing the world needs but doesn't yet know about, there are only three things an entrepreneur should focus on: developing the best product or service possible; hiring the best talent you can afford for each function; and acquiring clients and customers.
When it comes to developing the product or service, an entrepreneur must be the ultimate judge.
There are likely to be many diverse opinions, but entrepreneurs must trust their own intuition about their venture. On talent, hiring the best people is one task where most new entrepreneurs fail because of the widespread tendency to hire the people with whom we are most comfortable, instead of the best individuals for the function.
And when it comes to clients, they are always harder to acquire than one anticipates. In most cases, not enough effort is put into the client acquisition process. It is usually beyond the entrepreneur's understanding why anyone would not buy their product or service.
The stark reality is that the first customers are hard to get and translating verbal promises into actual revenues can be a difficult and, sometimes, even humbling process.
With these three focus areas in mind, the successful entrepreneur must categorically refuse to spend any time or resources on anything that is not "project critical". But entrepreneurs are often tempted to jump ahead and do the things that should be done when the venture is already successful.
The distractions include acquiring the best gadgets money can buy, ordering a year's stock of business cards or stationery with contact details that will probably change within months, and commissioning glossy brochures of products or services that are still a "work-in-progress".
Some also tend to splurge on other expenses, such as buying a designer ergonomic office chair.
Yet all of these activities lend to the delusion that creating the right kick-off image will sell the product or service better and faster.
If the venture has benefited from investors capital, your duty is to treat every dirham with the utmost respect, as your investors have made a choice to trust you and your ability to succeed.
To be sure, there will come a time for any successful business when a well-furnished office will be part of its image.
But for a start-up, the first real clients are acquired solely on the venture's ability to deliver a high-quality product or service.
The delayed gratification of postponing acquisitions that are not project-critical provides a far greater feeling of accomplishment.
With the maturity that comes from developing a thriving business, one later realises that what seemed so desperately important earlier, might no longer be relevant or even desired.
Hans Schwab has created and managed five start-ups in his career. He has also held management positions with the World Economic Forum in Geneva and is now based in Abu Dhabi
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
