In the summer of 2006, the owners of Silkor were in the midst of their final preparations to open a third branch in Lebanon.
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But in one day, everything changed.
"I was working and my brother called me and told me they had closed the airport. There was war in Lebanon," says Lara Tarakjian, who founded the laser hair removal business with her brother, Oscar.
Given the uncertainty of the situation, they agreed that Mr Tarakjian should seek opportunities abroad. Ms Tarakjian suggested Dubai and they agreed on their first UAE location on Jumeirah Beach Road over the phone as bombs were falling.
The ability to find opportunity in unsettled circumstances seems to be a common characteristic of entrepreneurs. Ernst & Young saw this trait repeatedly in a survey of 685 entrepreneurs last year.
The survey also found that many entrepreneurs start young: 45 per cent of those surveyed founded their first businesses between the ages of 20 and 29; and 31 per cent started their companies between 30 and 39. Just 2 per cent of those surveyed had launched their first ventures after age 50.
The founders of Silkor, who are both engineering graduates, started the company when they were 18 and 25, after Mr Tarakjian received what he considered an outrageously high quote for laser hair removal. Seeing an opportunity, they started their company before they even entered the workforce.
But they are in the minority, as more than 58 per cent of those surveyed by Ernst & Young had experience outside entrepreneurship before founding their businesses. And many of those questioned viewed their experience as employees as an asset. Thirty-three per cent of entrepreneurs identified experience as employees as the most important factor in their success. Higher education came a close second at 30 per cent, followed by factors such as mentors, family and co-founders.
The study also identified three types of entrepreneurs.
"Serial entrepreneurs basically have the self-knowledge to recognise that they are not suited to lead a mature company. They're what we call the grow-and-sell entrepreneurs. They have enough self-awareness that they get to a point where they know it's time to move on because they're not suited to take the company to a mature stage," says Ginnie Carlier, an assurance partner at Ernst & Young in the UAE.
The second type, which Ernst & Young calls grow-and-kill entrepreneurs, suffocate and stifle their companies by refusing to relinquish control or listen to customers and lenders.
The third kind - grow-and-grow entrepreneurs - include people such as the founders of Silkor.
The Tarakjians took seven years to launch their second branch, but today their company has 18 across the region, 13 of which were opened within just two years.
"Now we are in the copy-paste phase," says Ms Tarakjian.
However, the Tarakjians are rare in managing the transition from start-up to successful business.
"This was a small segment of the entrepreneur population because we realised it is embedded in them to want to keep being entrepreneurs. We saw very little in this category," says Ms Carlier.
The study also mapped what it calls the DNA of an entrepreneur, identifying key traits.
"Entrepreneurs truly believe that they are in charge of their own destiny. They control their environment," says Ms Carlier. "That's complemented by the fact that they have a very positive attitude towards risk. They don't see failure as failure. They also see opportunity when others see disruption."
gduncan@thenational.ae
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COMPANY%20PROFILE
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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WORLD'S%2010%20HIGHEST%20MOUNTAINS
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Points Classification
1. Marcel Kittel (Germany / Quick-Step) 63
2. Arnaud Demare (France / FDJ) 38
3. Andre Greipel (Germany / Lotto) 25
4. Sonny Colbrelli (Italy / Bahrain) 24
5. Mark Cavendish (Britain / Dimension Data) 22
6. Taylor Phinney (U.S. / Cannondale) 21
7. Geraint Thomas (Britain / Team Sky) 20
8. Thomas Boudat (France / Direct Energie) 20
9. Stefan Kueng (Switzerland / BMC Racing) 17
10. Michael Matthews (Australia / Sunweb) 17
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Mental%20health%20support%20in%20the%20UAE
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'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Signs%20of%20%20%20%20%20%20%20heat%20stroke
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