How Does One Climb Up the Ladder Of Entrepreneurial Success?

Rakhmat Karimov, Founder and CEO of 'Number One - Luxury Car Rental Dubai' sheds light on how young entrepreneurs can grow in this cut-throat competitive business environment

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We have seen many young individuals jump into the entrepreneurial bandwagon with dreams to make it big, but achieving entrepreneurial success is not as easy as it seems and there are many hurdles that need to be cleared and multiple challenges to be faced before one reaches their desired destination. It is quite arduous to build a solid foundation which would bear the weight of a successful long-term business that survives through the toughest of times, and starting young doubles up the levels of getting through smoothly as compared to their adept counterparts who might still pass the acid test and manage to get through without much struggles as compared to the young brigade. Rakhmat Karimov, who has worked his way to the top, has gained enough on how to get through tough times and lead yourself towards the path to glory. Starting as a handyman at a construction company, doing odd jobs like shawarma maker, he set up base on foreign soil and worked his way to the top by establishing Dubai Number One, the largest agency of luxury real estate, yachts and luxury cars in Dubai. Having gone through the drill, he wants to share his knowledge and what it takes to break the glass ceiling and reach for the stars.

Lakshay Jain

"The young generation is our future and if shown the right path can take their success to the next level and this is what I'm striving for," says the raging success from Uzbekistan who has built his vast business empire in the Emirates. For any new entrant, certain aspects of how to run the business efficiently needs to be focussed upon which he has chalked out in detail. If one follows these diligently, the prospects of their venture turning profitable and sustainable for a long time becomes a reality.

Identifying and focusing on core competencies: The most important point that one should focus upon is that what strategic advantages your business has over competition? And how do you identity what works positively? One should find out what core competencies are that will give your business a competitive advantage over others in the industry. There are viable strategies for identifying your core competencies, but one should take care that there's no mistake or misidentification, which would spell disastrous for your business when starting up and trying to set up base. To build a robust business core consistency, several factors are essential, which are explained in brief:

  • An entrepreneur should dwell deep and research well about what customers expect out of them, and also be aware of where their competition stands. Businesses thrive well by being a step ahead and exceeding the expectations of the customers.
  • Offering products or services which are distinct and more unique than what's available in the market gives a cutting edge to the business. Even if the products or services are not uncommon, an entirely different packaging should be presented in a way which makes it stand apart.
  • Along with meeting the industry standards, a young entrepreneur should strive to carve expertise through differentiation. Even with similar or related products, the whole package and brand should build a reputation in the market. Being unique is the key to succeed.

Managing finances: One of the most important points that an entrepreneur should focus on is managing the flow of money that comes in during the course of the business. Studies have shown that the initial years are the most crucial ones and difficult, and nearly 50% of the businesses don't make it beyond the first five years. "Even if the businesses core competencies are strong and there are no loopholes, weak financial management can create havoc and put stress on the day-to-day workings of the business," warns Karimov.

Move strategically: One should not invest at one go before even getting your first business deal or sale go through. Taking baby steps holds the key to success. One at a time should be your move. Start from the bottom and once results start showing, take the next step. Don't try to jump over, be patient and then advance while maintaining excellent networks in the process. Networking is the key!

Plan well in advance: Any business does not guarantee where it will stand in the future, but entrepreneurs should not deter from planning and strategizing their next move well ahead of time. Build budgets, plan out allocation of funds required for various areas, define a proper structure which helps in building a solid foundation for your business to grow in the future.

Hire rightly: Employing the right people can help reduce the stress of running a business to a great extent. People who are passionate and invested in your business will be open to growing with business and take ownership of their work, resulting in impacting the business positively. The right employees will work to stabilize and improve your business at all levels of growth.

So, all those young budding entrepreneurs have a reason to go ahead and set their foot into the entrepreneurial world successfully as now they have all that takes to make it big. "Go ahead and make a mark as an entrepreneur, concludes Karimov.