Assignemnt Essay Example | Topics and Well Written Essays - 2000 words

Assignemnt - Essay Example Entrepreneurs face several problems and difficulties while planning to start a new business in a new country. Entrepreneurs need to proper research regarding start of a business in a foreign country in a proper way in order to be successful. â€Å"A typical analysis will cover the history of the industry, including discussions of key dates, historic growth patterns, and other matters† (Smith). In this paper, we will discuss ten most relevant problems and difficulties that an entrepreneur in the U.A.E, particularly in Dubai, can face while going on to start a new restaurant. Ten Most Influencing Difficulties for Entrepreneurs Some of the commonly observed difficulties which entrepreneurs are likely to face in the United Arab Emirates include finding relevant information, inadequacy of information, obtaining trade license, developing taste for local people, recruiting key workers, cultural problems, increase in the competition, reduced inflow of foreigners, less capital, and div erse customer base. Let us discuss all of these issues in some detail in order to get a better understanding of how these problems affect entrepreneurs. ... It is a common misperception that the financial recession has only impacted the financial markets. While there is no doubt that the impact has been very severe on the financial markets, but there has been a very severe impact on the consumer sector as well. The sectors such as construction, automobile, textile, and food have also suffered because of the financial crisis. â€Å"With the recent hit by the global economy crisis, many have lost their daily jobs during that period† (Goh). Therefore, we can say that the recent economic crisis has not only put an adverse impact on different sectors and industries but also it has affected the employment conditions of almost every country. Dubai and the Recent Economic Crisis Dubai is that part of the world, which was heavily affected by the current economic recession. The most affected sector in Dubai was real estate. â€Å"The real estate bubble that propelled the frenetic expansion of Dubai on the back of borrowed cash and speculat ive investment, has burst† (Lewis). Many companies had to stop their large-scale construction projects due to adverse impact of economic crisis on the economy of Dubai. A large part of the government’s spending was also in the real estate construction and development sector. With this decrease in the flow of capital, the economy of Dubai became relatively slow. Therefore, this is also an important factor why most of the entrepreneurs find it difficult to invest in Dubai now because investment in the restaurant business heavily relies on stable economic conditions. Restaurant Business The restaurant business has a great cultural significance when it comes to Dubai. This is because the city has always been marketed as