Having been there, done that, he shares his knowledge on the subject which would help entrepreneurs to a great extent.
Establishing a new business and running it successfully is no easy feat, and when the task is starting it in a new country, the task becomes all the more challenging and difficult. Many entrepreneurs prefer launching their business in other countries than their own because of the ease of doing business and relaxed rules these countries offer. Rakhmat Karimov is one of them who hails from Uzbekistan and has worked his way to the top in establishing his business in Dubai, UAE. He comes from a modest background from a small village who has chased his dreams and become one of the best industry leaders in no time. He says, “I have worked doing labour jobs like handyman and chef and slowly graduated towards being an entrepreneur in a foreign country,” says Rakhmat. The journey has not been a bed of roses but with his determination he has pulled it off well and established one of the largest luxury car rental company in Dubai named ‘Dubai Number One’ (www.dubainumberone.com) which is one of the most trusted brands when it comes to cars. Real estate and luxury yatch rentals are also a part of his business, which are thriving till no end.
Entrepreneurs who want to kick-start their careers in the business world on foreign shores have to keep a few things in mind before stepping into it, which Rakhmat explains in brief:
Be local: Diving into the local culture is essential for any entrepreneur before starting your business. Understanding the culture and local customers helps in building a strong base, which is important for establishing trust. Do your homework on ground levels well before taking the final plunge.
Learn the local language: Learning a new language is not an easy task and is as challenging as setting up a new business in unknown territories, but it has its own advantages which can help in dealing with your day to day business affairs smoothly. Having poor local language skills is better than having none.
Study the market well: Research is extremely important to establish a strong base. Study what works and what doesn’t and also try to learn from success and failures of previous companies in the same business to have better insights.
Network well: Build a network of locals who are even remotely associated with your nature of business, as it helps to build up your base at root levels.
According to Rakhmat, these few tips can help a new entrant establish a strong base and move ahead, creating a successful business.