Fundamentals of Entrepreneurship

Running head: ENTREPRENEURSHIP FUNDAMENTALS
Entrepreneurship Fundamentals
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Executive summary
In this study, the fundamentals of entrepreneurship have been discussed with instances. There are
many entities that provide help to the entrepreneurs in starting and running the business. One
such entity is Flat6Labs that operates in UAE. This entity helps the entrepreneurs in all aspects
of launching a new venture. The flat6labs entity provides benefits to the entrepreneurs through
training, perks and services, legal supports, mentorships and networking. In this regard, the
Flat6Labs entity provides all types of support to the entrepreneurs so that the entrepreneurs can
fly high with funding. Flat6Labs provides help to the entrepreneurs in funding of the business
and it helps the new venture to get the investors. Flat6Labs gives the seed funding to the new
ventures so that they can run the business process in the initial stage. In addition, this entity has
partnerships with more than 100 large multinationals and these leaders listen to the ideas of the
entrepreneurs and provide suggestion to this. In this study, the entrepreneurial process has been
discussed in UAE basis. The entrepreneurs need to identify the opportunity that is present in the
market. Moreover, they can develop the opportunity in the market by finding the gap, however,
incorporation of paper works are needed. In the UAE, the entities have been there who can help
the entrepreneur in finding the investment from GCC meeting and office spaces. There have
been other entities too that provide help with the entrepreneur's help in Silicon Valley and
Europe. The differences between the two types of help have been discussed. The main difference
between the UAE and Silicon Valley was the legal framework and the mindset of the
entrepreneurs. In the UAE, the investment issue can be resolved easily; however, in Europe and
Silicon Valley, it was never easy. From the community of Flat6Labs, there have been more than
200 companies that have taken help and one such organisation is Jumsuite. This is an app based
startup that follows the business model of Airbnb and the organisation has been able to innovate

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the idea of health and fitness based ideas. This startup has managed to register more than 5000
active users of their app. Another example of Collectionair can be taken as it is a website baed on
artworks runs in Middle East and African continents. Therefore, it has been clear that it Silicon
or in Europe, the process of entrepreneurship practice has started early and the framework has
been made there earlier. UAE is trying to generate the process of fundamentals of
entrepreneurship.

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Table of Contents
1. Introduction..................................................................................................................................5
2. Overview of Flat6Labs................................................................................................................6
Joining and working processes of Flat6Labs...............................................................................6
Benefits are given by Flat6Labs......................................................................................................7
Training:......................................................................................................................................7
Networking and Exposure:..........................................................................................................8
Perks and Services:......................................................................................................................8
Legal Supports.............................................................................................................................9
Mentorship:..................................................................................................................................9
3. Entrepreneurial Process.........................................................................................................10
Getting the idea..........................................................................................................................10
Opportunity identification.........................................................................................................11
Opportunity development..........................................................................................................11
Opportunity evaluation..............................................................................................................11
Choosing business activities......................................................................................................11
Finalise all incorporation paperwork.........................................................................................12
4. Steps to which UAE entrepreneurs can start a business............................................................12
Pitching......................................................................................................................................12

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Writing a business plan..............................................................................................................13
Meeting GCC investor...............................................................................................................13
Office space...............................................................................................................................14
Funding......................................................................................................................................14
5. Differences in helping the entrepreneurs and explain why.......................................................15
Entrepreneurs and job creation......................................................................................................15
Understanding the Entrepreneurial Ecosystem..........................................................................17
Differences between Silicon Valley and GCC..........................................................................18
6. Success story of Jumpsuite........................................................................................................21
7. Success story of Collectionair...................................................................................................23
8. Conclusion.................................................................................................................................24
Reference List................................................................................................................................26

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1. Introduction
An entrepreneur is a person who makes an organization for commercial purpose and
entrepreneur must be energetic. Moreover, entrepreneurship is the method of designing, running
and launching a new business that is often in initial stage a small business. Moreover,
entrepreneurs must have the willingness to organise and develop a business venture in order to
make a profit. However, not all business start-up can see the light of success, in many cases, lack
of funding, economic crisis and lack of market demand can create issues for the entrepreneurs.
Entrepreneurs find opportunity in the market and from these opportunities; they develop new
services or products. In recent time, most of the entrepreneurs start the business using online
platform. In this regard, entrepreneurs must have the desire for independence autonomy and they
should have a desire for responsibility. Entrepreneurs should take the risk and they must be
organised in capacity. However, the entrepreneurs face issues in opening the start-up in many
occurrences. There are some of the entities that provide help to flourish the start-up business as
well.
In this study, Flat6Labs organisation has been chosen that operates in Abu Dhabi and it is
a start-up accelerator. In the later section of the study, the steps to open a new business have been
discussed in this study. However, there are other entries there which provide help to start-ups in
Europe and Silicon Valley as well. There are some basic differences in providing help to the
start-ups in Silicon Valley, Europe and UAE. In this study, the differences as also been
discussed. A successful start-up Jumpsuite has been chosen to discuss its success story as well.