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The British academy iUK has set up a program allowing young Saudis to flourish in the United Kingdom as entrepreneurs. The iUK Academy, an approved IOEE Enterprise Academy (Institute of Enterprise and Entrepreneurs) that supports people who aspire to launch scalable businesses in the UK, offered insight into how emerging Saudi talent can transform entrepreneurial visions in reality.
Rupert Gather, president of the iUK Academy, told Arab News that the pandemic has inspired a great global reset. Aspirations were one element but, to be successful, several factors must be considered when assessing a company’s potential.
“Courses such as iUK Academy’s workshop, The Entrepreneurship Experience, are therefore invaluable as they enable aspiring entrepreneurs to develop a high-level strategy to ensure they have the skills and knowledge to help build a successful business in the UK,” he said. said.
Ahmed Al-Suhaimi, a Saudi partner in a creative agency, liked the idea of having an operation in another country.
“It would give us creative boutique service providers a much needed advantage when trying to secure contract work. international presence.
According to the Global Entrepreneurship Monitor, 94.7% of Saudi nationals between the ages of 18 and 24 consider entrepreneurship a “good career choice”.
Many international students, including those from the UK, study in the UK. Forbes recently named London the best city in the world to be a young entrepreneur, and the World Bank ranked the UK eighth for ease of doing business.
The academy has developed practical tips for launching young Saudi entrepreneurs. First, developing viable ideas to have a competitive advantage and an idea that focuses on solving a problem is essential.
Second, have a pitch, because convincing is the key. A detailed business plan should be able to explain to potential investors where the opportunity is, why it is worth investing in, and how it offers something that competitors in the market cannot.
The program also explains how fundraising management is key to starting a business and attracting investors, and discusses methods of financing a business, such as crowdfunding and microloans.
He explains how, for a successful business, it is essential to have a team. A team can manage various aspects of a business, including operations, finance, and legal.
Tech-savvy innovators and entrepreneurs have become comfortable with social media and managing online campaigns because social media is a good outreach strategy. Every market is commercially and culturally different, and the UK is no exception, so it is important to understand how to achieve frictionless market entry.
Another consideration is knowing what tax regulations need to be noted and complied with in the UK, such as personal tax, business tax or compliance issues related to setting up a business.
“I’ve always wanted to have a business in the UK. I love being in London, but I’ve never known what to do and the considerations of working in the UK market. This advice is very objective and has a lot of It puts it under a neat microscope to know what to keep in mind,” said Khalid Al-Ateeq, Saudi CEO of a publishing house.