Introduction: Business Endeavors and Results Evaluation
Introducing innovative strategies into business is essential for the economic development of the state and the growth of its enterprises. As long as a country acquires the information on the latest strategies in business, it is capable of keeping in pace with the rest of the world and, therefore, remaining competitive. However, as soon as a state loses the touch with the globalized world, its business sector starts deteriorating pretty soon.
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Despite the fact that the UAE is currently among the world’s most successful states, without the proper innovations introduced into the entrepreneurship sphere, it is most likely to share South Korea and Taiwan’s deplorable experience, which is a result of not updating business strategies when it is needed.
Considering the Experience of South Korea and Taiwan
Analyzing the string of events that spurred economical, financial and entrepreneurial evolution of South Korea and Taiwan, one must mention first several issues that the given states had with their business field to begin with.
As the research says, Korea was in a very unique and quite complicated position, seeing how it was completely devastated after the war with North Korea and was trying to improve its performance in the world scene. As the research results state, the key to economic success was to progress from low to high growth and focus on exporting the goods to the partner states.
Speaking of Taiwan, its unique business setting involved the reconstruction issues that the sate faced in the early 50s. As a result, it was required to update the strategy on human resources and improve the technological aspects of the Taiwanese entrepreneurship.
Eriksson (2005) teaches that every single innovation strategy must be based on the assets of the state economics, which the country has gained over the course of its history, just like it must take into account its key weaknesses.
The Entrepreneurial Climate of the UAE: SMEs and Women in Business
Consequently, it is required to look closer at the specifics of the UAE entrepreneurship. At present, the owners of small businesses face serious competition from the public domain and the immigrant owners of private enterprises within the state. In addition, the public companies in the UAE are notorious for their chauvinist policies, with little to no women getting promoted to the higher positions.
What It Takes to Build Innovation Based Policies
Judging by the situation described above, it can be assumed that the UAE needs to reconsider its traditional approach towards such issues as gender profiling within the system of public entrepreneurships, the opportunities for employment in private sector and the monopoly on private entrepreneurship owned by the foreign investors and the immigrants from other countries.
To address the aforementioned issues, it will be required that the new policies including the regulations for avoiding discrimination should be introduced into the public sector. In addition, the creation of SMEs should be encouraged.
Overcoming Possible Obstacles: The Fear of Defeat
Taking the aforementioned issues of gender discrimination, lack of positions for the native residents of the UAE in private sphere, the insufficient professional skills of the latter and the lack of SMEs within the state, one must admit that there are a lot of obstacles standing in front of the UAE entrepreneurs.
Conclusion: When the proper Strategy Has Been Defined
It is clear that at present, the UAE business field needs considerable improvement. Apart from the deplorable state of affairs concerning women in business, there is an obvious problem with the public sphere being flooded by the natives and, therefore, leaving a number of people suffering from unemployment and creating mad competition within the sphere of public companies.
By developing its small businesses, allowing more women into the entrepreneurial sphere and helping the natives get jobs in private sphere, one can expect considerable improvements.
Eriksson S. (2005). Innovation policies in South Korea and Taiwan. Stockholm, SE: Vinnova Analysis.