Recession: Door of opportunity

When we talk of recession we say economy is slowing down,unemployment, depressed demand and ‘n’ number of things attached to it. But dont  you think that recession forces an entrepreneur to look for new business opportunity? Recession opens door for people who want to be entrepreneurs by showing them the gaps in the market and thus forcing them to think how to fill the gaps in the market.Entrepreneurs should take this period as boon rather than bane ,as recession gives them an ample time to think more creatively and try their hand in areas in which they wanted to enter but due to lack of time never able to convert it into realty.This period should be utilized in doing research on new products, new markets or even acquisitions and diversification…

For the people who always wanted to do business,  I would say that this time is the best to enter the market in fact many successful business today were started in economic downturn. Wikipedia foundation inc was also started post 9/11,Established in January 2001, the online encyclopedia had more than 100,000 entries by 2003. Today it is home to more than 2.5 million articles and continues to grow similarly Trader Joe’s, Disney and Hewlett-Packard were also started during recessionary period.

If you’re considering taking advantage of these economic times and embarking on your way to becoming an entrepreneur, stay focused with these steps:

Make a business plan and make sure to explain which market you are targeting by showing the gaps and telling how you are filling those gaps

Team work is always the best tool in start ups so if you are alone and also lack funds then I would suggest that try find people who have the same vision and passion as you have. If you have someone in your friend circle who is interested in your business plan  thats great and if not then dont worry you can find people from various blogs, networking websites, communities(Future Entrepreneurs at Orkut).

After this you need to do more research in that particular sector by analyzing the competitors behavior like what products they are offering/what not they are giving and which marketing channel they are using

Most important thing in any startup is the funds and most of the new entrants have ideas but they lake in better execution and lack of funds so I would suggest to look for a mentor and VC’s(Venture capital)/angel investors.This may sound simple but it would be most difficult task and the most fruitful as well as you need to prove infront of the investors why they invest in your plan?you can easily find the

Done lot of research and planning now execute your plans as planning without better execution is useless and within execution you will obviously encounter various challenges but if you have a team of like minded and knowledgeable professional you will be able to easily clear these hurdles

Remember, challenging times for some mean opportunities for others so get rid of your fear and come ahead and you will see that life is full of opportunities even in the time of slowdown.

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management@imc-dubai.com

UAE JOB MARKET

Dubai is coming to its shape and so we look forward to upward trend in job opportunities. l.
More and more people emigrate to the city for quality of life, outstanding employment prospects and to experience the very best in the world of work and lifestyle.

There are also a lot of recruitment agencies, which are helping you out with finding the right job. Most of them prefer to meet you in person first, so apply during a holiday to Dubai. If you rather apply from your home country, there might be a chance that they will not respond on your application at all.

Advantages of working in Dubai

One of the most immediate and attractive aspects of working in Dubai is that fact that there are no personal taxes levied against income from employment. This is not as an incentive to attract foreign investment; it is long established fact and policy because direct taxation is against the traditions of the entire United Arab Emirates. This means that if you work in Dubai you will enjoy and benefit from your entire salary, you will have considerably more disposable income than you are used to, you will be able to enjoy the benefits of the offshore financial world and you will be able to afford a lifestyle that others can only dream of.

Various Activity sectors

Retail, Pharmaceutical, Health Care, Hospitality, Banking, IT, Accounting, Nursing, Medical, Media, Finance,Marketing, and HR jobs are currently available in Dubai.

However, the following are ones in demand:

Healthcare
Hospitality/Hotels
Retail
Finance
Sales

Employment Permit/Visa

Employment Visa or Permit shall be issued by the Immigration Department for a foreign national in order to work in a company in UAE after the approval from Ministry of Labour and Social Affairs.

Employment permit/visa allows the holder to enter UAE once for a period of 30 days and are valid for a period of 2 months. When the employee entered the country on the basis of the employment visa the sponsoring company should arrange to complete the formalities of his residence stamping.

It is the preliminary stage to arrange for the health card and medical fitness examination for the employee from a government health center. The employee must undergo for a medical test and obtain a medical certificate. Once the medical certificate is issued by the health department an application for Labour Card should be submitted to the Ministry of Labour & Social Affairs within 30 days of the employees entry into the country.

The next step is to submit the application to Immigration Department for stamping the residency on employee’s passport. All the above formalities should be completed within 60 days of the arrival of the employee in UAE.

Employment Regulations

Labor Law

Administered by the Federal Ministry of Labor and Social Affairs, Labour Law in the UAE is loosely based on the International Labour Organisation’s model. UAE Law No. 8 of 1980, as amended by Law No. 12 of 1986 (the “Labor Law”) governs most aspects of employer/employee relations, such as hours of work, leave, termination rights, medical benefits and repatriation. The Labour Law is protective of employees in general and overrides conflicting contractual provisions agreed under another jurisdiction, unless they are beneficial to the employee.

The Ministry issues a model form of labour contract in Arabic which is widely used, but other forms of contract are enforceable, provided they comply with the Labour Law. End of contract gratuities are set at 21 days pay for every year of the first five years of service and 30 days for every year thereafter. Total gratuity should not exceed two years’ wages. Employees are entitled to pro-rated amounts for service periods less than a full year, provided they have completed one year in continuous service.

Trade unions do not exist. In the case of a dispute between employer and employee, or in interpretation of the Labour Law, the Ministry of Labour and Social Affairs will initially act as an adjudicator, in an effort to resolve matters. If a party wishes to appeal any such decision it can take its case to court. Strikes and lock outs are forbidden.

Working Hours and Holidays

The normal maximum working hours are eight per day or 48 per week. However, these hours may be increased to nine daily for people working in the retail trade, hotels, restaurants and other such establishments. Similarly, daily working hours may be reduced for difficult or dangerous jobs. Many businesses work on a two shift system (for example, 8am – 1pm and 4pm – 7pm).

As in all Muslim countries, Friday is the weekly day of rest. In practice, commercial and professional firms work 40-45 hours a week and government ministries about 35. The weekend for office workers has traditionally been Thursday afternoon and Friday, but a number of organisations have changed over to a five day week with Friday and Saturday as the weekend. During the Muslim holy month of Ramadan, normal working hours are reduced by two hours per day.

There are 10 days of public holidays (paid) in any year. The employee’s annual leave is two days for every month if his service is more than six months and less than a year. In every completed year of service after the first, an employee is entitled to 30 days annual paid leave. This is in addition to public holidays, maternity leave for women and sick leave.

Overtime is used extensively and additional pay is required for manual and lower ranking staff.

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