Omar al Mheiri(Co-founder of LetsWork)
Name: Ibrahim Hasan Al-Ali
Table of Contents
The modern countries of the world are competing with each other in bettering and improving their economy which is a cornerstone of societal progress. The UAE is one of these countries that made huge improvements in their economic development despite its relatively short age. This is partially due to our country’s support to entrepreneurship between the Emiratis in hope that youth’s ideas can fruit into successful businesses and achieve the pioneering UAE economy at a global level.
The purpose of this case study is the show the primary points of how an entrepreneur idea can turn into a success and the steps and challenges that one will face in this journey. In this case study, I will talk about Omar al Mheiri, Co-founder of one of the most popular UAE co-working hubs Letswork. Letswork is an app that helps people gain access to the best workspaces in the UAE and allow for co-working. According to Omar’s vision, co-working is already the new normal in the rest of the world and it is only a matter of time before it becomes the norm in Dubai as we can clearly see after the occurrence of the covid-19 pandemic.
As the COVID-19 crisis hit the UAE, Al Mheiri notes that the lockdown that followed as having been the year’s second major highlight. It was a time for revisions, he says, while also allowing him and his team the opportunity to focus on fixing some pressing issues that had been ignored for a while. These issues shed some light on some important points that are important from a new enterprise perspective. One is that agility matters, especially for your business such as Letswork. Second is to build some resilience so that no matter the setbacks that are faced, you will be able to bounce back and continue. And finally, it is important to focus on the team dynamics as for any business to grow it needs its individuals to work as a unit and effectively.
Every entrepreneur will face some problems or challenges in his business. One of the major challenges he faced in lunching Letswork is that they lacked major experience where they made many mistakes and wasted a good sum of money on adds. Therefore, he and is partner had to learn various skill sets on the job including tech, design, finance, and marketing skills. And through all the mistakes he learned how to successfully promote his idea and further it more. he faced all the challenges by being patient, arranging his time, joining some pieces of training and courses, and he wrote down his plans and goals to have a clear path to work and walk towards.
Any new business faces challenges in its lifecycle. Letswork in the beginning had an issue of advertisement and the lack of experience that the founders had as Omar was an engineer, and his partner was a lawyer. Nevertheless, they were able to learn from their mistakes and learn new skill to further their project.
LetsWork is a co-working application that allows workers from different employers to work under the same roof or at their homes. The reason why this project was made is that the founders notice 2 major problems, one is that office space in the UAE is expensive and second is that a lot of non-office spaces such as hotels and venues are not used and empty most of the day. Therefore, the co-working market was an opportunity waiting to be taken. The significance of this project is that they are particularly important for start-ups. Reasons are that they are cheap and inexpensive, and it allows for working alongside people from a range of backgrounds. This in itself improves and promotes creativity and idea exchange.
The business mode of LetsWork is that it is an asset-light co-working space operator. we partner with existing assets in the UAE to employ them during their quietest hours as co-working spaces instead of investing money on leases for a workplace.
In conclusion, the point of this case study is to show how a small business begins and rises from being just an idea to becoming a real thing. It includes the planning, steps, struggles and commitment that is needed in this area. Most start-ups fail, but that does not mean that they die. Rather they are reborn with a new idea in mind that might be completely fresh or an improvement on the last idea using the newfound knowledge and experience gained from the previous setback. As was discussed, Omar faced a lot of setbacks as to his lack of experience in the area and had to sacrifices a lot of time and money to be able to reach the point where he is at today. We can clearly see that any successful business is made up of multiple past failures that helped it reach its success.
As for the recommendation, I see that the path that Omar is walking on is full of potential and promise, and that I agree with him on having an agile business mindset while also being resilient in your goals and endeavors. Furthermore, focusing on team dynamics as arguably the most important point a business owner must focus on as that is the backbone of the business. The only recommendation that I think of is to not be afraid to ask for help and advice from experienced entrepreneurs or veterans in the field as their experience weight is value in gold.
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