Economic Threats in the United Arab Emirates - Example

rsоnаl Businеss Рlаn Name University Vision and Opportunity Owing to the increased economic crisis globally, I have grown up intending to make the best out of every entrepreneurial opportunity coming my way (Youssef and Moustafa, 2014). It is for this reason that I hope to join best university after graduating from high school and acquire a bachelor’s degree in accounting that will allow me to further pursue a master’s degree and later become a specialist in accounting by attaining a PhD (Halbouni and Nour, 2014). These qualifications will position me in a better manner to handle the economic crises that many people face especially in UAE. As a matter of fact, my educational and career goal will be to devise new means of handing financial problems by engaging in timeless research in global methods of accounting (Ismail and Lu, 2014). Through review of literature on accounting, it has been noted that in 2008 and 2009, the word faced an economic crisis which resulted into various economies collapsing (Youssef and Moustafa, 2014). The likelihood of a similar instance taking place is high especially is the countries are not adequately prepared. In 2009, UAE was $80 billion in debt owing to different investors and companies operating on liabilities. This indicates that the companies lack reliable accounting systems that would ensure that the debts are not created to keep the companies profitable and reduce the probability of the country plunging into another economic crisis (Youssef and Moustafa, 2014). Consequently, my goal will be helping in establishing long term solutions to the ever increasing economic threats in UAE by managing time properly and effecting my responsibilities effectively and efficiently (Ismail and Lu, 2014). The increased threat in economy instability offers me with the career opportunity to put to use my skills as an accountant and a specialist in the area after graduating from the university. I believe that finding the solution to the increasing economic crisis especially now that there has not been a long term solution will increase my knowledge and experience in the area (McKenzie, 2015). My key personal value as a student in UAE is to visualize a population in which people are financially stable and spending considerably (Youssef and Moustafa, 2014). This will only be experienced when the people understand how to manage their funds effectively to regulate the expenditure and avoid liabilities. Besides, I hope to have supportive family that provide guidance and encouragement in pursuing of my academic excellence (Ismail and Lu, 2014). These goals will be directed by three fundamental questions: How well does the job allow me to utilize my accounting skills for the benefit of the society at large? Does the job satisfy both physical and psychological needs? What opportunities are presented by the job that can further be explored for the benefit of the employer, UAE and global economy? Presently, the UAE is being faced with the drug trafficking problem that should be handled within the job market. As such, having participated in meetings on how to curb the menace, I can posit that dealing with the drug issue will one of the key areas in which I can make real difference (Chari, Katsikeas and Balabanis, 2015). Through providing alternative methods of leisure for the people and recommending reliable means of earning money and responsible spending, my career as an accountant will be useful to the larger society not just for economic interests but also for social responsibility (Ismail and Lu, 2014). Marketing and Implementation Strategy My market positioning statement, being a graduate and a specialist accountant, is to provide the employer with reliable expertise targeted at presenting entrepreneurial and innovative ideas for the comprehensive growth of the business through handling multiple responsibilities within specified time frame (Hassan, 2014). Considering the fact that there is no limit to how far one can develop individually, one is able to grow professionally and achieve consistency in the workplace productivity that translates to growth of the business (Chari, Katsikeas and Balabanis, 2015). Further, the employer will benefit from high value accounting services that will aim at reducing the costs of operations. For example, there has been a record of companies in UAE operating with $60 billion liabilities that reduce the profitability margins (Hassan, 2014). Bearing in mind the competitive nature of business in UAE, targeting satisfying the needs of the customers will be the key value in the marketing strategy. Customer satisfaction will involve providing advice on low investments that are highly profitable (Hassan, 2014). I believe that at times providing free advice on how people can adopt responsible lifestyle like drug free and little expenditure will contribute to creation of better societies. The specialist skills that I possess in Photoshop, excel and PowerPoint operations will be useful in integrating work with skill development (Hassan, 2014). This will be essential for tabulation of data for the employer for easy analysis to ensure that the expenditure at the job does not create losses at the company. Further, having graduated as a reliable accountant, I hope to differentiate myself from the rest of the UAE students by delivering quality accountancy services through efficient and effective use of skills in computation of interests for the company and reduction of operational costs for the employer (Halbouni and Nour, 2014) Risks and Mitigation With the raised living standards and expenditure on education, becoming an accountant requires one to invest considerably in the fee payment at the university. Attending best accounting schools in UAE demands that one raises the necessary fees which is a fundamental milestone in my career path (Halbouni and Nour, 2014). However, this will be overcome by securing scholarships from both the government and the respective schools in order to manage the high fee that is needed. The milestone will be considered attained when the full scholarships have been acquired within the specified time frame for me to join the university. However, the existence of various technological resources like e-learning and skype will impact positively on the success of the plan since they will be essential in conducting online classes that will reduce the expenditure on travel to the university in case it is abroad (McKenzie, 2015). The limited funds for conducting research into how to develop new methods of handling economic crises will adversely affect the success of the plan (Chari, Katsikeas and Balabanis, 2015). Ethics Considering UAE is grounded on firm religious basis, it is important to conform with the moral requirements of the religion by appropriately dressing for the job (Frederickson and Rohr, 2015). Besides, respect for the ethics on non-touch policy between members of different sex will be observed in order to ensure that I fit in the societal expectations of the (Frederickson and Rohr, 2015). The mentors I choose will be based on how excellent they are in the field of business through checking the various innovations and entrepreneurial investments they have made (Eller, Lev and Feurer, 2014). Furthermore, the mentors should possess leadership qualities that include fairness, equality and transparency that can be emulated in preparation for future roles as managers (Chari, Katsikeas and Balabanis, 2015; Frederickson and Rohr, 2015). This business plan can thus be summarized as: ‘reliable accountancy for eliminating economic crises’. References Chari, S., Katsikeas, C., & Balabanis, G. (2015). Intended and Realised Marketing Strategies: Adaptive Marketing Organizations in Enacted Environments. In Marketing Dynamism & Sustainability: Things Change, Things Stay the Same… (pp. 44-50). Springer International Publishing. Eller, L. S., Lev, E. L., & Feurer, A. (2014). Key components of an effective mentoring relationship: A qualitative study. Nurse education today, 34(5), 815-820. Frederickson, H. G., & Rohr, J. A. (2015). Ethics and public administration. Routledge. Halbouni, S. S., & Nour, M. A. (2014). An empirical study of the drivers of management accounting innovation: a UAE perspective. International Journal of Managerial and Financial Accounting, 6(1), 60-86. Hassan, M. K. (2014). Risk narrative disclosure strategies to enhance organizational legitimacy: Evidence from UAE financial institutions. International Journal of disclosure and Governance, 11(1), 1-17. Ismail, M., & Lu, H. S. (2014). Cultural values and career goals of the millennial generation: An integrated conceptual framework. Journal of International Management Studies, 9(1), 38- 49. McKenzie, D. J. (2015). Identifying and spurring high-growth entrepreneurship: experimental evidence from a business plan competition. World Bank Policy Research Working Paper, (7391). Youssef, M. A. E. A., & Moustafa, E. E. (2014). Influence of control system characteristics on the choice of management accounting techniques in an emerging economy: the case of the United Arab Emirates. International Journal of Accounting and Finance 4, 4(4), 378-397. Read More