“You learn entrepreneurial skills by doing things practically; while excellent resources exist, they will only give you an overview,” said Peter Davos, 43, an American expat who has lived in Dubai for more than a decade.
He recalled his growing up years during which he acquired the best education and life skills by observing and working with his father, a self-made entrepreneur.
“My father was a lifelong entrepreneur and it was from him that I learned about financial management, innovation, risk-taking and perseverance. He taught me that you can achieve anything with hard work and vision. Everything I learned during my formal education was secondary. “
Davos started working at the age of 12 and became an entrepreneur at 33.
His father had told him that since no one owed him anything, he had to earn his living as he grew up. He worked from shoveling snow in the neighborhood after a snowstorm with his friends in the American city of Boston to selling magazine subscriptions door to door.
I worked in a video store, a coffee shop, an on-campus restaurant and a bookstore at the university, then in real estate development and brokerage offices.
-Pierre Davos
He also worked in a video store, a coffee shop, an on-campus restaurant and a bookstore at the university, and later in real estate development and brokerage offices. “I was also taught the importance of interpersonal skills and how to deal and communicate with people.”
He said: “Always remember the people who have helped you along the way, show gratitude and be a sponge of knowledge. You can only learn by reading, doing, and interacting with people who are smarter, more experienced, and more successful than you. . I have always actively sought knowledge in this way and still do.
Another invaluable resource for him was membership in EO, a global organization of entrepreneurs, by entrepreneurs. He said: “I entered their accelerator program (which provides business support to startups) for nascent entrepreneurs and was their first graduate in the UAE.
“Without the support of my accelerator mentor, Mathew Mazhuvanchery, I would never have graduated to become a member of the leading EO organization, which I have been a part of for five years.
“Being an entrepreneur is the loneliest job in the world and realizing that my problems were not unique and having the support and insight of other EO entrepreneurs was invaluable.”
Education played a central role in Davos’s journey and he dedicated his life to allowing students to enjoy the same privilege as he did. This is how he founded the “Hale Education Group”. ‘(Photo used for illustrative purposes.)
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Why did you start your business in the education sector?
Education played a central role in Davos’s journey and he dedicated his life to allowing students to enjoy the same privilege as he did.
He said: “I was fortunate to study at Johns Hopkins, the London School of Economics (LSE), Oxford and Harvard. I am a first-generation college graduate, an American, and the son of Greek immigrants.
“I realized there was a gap in Dubai when it came to the support students needed and what was available to them. When I started ‘Hale Education’, it was just me during the first year – zero employees. Now, for ten years, that’s all I’ve done. I’ve done it – and I hope to continue to do it with the support of our amazing and growing team.
Hale Education Group mentors and guides students who wish to study at universities in the United States and Canada.
How did you finance the business?
Davos had initially self-funded the business using his savings, investing Dh500,000 to get the business off the ground.
“I started the operation from the beginning. As my business is focused on education consulting, the main initial expenses were rent, licenses, marketing materials, technology (website and software licenses), professional licensing and training, which made up the majority of my operating costs.”
Davos shares the lessons he learned becoming an entrepreneur.
Lesson #1: A successful business loses money in the first year, breaks even in the second year, and then makes a profit in the third year.
“I wish I had this idea before I started. I wasn’t prepared for how long it would take to generate sustainable revenue to the point of having positive cash flow.
I had initially self-funded the business using my savings, investing Dh500,000 to get the business off the ground.
-Pierre Davos
“Even with relatively low overhead, I spent money much faster than expected and should have budgeted twice as much for expenses. My income has been much slower to come in than I could have ever imagined. I earned Dh10,000 in the first four months and I earned Dh10,000 in the first four months. I don’t think I made Dh100,000 in turnover in the first year.”
Lesson #2: Have enough money to sleep at night, which helps weather even the most violent and unexpected storms.
Davos said he’s faced new and unexpected challenges every day since he’s been in business, from day one. “Starting a business is like raising a child: once you feel you have mastered a particular phase, the business grows a little, you enter a new phase and you have to learn new lessons. You must constantly adapt and innovate. .
“For example, some businesses thrived during the pandemic because they could adapt and innovate quickly, while others were crushed because they couldn’t. Often through no fault of their own , simply because of their space.”
Therefore, having enough liquidity allows you to weather the strongest and most unexpected storms. “I was fortunate that my business focused on one-on-one counseling, so the transition to providing services online was seamless during the pandemic.
Davos: “Being an entrepreneur is the loneliest job in the world and realizing that my problems were not unique and having the support and insight of my fellow entrepreneurs was invaluable.”
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Lesson #3: Hard work will beat talent every time, but you need both to succeed as an entrepreneur.
Davos considered his success due to his unwavering belief that he was born to do what he does today. “I never lost confidence in my core beliefs. Without that confidence and the support of my wife, I would never have survived beyond the second year,” he said.
“I worked primarily in real estate, where I learned the value of strong mentors and hard work. In my previous job, working for a real estate capital markets company, we had mandatory meetings at 6:30 in the morning and were required to work a minimum of twelve hours. hours per day.
“It was a breeze compared to the demands of being an entrepreneur because, at least in this job, I could disconnect when I left the office. Now I have to consciously try to disconnect – which is still a challenge but empowers it becomes easier to find the right team members.
What has been your strategy to maintain investments and savings?
“My business is my investment vehicle and I own my own home. However, I’m not very diversified, for better or worse. My kids are 2.5 and 5, but I have a Structured savings plan for children for college expenses before they are born.
As a financial rule, it follows: “Never take on bad debt – that is, always pay off your credit card balance, do not take out loans on depreciating assets – and do not not be afraid to take on good debts for a good period. reason. Always own your own home.
Finally, he said to view every mistake as a learning experience and every failure as a step toward success.
