What Does It Take to Rebuild a Property Business After a Financial Collapse? Asad Khan, CEO of Invest Dubai Real Estate (IDRE), has seen it all in the property world - from surviving the financial crash of 2007-2008 to creating a thriving business. His journey is a mix of hard-earned lessons, relentless drive, and the kind of knowledge that only someone who's lived through a market shake-up can truly understand.
By Entrepreneur UK Staff Edited by Patricia Cullen
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In this conversation with Entrpreneur UK, Khan shares what inspired him to start his business, how he overcame significant challenges, and the lessons he's learned along the way.
What inspired you to start your business?
I set up my business because of my passion for property, the changing real estate scene in the UK and around the world, how the market is always evolving, reaching new heights, finding 'dream homes' for our clients, and making smart investments for investors - it's always been what I've wanted to do with my life. I also believe real estate is one of the best businesses in the world, as people always need somewhere to live. Despite what happened to my business in the earlier part of my career, all the world's richest people have a big property portfolio and that is because, fundamentally real estate is a safe business - hence the term – 'safe as houses'.
What was your biggest challenge and how did you overcome it?
I started my business in 2003 and worked in Dubai with a modest number of property investments but when the 2007-2008 financial crisis hit which involved the collapse of American global financial services firm the Lehman Brothers, I was forced to come back to the UK and start over again. Basically, when the market crashed, I crashed with it. The value or the portfolio halved literally overnight, and I was in a negative position. This meant I had to be very creative, had lot of discussions with property developers, and tried to come to some sort of payment plan agreement. I had to restructure my business and slowly built back over the next few years to where we are now.
How do you handle failure or setbacks?
At the time, especially during the financial crisis, these setbacks are extremely hard to take, but when you don't have resources, it teaches you to be creative. You then have to start thinking outside of the box. When times are great, things are easy, and you can spend freely and try whatever you want within reason. When times are hard, you must be very selective, think, rethink, and think again before using your last penny. It was a big lesson, but I learned a lot and now, looking back, don't regret any of what happened as it has made me stronger and helped me build a more successful business.
What advice would you give to someone starting their own business?
Be super focused, be in love with what you do, work all day and all night on your business, as every start-up is difficult and there are no days off and be super disciplined. As they say - mind your own business. Just mind the business you are going into and don't get distracted on the way and always enjoy the good times, and when the bad times come, that is the time to learn, challenge yourself, never stop believing or give up until you've leapt over that hurdle.
How do you stay motivated during tough times?
Life in the past few years has been very rewarding for me. I am now married and have an amazing wife, and we have two lovely sons. I look at them and want them to have the life and opportunities I did not have so they are my focus.
