I have been working and doing business in the Gulf for nearly 20 years. In the early years, being an independent entrepreneur in the UAE was unlikely, as the market and business environment was stacked almost unanimously in favour of the few largest players.

Fast forward to post real-estate led Lehman Brothers collapse and everything changed. There was an awakening that SMEs could play a big part in the economic recovery. Government regulation started to ease creating breathing room for SMEs to establish and in many cases, thrive.

Having sold my previous business to JLL at the end of 2006 (and having stayed on for the next three years), it was at this very economic inflection point that I opened my first store in Dubai in 2010. In an almost industrial revolution-like age, the past seven years have been very productive for business and the country as whole. My business, like many others have grown quickly and have been inspired and cultured by the UAE’s intensely entrepreneurial DNA.

The food and beverage industry is traditionally a very entrepreneurial sector with many entrants and lower barriers to entry. We have seen a dramatic rise in the number, variety and scope of restaurants and F&B offerings giving rise to a vibrant and arguably now over-crowded space.

F&B became the new real estate, garnering larger investment interest, a sort of gold rush resulting from a combination of economic, social and political forces. The consumer has never had more choice and businesses have been free to create and push the envelope in terms of concept, cuisine and formats.

But F&B is not a forgiving business for the unprepared. Traditional tight margins and a now very competitive environment means that those with badly managed cash flow, poor operations, lax cost controls, insufficient infrastructure and uncompetitive offerings will no longer be viable as going concerns. Add to this, disrupters like technology that are no longer a novelty but a requirement compete, and economic impact like the introduction of VAT and a regulatory environment results in an environment fit for a market purge.

So where does this leave us? There is already a market cleansing taking place and I suspect there is much more on the horizon as markets traditionally slow during the summer. In some cases, already weak cash flow contributes to further capitulation.

The importance of technology cannot be underestimated and will play a dramatic role in the success or failure of businesses. Consumers have been awakened to convenience, speed, choice and value there is no turning back. Businesses will need to adapt or die.

The recent acquisition of Souq.com in the GCC and Whole Foods internationally indicates the quantum shift and continued evolution of retail and F&B technology.

Perhaps not unique to the UAE, entrepreneurs more than ever need to be especially nimble and your mettle might be tested. You must take regular and active stock of all facets of your business, providing for the short term needs of the business without eroding long-term value.

Ever present are also the great opportunities that come with paradigm change. For Freedom Pizza, this is a time for growth and doubling down on everything that has made us what we are today.

The immutable truth is that customers always have (and always will) want great products, great service and convenience from companies that do more good than harm. We are at a crossroads where companies who have prepared well for long-term growth, and are intensely focused on not only meeting but exceeding customers’ expectations.

Companies have the opportunity to garner more market share from less prepared competitors. It is also an interesting entry point for new, energetic businesses with good market fit.

A long-term resident myself, I have witnessed and have faith in the UAE’s strong leadership, resiliency and dynamism in navigating challenging economic and political environments. After all, this is not the first time it has been tested.

While this does not change the game in the short-term, it does point to a future that will no doubt offer a different business climate than that of today. And businesses will need to stay ahead, adapt and engage in active dialogue with the government to grow.

At the end of it all, people still need to eat — the industry will not only persist but — dare I say — thrive.

The writer is founder and CEO of Freedom Pizza and co-founder of Big Dwarf.