How Scott Chamber Balances Money and Surfing Waves

“There’s more than one way to ride a wave,” says Scott Michael Chambers, the Founder and Managing Director of Surf House in Dubai. It’s a surfing tenet that could just as easily apply to the choppy, exhilarating waters of entrepreneurship; one that Scott knows all too well.

As one of the pioneers of surfing culture – not just in the UAE but the Arabian Gulf – Scott has spent close to 15 years making Dubai the epicenter of surf culture in the region. “I’ve been living here for 30 years. Surfing is my passion and I’m lucky to be able to create a business around something I absolutely love,” shares Scott. Born and raised in the UAE, he discovered and nurtured his love for surfing as a child. “We used to surf off the coast where Madinat Jumeirah is today,” he recalls.

Instead of remaining a hobby, surfing proved to be a passion that has guided his life’s work. When Scott left for England intending to study business, fate had other plans. “I chanced upon this brochure advertising a new surf science program in Plymouth and without any second guessing really, decided to change course.”

It’s a lesson in the value of going with one’s gut. The program was the perfect fit for the die-hard surfer who, upon graduating with honors in 2005, returned to the UAE determined to make surfing culture a permanent fixture in the country. Although surfing barely registered as a mainstream sport in the UAE, and for some period of time, was even banned, Scott was undaunted. “I was inspired by how a commercial port city like Plymouth managed to carve its own distinctive space in the surfing world, even if it wasn’t Hawaii or Australia or Bali. Dubai has all the necessary ingredients. It just needed the right recipe.”

Scott set about leading surfing lessons that quickly gained a following thanks to word of mouth and before long, it was clear that this nascent and close-knit community of surfers and surfing enthusiasts needed a hub “where people can come to learn about the sport and the equipment, practice surfing and be around others who enjoy the surfing lifestyle.” Thus was born Surf House, the UAE’s first fully accredited surfing and stand up paddle school.

Scott breaks down the fundamental money lessons that have influenced his entrepreneurial ethos.

Financial Lessons Start at Home

“There are three money principles that I hold close even till today,” recalls Scott. “The first was to embrace frugal living. I didn’t grow up in a household where we spent frivolously and learning to live within your means is an important skill in life and in business. Like any business, we make adjustments along the way in response to the market and my team understands why they need to be adaptable and resilient.”

The second lesson, remembers Scott was “to save little, save often and for a long time.” While 70 percent of his profits are reinvested into the business, Scott regularly puts away small amounts of money in a personal fund. He emphasizes the importance of having liquid investments and some savings on hand. “As an entrepreneur, in the early stages, it’s important to keep your money accessible. You may need it during a transitional phase or you may face six months in a row that fall below forecast and that money can be invested towards making an important business pivot.”

Lastly, he credits his father for creating an early awareness about the importance of passive, long-term investing. “He is a head-down-do-the-work kind of man,” says Scott, adding:“He didn’t know much about investing but he knew it was important to invest and to hold the investment for a long, long time. That’s what he did and I value that long-term perspective in my investment decisions even today.”

Invest in What You Know

Investing in other startups and small businesses is also a part of his investment strategy. “I’ve been down that journey before. Like they say, invest in what you know and understand. I’ve invested small amounts in a number of different ventures locally.”

What does he look for when assessing an investment? “First, I want to understand the concept, second the business model and how they plan to generate money, third I consider the team and whether I have confidence in their ability to bring this business to life and finally I want to understand how they plan to use my investment.”

Know Your Risk Appetite

Scott admits that the “first step” into investing is always the hardest and it isn’t always about how much money one has. “We all tolerate risk at different levels. It has nothing to do with how much money you have,” explains Scott. “You first need to understand what your risk tolerance actually is. You may either prove yourself right or surprisingly, prove yourself wrong. But you won’t know until you take that first step and invest.”

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