Dubai, United Arab Emirates (CNN) – Entrepreneurship continues to grow in the Kingdom of Saudi Arabia. Despite the challenges people face when establishing their companies, it is noticeable that the number of entrepreneurs in the region is increasing.
A new survey titled “Entrepreneurship in the Middle East and North Africa 2021” explores the opinions of entrepreneurs and their current and future ambitions. The survey showed that nearly two-thirds (62%) of professionals in Saudi Arabia would prefer to work on their own account / establish their own company if given the opportunity.
The status and future of entrepreneurship in Saudi Arabia
In light of the support that entrepreneurs receive in Saudi Arabia to establish their own businesses, entrepreneurship continues to grow despite the challenges facing this sector, as the survey indicates that the appetite of professionals for entrepreneurship has begun to increase. As for employees, 55% of them are currently considering starting their own business, and while 20% of them have tried to establish their own business in the past, only 16% say that they have never considered establishing their own company.
As for the challenges that professionals face in the Kingdom when trying to establish their own businesses, they included obtaining the necessary funding to start a business (59%) and employing the wrong people (38%).
The survey also addressed the sectors that attract professionals to start their own businesses, as commerce / retail (11%) and information technology / internet / e-commerce (10%) are among the most attractive sectors for entrepreneurs, followed by real estate / construction / real estate development (9%). )
Regarding the status of entrepreneurs around the region in general, many of them are looking to grow their startups and establish businesses, with more than a third (37%) of respondents in the Middle East and North Africa stating that they have personal ambitions to grow their business further in their country of residence, while aiming to 27% until their company is known internationally. Among the self-employed, the survey shows that 38% of them are in the founding stage of their companies, while another 28% said that their business is stable but not performing well, on the other hand, 15% of the respondents said that their business is stable and performing well.
Reasons for professionals preferring to work on their own account
The questionnaire showed that self-realization (48%), ideal work-life balance (39%) and contribution to community development (39%) are the main reasons for preferring private work in the Kingdom, followed by good financial return (38%) and independence in managing work (36%). ), And creating a private business to bequeath to children (36%)
It seems the same for people who set up their own business in the Middle East and North Africa, when asked about the reasons that led them to start their own business, the top 3 reasons were the desire to do the work they prefer (29%), and have a great business idea (28%). And achieving a better work-life balance (24%). As for people who prefer to work as employees of a company in Saudi Arabia, their main motivations have been learning new skills (47%) and job stability / security (44%).
Impressions of entrepreneurs
The survey shows the benefits that the entrepreneurship field provides to societies and the economy as a whole, as entrepreneurs are viewed very positively in Saudi Arabia, with respondents seeing that entrepreneurs are constantly looking for new opportunities (84%) and creating new jobs (80%).
One of the most important advice that respondents in the region gave to entrepreneurs is not to be afraid of failure (45%). Additionally, 3 out of 10 respondents believe innovation is the key to entrepreneurs’ success, followed by hiring the right people (25%) and obtaining the necessary financing (18%).