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More than 6 in 10 professionals in the UAE (62%) would prefer to be self-employed, the MENA Entrepreneurship Survey 2023 by top job site Bayt.com and market researcher YouGov found.
Additionally, 56% currently have ideas for starting a business, 24% have tried starting their own in the past, and only 4% have never thought about starting a new company.
Ola Haddad, Director of Human Resources at Bayt.com, said: “The MENA region is home to many entrepreneurs with unique perspectives and experiences. By understanding their perspectives, our latest survey identifies the challenges they face and develops a tailored solutions to support their growth and success. Bayt.com is committed to supporting entrepreneurial growth in the region by giving start-ups access to a large pool of skilled professionals, as well as providing mentorship and resources to help them succeed.”
Personal achievements
The survey found that personal fulfillment (49%) and the freedom to choose a work-life balance (47%) were the top reasons for choosing self-employment. This was followed by the ability to give back to the community (43%) and being one’s own boss (41%).
Those who have already started a business seem to have a similar reasoning. When asked why MENA professionals started their own businesses, the top three answers were: “Want more income” (42%) and “Be more independent in what I want to achieve” (32% ). On the other hand, 26% of UAE respondents said they would prefer to seek employment with a company. The main reasons are learning new skills (53%), regular income (47%) and employment stability/job security (36%).
The UAE Startup Ecosystem
Entrepreneurship continues to be a growing trend in the Middle East and North Africa. Despite the usual challenges of starting a business, surveys show that starting a business is more popular than ever. Many entrepreneurs are looking to grow their startups and build businesses.
A third (33%) of respondents have personal ambitions to further develop their business in their country of residence, while 23% want to become a large international group. In fact, 63% of UAE respondents plan to hire for their business in the next year, given growth.
The top concerns of respondents when starting their own business were sourcing capital to get started (64%), making the right contacts (41%) and uncertainty about profits/revenue (37%).
most attractive industry
The UAE’s most entrepreneurially attractive industries were identified as hospitality/leisure/entertainment (10%), IT/Internet/e-commerce, real estate/property development and consumer goods/FMCG (9% each).
guidance and support
Surveys show that the social and economic benefits of entrepreneurship are greater. The image of entrepreneurs in the region is very positive – UAE respondents see entrepreneurs as opportunity-driven (85%) and that they help create new jobs (86%).
The top piece of advice MENA respondents would give to budding entrepreneurs is not to be afraid to fail (46%). More than three in 10 respondents believe innovation is key to entrepreneurial success (32%), followed by access to funding (22%) and hiring the right people (20%).
Zafar Shah, Director of Research at YouGov, said: “Our latest research highlights the importance of supporting and encouraging entrepreneurship as a means of promoting job growth and economic development. Entrepreneurs in the MENA region foster a culture of creativity that Culture inspires others to take risks and pursue their own ideas, driving further innovation and growth in the economy. Insights gleaned from this survey can help policymakers and investors create an environment that fosters innovation and entrepreneurship.” — trade arab news agency
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