This article was published in cooperation with the recruitment website Bayt.com
Dubai, United Arab Emirates (CNN) – Entrepreneurs are no longer interested in financial gain, they tend to be increasingly ambitious in various ways and successful business owners.
A new survey titled “Entrepreneurship in the Middle East and North Africa 2021” explores the opinions of entrepreneurs and their current and future aspirations, as it was found that nearly two-thirds (62%) of professionals in the UAE would prefer to work on their own account / establish their own company if given the opportunity.
Reasons behind preferring private work
The survey showed that self-actualization (53%) and ideal work-life balance (46%) are the main reasons for preferring private work, followed by a positive impact on society (38%) and choosing the jobs they prefer to do (36%).
It seems the same for people who have 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 like (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 the UAE, their main drivers have been learning new skills (47%) and job stability / security (47%).
The future of entrepreneurship in the Emirates
Entrepreneurship continues to grow in the UAE, despite the challenges that entrepreneurs face when establishing their companies, as the survey indicates that entrepreneurship is more popular today than ever before. As for employees, 70% of them are currently considering starting their own business, and while 19% of them have tried to establish their own business in the past, only 3% say that they have never considered establishing their own company.
Many entrepreneurs are looking to grow their startups and establish businesses, with more than a third of respondents (37%) in the Middle East and North Africa stating that they have personal ambitions to further grow their business in their country of residence, while 27% aim to become their company. Known worldwide.
Among the self-employed in the region, 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.
As for the challenges that face professionals in the country when trying to establish their own business, these included obtaining the necessary funding to start a business (70%) and establishing relationships with the right people (46%).
As for the sectors that attract professionals to start their own businesses, the IT / Internet / e-commerce sectors (12%), trade / retail and FMCG / FMCG (9%) are among the most attractive sectors for entrepreneurs, followed by real estate / Construction / real estate development (8%).
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 the Emirates, with respondents seeing that entrepreneurs are constantly looking for new opportunities (88%) and creating new jobs (90%).
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%).
