UAE Professionals: Craving to be their own boss
Survey shows a surge in Start-Ups with 45% new entrepreneurs in the last 05 years
Dubai: A new survey by Bayt.com, the leading job site in the Middle East, and YouGov, a market research firm, reveals that almost six out of ten UAE professionals (59%) would choose to be their boss and own a business if they had the opportunity.
According to a survey titled "Entrepreneurship in the Middle East and North Africa 2024" nearly half of the current employees in the MENA region are considering starting their businesses.
Out of 1,090 respondents, 46% of those currently employed are eager to venture into entrepreneurship, with significant interest in Lebanon (46%), Egypt (54%), and Algeria (57%).
Key findings:
Entrepreneurial interest: The survey highlights a notable inclination towards entrepreneurship, with 45% of new entrepreneurs starting their ventures within the last five years, indicating a surge in entrepreneurship.
Traditional employment: Despite the entrepreneurial buzz, 49% of respondents still prefer traditional employment, particularly in the private sector, which attracts 60% of these individuals. The main reasons include the allure of regular income (50%), learning new skills (38%), and job stability with benefits such as social security and medical insurance (34%).
Driving forces behind entrepreneurship:
Personal fulfillment: Many entrepreneurs in the MENA region are driven by personal satisfaction (45%), the freedom to choose work-life balance (43%), and the desire to give back to the community (40%).
Recent trends: There has been a 45% increase in entrepreneurial activities in the last five years. However, challenges such as business underperformance (30%) and startup hurdles (30%) persist. Higher-income (31%) and better work-life balance (28%) remain primary motivators.
Future outlook:
Hiring Plans: A strong 63% of entrepreneurs plan to hire new employees in the next year, reflecting optimism about business growth.
Expansion ambitions: Many entrepreneurs aim for both local (one-third) and international (24%) expansion. Despite this, 55% acknowledge the difficulty of starting a business due to restrictive laws and regulations, with 48% calling for government support to simplify these laws.
Financial challenges: Financial obstacles (43%) and initial financing concerns (57%) are significant barriers, along with profit uncertainty (35%) and the need to establish the right contacts (33%).
Perceptions and advice:
Positive perception: Entrepreneurs are viewed positively, with 84% considering them opportunity-driven and 83% seeing them as crucial job creators.
Advice: The consensus advice for aspiring entrepreneurs is to embrace risk, with 44% emphasizing the importance of not fearing failure.
Appealing sectors: IT, real estate, and commerce are identified as the most appealing sectors for new business ventures. Success in entrepreneurship is believed to hinge on employing the right people (30%), fostering innovation (26%), and maintaining close customer relations (18%).
Ola Haddad, General Manager at Bayt.com, remarked, “The entrepreneurial spirit is redefining the future of work in the MENA. With nearly half of the region's entrepreneurs embarking on their business journeys in just the last five years, and over 60% poised to expand their teams, we’re witnessing an era where the pursuit of personal fulfillment, community contribution, and work-life balance is not just a dream but a tangible goal."
Zafar Shah, Account Director at YouGov, added, “Our latest research highlights the importance of supporting and encouraging entrepreneurship as a means of boosting job growth and economic development.
Entrepreneurs in the MENA region foster a culture of creativity that inspires others to take risks and pursue their ideas, leading to further innovation and growth in the economy.”
The data for the "Entrepreneurship in the Middle East and North Africa 2024" survey was collected online from April 2 to 29, 2024, from 1,090 respondents across various MENA countries.