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Entrepreneurship is becoming an alternative career choice in MENA for those who don’t want to be stuck in a 9 to 5 job. A recent survey by Middle East job search platform Bayt.com and British research institute YouGov found that 64% of professionals in MENA would rather be self-employed than work for a company. Compared to this, 24% of professionals want to be hired by a company.
Personal fulfillment, the freedom to choose a work-life balance, high financial returns and the ability to give back to society are the top reasons cited by professionals who choose self-employment.
The survey was conducted among 1,800 men and women aged 18 and over. The respondents are from GCC countries (UAE, Saudi Arabia, Oman, Qatar, Bahrain), Levant region (Lebanon, Jordan, Syria, Iraq, Palestine), North Africa (Egypt, Morocco, Algeria, Tunisia, Sudan) and Pakistan.
It’s not always rainbows and sunshine
Being your own boss can be glamorous, but it’s not always an easy road. About 30 percent of the respondents were self-employed and mentioned that their work was well-established but not performing well. About 6 percent of respondents said they are in the process of closing their jobs, while 14 percent are unsure about their jobs. Meanwhile, 27% of respondents mentioned that their business is well established and performing well.
24% of those who are currently employed by an organization and want to start their entrepreneurial journey have tried and failed. Lack of financial support, economic instability, inability to manage their own business, and the high cost of technology are some of the reasons that have prevented these people from starting their own businesses in the past. .
This can be compared to the respondents who choose a job in a company. Regular income (41%), opportunity to learn new skills (45%), stable employment (39%) and benefits such as social security and medical insurance (29%) are the main reasons. They choose a 9 to 5 job. In addition, the lack of finance to start their own business (31%), unfavorable economic conditions (25%) and the need for fixed working hours (24%) keep them away from entrepreneurship.
Understanding of entrepreneurship
When asked how easy or difficult entrepreneurship is, 53% of respondents said it is difficult to start a business in their country.
However, they hope that the government will help entrepreneurs in the region by simplifying business establishment regulations, tax reduction, access to skilled labor and fair competition among businesses.
32% of respondents believe that creativity is the key to successful entrepreneurship. This is followed by securing funding, hiring the right people and close relationships with customers and clients.
Overall, there is a positive attitude towards entrepreneurship in MENA as the majority of respondents (85%) believe that entrepreneurs are opportunity-based and help create new jobs (83%). Entrepreneurs are recognized as a source of innovation and service to society, mentors to future entrepreneurs, and effective risk takers.
(Cover design by Winona Laizram)
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