Driven by frustration with the nine-to-five job, including lack of desired wages, flexibility and slow career development, all possibly topped up by a toxic manager and unhealthy working environment, many individuals in Kuwait are compelled to break free from their office jobs to start their entrepreneurial journey.
These percentages reflect a negative phenomenon that affects the country’s economy. Based on official data issued by the Kuwait Foundation for the Advancement of Sciences (KFAS), small and medium enterprises in Kuwait only constitute three percent of the GDP and contribute to 23 percent of formal employment. These rates are very low compared to developed economies, according to the paper.
Steps for success
Shukair outlined three main factors that help any business succeed: Passion, market research and planning. He started by referring to passion as an essential ingredient, as it provides the drive to keep going despite the challenges that one might face along the way. It encourages creativity and eases the process of gaining the necessary knowledge and expertise relevant to the field, regardless of the money, time and effort it takes.
Furthermore, he said market research is a crucial step, which happens through studying the field of the business, understanding customers’ needs and analyzing how competitors address those needs. This approach helps to come up with a viable business idea that fills the market gap and promises to generate high profit, he explained.
A popular example that combines creativity and the ability to fulfill a market gap is starting a food truck in Kuwait. The rising trend of food trucks, which is inspired by Western countries, perfectly caters to consumer behavior in Kuwait through a non-traditional approach that is convenient for the young target audience. With much lower capital requirements and operating expenses compared to traditional restaurants, this business idea presents an attractive opportunity for entrepreneurs seeking high profit margins. According to a behavioral analyst at a restaurant chain industry, Allie Tetreault, such unique business ideas have a greater chance of success than other traditional concepts.
Lastly comes the planning process, which starts with having a clear vision for the business over the next five years, Shukair said. He also emphasized the importance of self-analysis to identify strengths, weaknesses and areas in need of improvement to align with the envisioned goals.
Required skills
After understanding what makes a successful business, Shukair stressed the importance of acquiring entrepreneurial skills and having good business ethics. He explained that providing the promised quality and being transparent with customers is what makes or breaks a business.
In addition, he referred to three main skills that no business can survive without: Sales and marketing, excellent customer service and financial literacy. Along with this, one must have a business-oriented personality through adopting soft skills, such as decision-making in times of crisis, good communication with both customers and team members, flexibility and ability to constantly adapt to market changes and needs, he said.
Sources for funding
Shukair referred to the Industrial Bank of Kuwait (IBK) as one of the best financing options for a range of projects, spanning from small-scale ventures to medium and long-term enterprises. IBK provides a variety of benefits and deals tailored to different business needs, as its main purpose is to support young entrepreneurs, combat unemployment and foster additional job opportunities.
Overall, such services aim to contribute meaningfully to Kuwait’s national economy. Based on a research study quoted in a local paper, there is a huge need for more initiatives from the government to support and finance startups and small businesses, initially to diversify the country’s investments portfolio and overcome the limitation of only relying on oil and gas as the country’s only source of revenue. Additionally, the study acknowledged Kuwait’s financial capability to finance thousands of these businesses away from the limited concept of fast-food chains and coffee shops.