Young people often dream of building their wealth and projects to achieve quick success and escape the routine of working in a government or private sector job. This aspiration led the state to establish the National Fund for the Development of Small and Medium Enterprises in 2013, aimed at supporting these young entrepreneurs and enhancing the entrepreneurship market in the state.
However, the number of projects that succeed and bring wealth to their owners is very small. Many projects fail, leading to loans and debts, especially after the COVID-19 pandemic. The owners of these projects were unable to pay their debts, resulting in many companies declaring bankruptcy. Today, these owners are required by the government and banks to pay their accumulated installments.
Moreover, many of the failed projects, or even those that survived, did not bring anything new to the market. These projects are often repetitive, and the selling prices of their products or services are high. This lack of innovation and high prices make these projects less popular, especially since many large companies offer similar services in a better way and at lower prices. Consequently, SME find it challenging to compete with large companies and established brands, making their success less likely. In light of the bankruptcy of many project owners and their substantial debts, the fund should reconsider granting loans or approving projects except for limited groups to ensure the success of these project owners and their ability to compete with large companies. Only those with a patent should be considered.
In today’s global markets, achieving wealth or creating a successful business is often limited to patent owners because they offer something unique without direct competition. The market needs such innovations. Patents cover all aspects, even in food and beverages. Therefore, the national fund must recognize the importance of stringent controls and conditions for granting loans and supporting projects. By doing so, project owners will have a better chance of success and achieving the wealth they dream of, provided they have something new to offer the market.
Recently, a number of young people have succeeded in obtaining patents for new discoveries not available in local or global markets. These patent owners should be the ones the fund supports and provides loans to, as their projects are more likely to achieve profits, prove themselves and compete with major companies. Ambitious young people must realize that today, in all parts of the world, achieving wealth is very difficult. The markets are saturated with various products and service providers, making it challenging for owners of small projects to achieve wealth. Even large companies are struggling, with the diversity and abundance of products and services leading to huge losses and bankruptcies.
It may be better to commit to a job with a stable income, which is much safer than the risks of freelance business, which often result in financial obligations, loans and losses, making individuals legally responsible for something they could have avoided by sticking to a job in the government or private sector.
Young people must understand that to achieve wealth or succeed in a project, they must offer something new, backed by knowledge and study of new specializations. Today, wealth is achieved by scientists and inventors who provide societies with something novel. We hope the national fund will stop granting loans except to patent holders who have invented something new. These individuals are the ones who will fulfill the goals of the National Fund for Small and Medium Enterprises.