By Majd Othman
KUWAIT: A recent survey revealed that two-thirds or 66 percent of professionals in Kuwait prefer to work on their own or establish their own company, if given the opportunity. The results showed 51 percent of employees are currently considering establishing their own companies, while 32 percent stated that they tried to establish a private business in the past, while 10 percent of respondents said they had never thought about entrepreneurship before.
The survey by Bayt.com showed the reasons why professionals prefer private work is self-realization (55 percent) and achieving a balance between professional and personal life (49 percent), followed by large returns (42 percent) and establishing a company that can be passed on to children (42 percent). As for people who preferred to work in companies in Kuwait, whose percentage reached 25 percent, the main reasons for their preference were regular income (67 percent), learning new skills (43 percent) and job stability or security (33 percent).
Most attractive sectors
Fast-moving consumer goods (12 percent) and IT, internet and e-commerce (11 percent) are the most attractive sectors for entrepreneurs, followed by commerce/retail (10 percent) and real estate, construction and real estate development (10 percent).
Meanwhile, entrepreneurship continues to grow in Kuwait, despite the challenges entrepreneurs face when setting up their companies. The survey indicates that entrepreneurship is becoming more popular than ever, and many entrepreneurs are looking to grow their startups and establish businesses. In fact, 7 out of 10 respondents plan to hire new employees in the next year. The challenges that entrepreneurs in Kuwait face before establishing their companies include obtaining the capital needed to establish a business (60 percent), irregular returns (40 percent) and the fear of hiring people who do not have the right competencies (36 percent).
Guidance and support
The survey showed the benefits that entrepreneurship brings to societies and the economy as a whole. Entrepreneurs are viewed very positively in Kuwait, with respondents seeing that entrepreneurs are constantly looking for new opportunities (82 percent) and contributing to creating new jobs (79 percent).
Among the most important tips that respondents in the Middle East and North Africa gave to entrepreneurs is not to be afraid of failure (44 percent), and to develop an appropriate business plan (12 percent). In addition, more than a quarter of respondents believe that innovation is the key to success for entrepreneurs (30 percent), followed by hiring the right people (24 percent) and obtaining the necessary capital (22 percent).