Over 60% MENA professionals prefer being self-employed, says report
A recent study by Bayt.com and YouGov revealed personal fulfilment, freedom to choose work-life balance, high monetary gains, and the ability to give back to the community are the top reasons cited by professionals who prefer self-employment.
Entrepreneurship is becoming an alternative career choice in MENA for those who do not want to be stuck in 9 to 5 jobs. A recent study by Middle Eastern job search platform Bayt.com and British research firm YouGov revealed that 64% of professionals in MENA prefer self-employment over seeking employment in a company. Compared to this, about 24% of professionals want to be employed by a company.
Personal fulfilment, freedom to choose work-life balance, high monetary gains, and the ability to give back to the community are the top reasons cited by professionals who prefer self-employment.
The study was conducted among 1,800 men and women between the ages of 18 and above. The respondents were based in the GCC countries (UAE, Saudi Arabia, Oman, Qatar, Bahrain), Levant region (Lebanon, Jordan, Syria, Iraq, Palestine), North Africa (Egypt, Morocco, Algeria, Tunisia, Sudan), and Pakistan.
Not always rainbows and sunshine
While being one’s own boss might be appealing, it is not always an easy path. About 30% of the respondents who are self-employed mentioned that while their business is well-established, it is not performing well. About 6% of the respondents said they are in the process of closing their business, while 14% are uncertain about their venture. Meanwhile, 27% of respondents mentioned that their business is well-established and performing well.
Among those who are employed with a company but want to begin their entrepreneurial journey, only 24% had actually tried and failed in their venture. Financial obstacles such as the inability to obtain financial support, economic uncertainty, not being able to self-finance their business, and the high cost of acquiring technology were some of the factors that prevented these people from starting a businesses of their own in the past.
This can be compared to the respondents who prefer employment in a company. They highlight that a regular income (41%), the opportunity to learn new skills (45%), a stable employment (39%), and perks such as social security and medical insurance (29%) are some of the key reasons why they prefer a 9 to 5 job. They also felt that lack of finances to start one’s own business (31%), unfavourable economic conditions (25%), and the need for fixed working hours (24%) kept them away from entrepreneurship.
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Perception of entrepreneurship
When asked how easy or difficult entrepreneurship is, 53% respondents claimed that it is difficult to start a business in their home countries.
However, they are also hopeful that government support in the form of easing of regulations to set up businesses, reduced taxation, access to skilled labour, and regulated competition among businesses can help aspiring entrepreneurs in the region.
About 32% of respondents believe that innovation is the key to successful entrepreneurship. This is followed by access to funding, employing the right people, and close connections with clients and customers.
Overall, there is a positive outlook towards entrepreneurship in MENA since majority of the respondents (85%) feel that entrepreneurs are opportunity-driven and help create new jobs (83%). Entrepreneurs are also recognised as a source of innovation and services for society, mentors for future entrepreneurs, and effective risk-takers.
(Cover Design by Winona Laisram)
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Edited by Megha Reddy
