Mubasher: More than two thirds of the working age population in Saudi Arabia believe starting a business to be a good career choice, initial results from the 2016/2017 Global Entrepreneurship Monitor (GEM) report on Saudi Arabia showed.
The report, set to be officially published on 23 March, revealed that 25.8% of the 4,000 Saudi survey respondents are considering starting up a new business in the next five years. It also showed that 36.6% of early-stage start-ups have more than five employees, while 38.6% of entrepreneurs in the Kingdom are women.
Despite the positive sentiment toward starting a business in Saudi Arabia, entrepreneurs face significant challenges sustaining their operations. Factors including limited international reach, competitive challenges, and a lack of experienced leadership contribute to a high rate of business closures, according to the report.
“The 2016/2017 GEM Study shows that social attitudes in Saudi Arabia toward entrepreneurship are very positive, which contributes to a significant enthusiasm in the country for entrepreneurial endeavour,” said Dr. Ignacio de la Vega, director of the Babson Global Center for Entrepreneurial Leadership (BCGEL).
“Today’s startup, with the right support, could be tomorrow’s market or industry leader, he added.
The 2016/17 GEM Saudi Arabia report is part of the Global Entrepreneurship Monitor, the world’s largest study of entrepreneurship and entrepreneurial activities. The report was an initiative of the BGCEL at Prince Mohammed bin Salman College of Business and Entrepreneurship (MBSC).