Re­port: Kuwait should do more to ac­com­mo­date en­trepreneurism

Kuwait Times - - LOCAL -

Kuwait needs to do more to ac­com­mo­date fresh busi­nesses and en­trepreneurism, and pro­vide a lu­cra­tive en­vi­ron­ment for smart spe­cial­iza­tions and fresh busi­nesses with a global im­pact, a re­port said on Sun­day. The re­port, con­ducted by Berke­ley Re­search Group amid a con­sul­tancy en­deavor com­mis­sioned by Kuwait Foun­da­tion for the Ad­vance­ment of Sci­ence, was aimed at iden­ti­fy­ing com­mer­cial and strate­gic con­sid­er­a­tions en­trepreneurs are faced with ahead of launch­ing their busi­nesses.

En­trepreneurs do not lack ad­e­quate fund­ing, but rather, lack the prac­ti­cal knowhow and the as­sis­tance re­quired to cre­ate a busi­ness and tar­get an ap­pro­pri­ate cus­tomer. They also lack guid­ance and train­ing which leads to naive mis­takes, the re­port added. About the Kuwaiti mar­ket, the re­port high­lighted that Kuwait has a rich con­sumer so­ci­ety, with a high pur­chas­ing power, giv­ing it a strong com­pet­i­tive ad­van­tage. This ad­van­tage, said the re­port, pro­vides en­trepreneurs with huge op­por­tu­ni­ties to test their new ser­vices and val­i­date their com­mer­cial con­cepts, ahead of in­tro­duc­ing these busi­nesses to the out­side world. The re­port high­lighted red tape and de­lays spent over pa­per­work and ap­provals as other fun­da­men­tal dif­fi­cul­ties fac­ing en­trepreneurs in Kuwait.

KUWAIT: The Na­tional Bank of Kuwait (NBK) opened its 2017 sum­mer train­ing pro­gram for stu­dents aged be­tween 14 and 21 years.

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