Majority of regional professionals prefer self-employment

MUSCAT: A vast majority of professionals (around 71 per cent) in the Middle East and North Africa (Mena) region would prefer to be self-employed, citing personal fulfilment and freedom to choose work-life balance as the primary reasons for such a choice, according to a survey.

Also, close to a quarter of respondents (23 per cent) said they would prefer to seek employment in a company, as opposed to setting up their own business, said the survey jointly conducted by Bayt.com, the Middle East’s leading job site, and YouGov, a pioneer in online market research. The main reason for this decision is the security of a regular income (44 per cent), followed by the interest in learning new skills(41 per cent), employment stability(35 per cent), benefits and perks (31 per cent), and fixed working hours (28 per cent). For 28 per cent of Mena professionals, lack of finances to start their own business was the main reason they chose to seek employment in a company rather than set up their own business. Entrepreneurship is a source of economic growth in all parts of the world, and in many Middle Eastern countries, it is one of the main economic drivers.

For employed Mena professionals, almost three in five are contemplating starting their own business (59 per cent), while 17 per cent have already attempted to do so in the past but either could not or failed to do so, noted the survey report.

As for Mena professionals currently self-employed, 75 per cent have taken the first steps to establish their business within the last six years.

Respondents who are self-employed said gaining greater independence in what they wanted to achieve (39 per cent), feeling the time was right (34 per cent) and wanting to do what they love (34 per cent), were the main reasons behind their decision. Achieving a larger income was also a reason for a third of the respondents.

For active entrepreneurs surveyed, 37 per cent revealed that they are at the start-up stage of their business, while approximately a quarter claim that their business is established and performing well (24 per cent). However, nearly one in five (19 per cent) disclosed that their business is not performing well. When asked about their business ambitions, almost a third stated that they have their sights set on obtaining more growth and profitability in their country of residence, while almost three in 10 respondents want to see their business become an important regional player in the future. Around one in five hope to grow their business into an important international player (22 per cent) or a major international group (19 per cent). When it comes to the best time to start a business, professionals in the Mena are divided. It seems that at any time and midcareer are the most popular times.

Aspiring entrepreneurs

Regardless of the best time to start a business, not being afraid of failure is by far the best advice to give to aspiring entrepreneurs.

Professionals in the Mena who have tried to start a business in the past but couldn’t or failed to do so faced certain challenges which prevented them from success. These reasons were mainly cited as inability to obtain financial support (52 per cent) and inability to self-finance the start-up phase of the company (51 per cent).