JEDDAH – Saudi Arabia has a clear preference for being employees, rather than self-employed, the Bayt.com Entrepreneurship in the Middle East survey recently conducted by Bayt.com, the region's number one job site, and YouGov, a research and consulting organization, revealed. The survey further said four in 10 respondents (42 percent) claim that, if given the choice, they would explore the possibilities of entrepreneurship – as opposed to the 51 percent who would choose to be employees. From that 51 percent, six out of 10 (62 percent) would prefer to work in the private sector. The top reasons Saudi Arabia respondents want to work for a company, rather than be self-employed, are the chance to learn new skills and techniques (39 percent), the regular income offered by a salaried job (36 percent), and the benefits working for a company offers, such as medical insurance (31 percent). For those in Saudi Arabia who would prefer to pursue an entrepreneurial career path, the number one reason is personal fulfillment (60 percent), followed by the freedom to choose their own work-life balance (54 percent), the ability to give back to the community (43 percent), and higher monetary gains (43 percent). Six out of 10 (57 percent) of the respondents who are currently employed in the public or private sector in Saudi Arabia are currently thinking of starting their own business, while 23 percent have tried to start one in the past but failed to do so. Four in 10 (35 percent) Saudi Arabia respondents claim that it is ‘somewhat difficult' to set up a new business in Saudi Arabia, with strict government rules and regulations (61 percent) being the leading hindrance in doing so. The unavailability of finance (according to 55 percent) is also seen as difficult to overcome. The majority (53 percent) of Saudi Arabia respondents, however, claim to know between 1-to-5 entrepreneurs, while a further 57 percent said that of the entrepreneurs they know, ‘a few' are successful – 29 percent say that the majority of entrepreneurs they know have achieved success. Opinion is equally divided among respondents in Saudi Arabia regarding the best time to start your own business - four in 10 (38 percent) respondents state that the best time to start your own business is mid-career, though the same percentage (38 percent) also claim that ‘any time' is the right time, with ‘don't be afraid of failure' considered by the majority (39 percent) to be the best advice to give to an entrepreneur. In Saudi Arabia, the communications and information technology industry is seen to be the most appealing for entrepreneurship by 19 percent, followed by finance, insurance and real estate (17 percent), and architecture and engineering (16 percent). When asked what they perceive to be the top three things that would concern them if they were to set up their own business, the majority of respondents in Saudi Arabia chose ‘procuring finances to start' (60 percent), hiring the wrong people (44 percent), and ‘needing to establish the ‘right' contacts (or ‘wasta')' (36 percent). Saudi Arabia respondents agree that their education has helped them develop an entrepreneurial attitude (67 percent), acquire the necessary skills and know-how to become an entrepreneur and understand the role entrepreneurs play in society (63 percent), as well as got them interested in becoming an entrepreneur (66 percent). Seven out of 10 (73 percent) Saudi Arabia respondents believe that entrepreneurs think only of their own profit, while 63 percent believe that they create new products and services that benefit society. The majority (68 percent) state that entrepreneurs help in creating new jobs, and that they are opportunity-driven (79 percent). “It would seem there are issues standing in the way of people becoming self-employed,” said Suhail Masri, VP of Sales, Bayt.com. “With finance being the number one problem across the Middle East, it suggests that the region needs more angel investors to step in and help local entrepreneurs; it might also be of benefit for authorities to reconsider their policies, as less stringent regulations could encourage the creation of more start-ups.” Entrepreneurship is perceived as most successful in Oman (12 percent saying 'all' and 'almost all' entrepreneurs they know are successful), followed by Morocco and Tunisia (both 11 percent), and the UAE (10 percent). — SG
