Over 60% of UAE workers surveyed expressed interest in starting their own businesses
At least 86% of people polled believe they will help create new jobs.
Do you want to start your own business? You most likely aren't alone. In spite of the challenges involved in starting a business, 62% of professionals in a recent study said they preferred to work for themselves. This finding highlights the growing trend of entrepreneurship in the UAE. In the UAE, only 26% of respondents stated they preferred to work for a company.
In the Bayt.com and YouGov research "Entrepreneurship in the Middle East and North Africa 2023," more than 56% of respondents said they were thinking about starting a business right now, 24% said they had attempted it before, and 4% said they had never thought about it.
Additionally, at least 86% of respondents believe they will help create new jobs, and more than 60% of respondents aim to start hiring for their companies as early as next year.
The MENA-wide survey included 1,800 participants from the UAE, the GCC, and other Middle East and North African countries.
Personal contentment (49%) and the option to choose a work-life balance (47%) are the two primary reasons people choose self-employment, according to Ola Haddad, Director of Human Resources at Bayt.com.
People who have already started their firms use the same defence. Having more money and having more freedom to pursue their goals were both mentioned as reasons for starting a business (42% and 32%, respectively).
major problems
Finding the appropriate capital (64%) having the right contacts (41%), and the unpredictable nature of profit and income (37%) are the top three concerns of respondents when beginning their own business.
Aspiring entrepreneurs are considering launching businesses in the real estate and property development, hospitality, leisure, entertainment, IT, internet, and e-commerce industries. 9 percent of applicants want to work in the FMCG and consumer products sectors.
According to Zafar Shah, Research Director at YouGov, "The MENA region's entrepreneurs foster a culture of creativity that inspires others to take chances and pursue their own ideas, leading to innovation and growth in the economy."
