KUWAIT CITY, July 8: A survey conducted by Bayt.com in collaboration with YoGov, a leading market research organization, found that 7 out of 10 professionals in Kuwait prefer to set up their own businesses, reports Al-Rai daily. Seventy percent of respondents said they were thinking of setting up their own business, while 15 per cent said they had tried to set up a company in the past, while only 8 per cent had not previously thought of starting their own business.
Almost two-thirds of Kuwait’s population (67 percent) prefer to work for their own business or have their own company (if they have the option), which ensures that they are free to choose the between profession and personal life (48 percent) and achieving self employment (44 percent) as the most important reasons for establishing a private business. Other reasons, according to the results of the questionnaire, are the elimination of the idea of subordination to a manager, the positive impact of society, and the higher material gains.
When respondents were asked about the reasons for starting their own businesses, the three most important answers were: increasing income (33%), wanting to do what they liked (27%), and creating a distinctive business idea (25 percent). Of those who prefer to look for a job in a company, 61 percent said the main reason for their preference was regular income, while 41 percent said they preferred to work in companies to learn new skills, and 33 percent they do not have the funding to establish their own business.
The business sector in Kuwait continues to grow in the MENA region, despite the challenges posed by the process of establishing a new company, entrepreneurship is becoming more popular than ever. Many entrepreneurs are looking to develop and establish their own business.
More than a third of respondents showed that they had personal ambitions to develop their businesses further in their country of residence (35 percent), followed by 23 percent of people aiming to become an important part of the international labor market. Interestingly, about 3 in 5 participants (56 percent) in Kuwait plan to hire new employees in their own companies next year. Sources pointed out that providing sufficient capital to start the project (59 percent) and the uncertain profit/ income (48 percent) is one of the most important challenges that participants consider when starting their own businesses.
The most attractive sectors for entrepreneurs in Kuwait included consumer goods/food and beverages (12 percent), trade/retail (10 percent), followed by hospitality/ leisure (9 percent).
The survey showed the benefits of entrepreneurship for communities and the economy in general, and the overall impression of entrepreneurs in the region is very positive. Kuwait’s respondents see entrepreneurs always seeking new opportunities (83 percent) and contributing to creating new jobs 83 percent). The best advice offered by Kuwait’s entrepreneurs was not to fear failure, and an innovative business plan. More than a quarter of respondents believed innovation was the key to the success of entrepreneurs (28 percent), followed by continuous communication with customers and consumers (22 percent).