how ‘fear of failure’ is holding back gulf entrepreneurs
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

How ‘fear of failure’ is holding back Gulf entrepreneurs

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleHow ‘fear of failure’ is holding back Gulf entrepreneurs

King Abdullah Economic City - Arab Today

The growth of entrepreneurship in the Gulf region is held back by the fear of taking risks and possible failure, said panelists at the Top CEO Conference.
Encouraging small and medium-sized enterprises (SMEs), entrepreneurship and startups entails “a cultural shift” in a society that is not as accepting of failure compared to some other markets, said Iyad Malas, founding partner of the private equity firm Gateway Partners.
“That’s something (seen) culturally in our part of the world… we have an issue around saying ‘I’ve done something and failed’,” he said, adding that the greatest lessons are learned after failures.
This obstacle extends to the wider Asian region, according to Lawrence Morgan, CEO of Nest Global. He is based in Hong Kong, where he said many parents do not permit their children to engage in entrepreneurial activities and would rather they hold more stable jobs.
“The biggest impediment for people starting their business in Asia is parents’ permission. What parents would say is that ‘I spend all this money on your education for you to then go and be a failure… you’re going to become a lawyer or a banker (which is) what I envisioned for you’,” Morgan said at a panel discussion on the so-called “broken job machine.”
Boosting SMEs falls under the goals of the Saudi Vision 2030 as it is considered a major agent of economic growth that creates jobs and supports innovation.
SMEs comprise nearly 25 percent of the Saudi labor force, according to a report published by Jeddah Chamber of Commerce and Industry (JCCI) in April 2016. Out of the 25 percent, only 10 percent are Saudi nationals.
The wider range of SMEs is represented by the middle class, which Amr Khashoggi, vice president of human resources and group affairs at Zahid Group, described as “the backbone” of the economy. “Without the middle class you lose the backbone of any economy. SMEs are provider of jobs,” he said.
Introducing business education at a younger age in schools was addressed as one of the main drivers of SMEs and start-ups. On-the-job training and collaboration between businesses is also required to sharpen entrepreneurship skills.
Khashoggi said there was a lack of collaboration in the entrepreneurship space in Saudi Arabia. “I don’t think SME incubators that exist today are doing a very good job,” he said.
On the same note, business people that have been successful should reinvest locally in new entrepreneurs, Morgan suggested. “That will create a great cycle of investment that then can really try and foster a new economy,” he said.
According to the JCCI report, Saudi Arabia, which is the largest economy in the Gulf region, is home to almost 20 percent of the total SMES in the Middle East North Africa region.

Source: Arab News

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

how ‘fear of failure’ is holding back gulf entrepreneurs how ‘fear of failure’ is holding back gulf entrepreneurs

 



Themuslimchronicle, themuslimchronicle

GMT 06:40 2017 Saturday ,16 December

Walker needs brains not just brawn

GMT 08:15 2017 Thursday ,07 September

US oil giant ExxonMobil plans Cyprus gas exploration

GMT 18:11 2011 Monday ,18 April

Zimbabwe and Zambia in tug of war over Vic Falls

GMT 16:05 2017 Tuesday ,31 October

Qadih calls for involving private sector

GMT 09:20 2017 Wednesday ,15 November

Qualcomm spurns $130 bn Broadcom bid for big tech tie-up

GMT 13:43 2017 Tuesday ,24 October

Stabbed Russian journalist 'in recovery'

GMT 10:26 2017 Friday ,14 April

Sock topples Haas to reach ATP Houston quarters

GMT 14:00 2017 Saturday ,25 November

Sudan condemns terrorist attack in Egypt

GMT 09:40 2017 Monday ,04 December

Stade down Racing, Clermont edge plucky Agen

GMT 08:08 2017 Thursday ,05 October

Injury jinx strikes again as Iordache exits

GMT 11:20 2017 Tuesday ,05 December

Prodigal son: Saleh Saudi overture tips Yemen balance

GMT 09:35 2013 Saturday ,31 August

Afghan suicide attack kills 6, hurts 20 in south

GMT 23:36 2016 Sunday ,11 December

Suicide attack in Istanbul claims 29 lives

GMT 18:29 2013 Sunday ,10 November

Samsung\'s Galaxy Note 3 top 5m

GMT 14:52 2013 Sunday ,24 November

Computer game opponents begin to think, feel alike

GMT 18:55 2012 Wednesday ,02 May

8 Secret guy insecurities

GMT 19:27 2012 Thursday ,10 May

How to win over your boss

GMT 18:27 2012 Sunday ,29 April

Why I\'m better off without a baby

GMT 13:40 2012 Friday ,25 May

Sharnoubi to make documentary on singer Warda

GMT 12:58 2014 Friday ,28 November

Incredibly small apartment in Paris

GMT 00:44 2011 Sunday ,25 December

Modern glass house

GMT 10:51 2011 Tuesday ,05 July

Dior loses its way without creative director
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle