According to a survey, more than 60% of UAE employees desire entrepreneurship
Two-thirds of business owners anticipate hiring staff in the upcoming year.
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At least 86% of those surveyed think they will contribute to the growth of new jobs.
Dubai: Do you aspire to have your own business? Most likely, you're not by yourself. According to a recent survey, 62% of professionals prefer to work for themselves, indicating the growing trend of entrepreneurship in the UAE despite the difficulties associated with beginning a firm. Only 26% of respondents from the UAE said they preferred to work for a corporation.
According to the Bayt.com and YouGov study "Entrepreneurship in the Middle East and North Africa 2023," more than 56% of respondents are currently considering starting a business, 24% have tried to do so in the past, and 4% have never considered doing so.
Additionally, more than 60% of respondents plan to start hiring for their business as early as next year, and at least 86% of respondents feel they will contribute to the creation of new jobs.
A sample of 1,800 people from the UAE, the GCC, and other Middle East and North African nations took part in the MENA-wide poll.
According to Ola Haddad, Director of Human Resources at Bayt.com, the survey shows that the main motivations for choosing self-employment are personal fulfilment (49%) and the ability to pick a work-life balance (47%) balance.
The same justification is used by people who have already launched their businesses. More money was cited as a reason for starting a business (42%), as well as greater independence to pursue their goals (32%).
The top three concerns of respondents when starting their own business are finding the necessary funding (64%) making the correct connections (41%), and the unpredictability of profit and income (37%).
Entrepreneurial aspirants are thinking of starting companies in the hospitality, leisure, entertainment, IT, internet, and e-commerce, as well as real estate and property development sectors. 9 percent are interested in entering the FMCG and consumer goods industries.
"The MENA region's entrepreneurs foster a culture of creativity that inspires others to take risks and pursue their own ideas, leading to innovation and growth in the economy," said Zafar Shah, Research Director at YouGov.