How To Achieve Entrepreneurial Success In The Middle East
The success of many startups and entrepreneurs in the Middle East and North Africa (MENA) region inspires others to take the same path. Even though it’s not an easy journey, taking risks can be very rewarding. Many young people in the region are eager to know how entrepreneurs succeed, as they dream of starting their own businesses.
A 2022 survey by YouGov and Bayt.com found that 66% of people in MENA would prefer to be self-employed or own their own business if they could.
Experts say that education plays a major role in the success of entrepreneurs in the region, even though the entrepreneurial ecosystem is still young and growing.
Education is key
Access to education helps people gain knowledge and improve problem-solving skills, says Allan Villegas-Mateos, a senior researcher at HEC Paris in Qatar. He explains that education covers many areas, not just business, and is key to developing the skills needed to succeed as an entrepreneur.
A good education helps people see the bigger picture, connect ideas, and plan more effectively. It also provides a network of like-minded individuals who are open to learning. According to Villegas-Mateos, this creates a safe space for students to be creative and try out new ideas.
He also points out that many universities offer programs and incubators to support students in developing their business ideas. Universities used to focus mainly on teaching and research, but now they play a bigger role in building entrepreneurial ecosystems. They connect students, alumni, businesses, investors, and policymakers, helping entrepreneurs succeed beyond the classroom.
Being innovative
The job market in the region is becoming more competitive, and encouraging entrepreneurship is a key way to create job opportunities through innovative ideas, says Allan Villegas-Mateos.
He explains that universities face the challenge of maintaining their core educational focus while also finding new, innovative ways to contribute to the entrepreneurial ecosystem. Many graduates of HEC Paris in Qatar, for example, are now managing family businesses and startups. Qatar’s delivery app, Snoonu, was cofounded by alumni from the HEC Paris Executive MBA program.
The entrepreneurial ecosystem in the MENA region is still growing but has seen significant progress, especially in Egypt, Saudi Arabia, and the UAE, with more startups and investments taking place. The region is heavily investing in diversifying its economy away from oil and gas, focusing on infrastructure, education, and new technologies. This, according to Villegas-Mateos, is setting MENA on the path to becoming a global hub for technology.
Fail to succeed
Dr. Shaheena Janjuha-Jivraj, an associate professor at HEC Paris in Qatar, believes that having a growth mindset and being open to learning and taking risks is crucial for entrepreneurs. She emphasizes that failure is a natural part of the journey to success.
She explains that blending real-world experience with learning helps develop agile and innovative entrepreneurs who are better prepared for success. This idea is supported by real-life examples of billionaires like Snapchat’s Evan Spiegel, Craigslist’s Craig Newmark, Airbnb’s Brian Chesky, and Huffington Post’s Arianna Huffington, who all faced failures before achieving great success.
Youssef Salem, CFO of AIQ in the UAE, also highlights the importance of teamwork in an entrepreneur’s success. He says that a successful team combines diverse experiences, skills, and perspectives, which helps them take risks and solve problems in creative ways.
Seize opportunities
Youssef Salem points out that certain key factors are crucial for business success. When starting a business, it’s important to consider the seriousness of potential challenges and how often they might occur. The team should also focus on the size of the target market, purchasing power, sales cycle, customer loyalty, scalability, and securing necessary resources like talent, funding, and infrastructure.
In the MENA region, Salem remains optimistic about the future, especially with economic transformation programs in countries like Saudi Arabia and the UAE. He sees new technologies, such as artificial intelligence, sustainability tech, and B2B SaaS, as the most promising areas for entrepreneurs in the region.
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Published: 17th September 2024
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