Muscat, Oman,21 November2017: The main drivers for innovation and employment are the small and medium enterprises, which are considered the thriving force for any economy. A new survey conducted by Bayt.com, the number one job site in the Middle East, and global online market research company, YouGov, entitled ‘Entrepreneurship in the Middle East and North Africa2017’ has revealed that over two thirds (68%) of Oman residents prefer to ‘be self-employed / have their own business’, if given the choice. In fact, even among those who are currently employed,86% of respondents said that they are either ‘thinking of starting their own business’ or have already ‘attempted do so in the past’. When it comes to reasons for being self-employed, nearly half (45%) of Oman residents want to ‘be their own boss’;40% believe it affords them the ‘freedom to choose what to work on’ and ‘work-life balance’, as well as the ‘ability to give back to the community’ (40%). Those who have already started their own business seem to have similar reasoning. When asked about the reasons MENA professionals have started their own business in the first instance, the top three reasons were: ‘greater independence in what they want to achieve’ (32%), ‘more income’ (29%) and a ‘better work-life balance’ (28%). But, in fact, the survey shows even greater benefits of entrepreneurship for societies and the economy. The perceived image of entrepreneurs in Oman is very positive, with78% of respondents strongly agreeing or somewhat agreeing that entrepreneurs ‘help in creating jobs’,73% strongly agreeing or somewhat agreeing that entrepreneurs ‘create new products and services for the benefit of society’, and71% strongly agreeing or somewhat agreeing that entrepreneurs are a ‘source of innovation in society’. Furthermore,71% said that entrepreneurs ‘mentor young people and promote the entrepreneurial spirit’ among others. On the other hand,21% of the workforce in Oman want to work for pay / seek employment in a company. For them, the most important factor to work for a company is ‘regular income’ (46%). Moreover,42% of respondents said that they ‘lack of finances to start their own businesses, while33% of respondents think that working for a company gives them the opportunity to ‘learn new skills’ and techniques. Current Entrepreneurial Scene Out of those who are self-employed in the Middle East and North Africa (MENA) region,68% have started their own business in the last five years,17% have started their business in the last10 years, while15% have started more than15 years ago. That said, more than a third of MENA respondents (36%) who are self-employed are at the ‘start-up stage’ of their business;22% said they have a ‘well-established’ business that is underperforming, while22% have a well-established that is performing well. At the same time, many entrepreneurs are looking to grow their startups and established businesses.36% of respondents have personal ambitions to ‘obtain more growth and profitability in their country of residence’, followed by22% who aim to become a ‘major international group’. In fact, with growth in mind,66% of surveyed entrepreneurs are planning to hire for their businesses within the next year. “Many countries across the Middle East and North Africa have realized that entrepreneurship is a huge factor that drives growth and innovation in the economy,” said Suhail Masri, Vice President of Sales, Bayt.com. “As the survey showed, many entrepreneurs are seen as a source of value, innovation, and creating employment opportunities. Many startups are looking to hire and grow their businesses very soon. At Bayt.com we, we work with all organizations and businesses, irrespective of size, to help them secure their talent needs that can take their operations and growth to the next level. In fact, we have many dedicated solutions for startups and small businesses to give them more exposure and access to millions of professionals and job seekers.” Ease of Starting up a Business 44% of Oman respondents believe that ‘any time is a good time to start a business’, while38% believe the best time is ‘mid-career’. Only9% think that the best time to start a business is after a ‘lengthy career’ and only8% recommend doing so ‘right after college / university’. Indeed, setting up a business comes with some challenges, irrespective of location or industry. In fact, nearly three fifths of those surveyed claimed that it is ‘difficult to start a business in their country of residence’. When asked about the main difficulties that prevent one from starting their own business,53% cited the inability to ‘obtain financial support’,52% cited the inability to ‘self-finance the start-up of the business’, while37% cited their concerns regarding ‘economic uncertainty’ (37%). When respondents were asked what could best support entrepreneurs, the majority of respondents (64%) in Oman said ‘easing the laws and regulations of setting up a business’, followed by13% who said ‘regulating competition among businesses’, another11% said ‘facilitating access to skilled labor’, and9% said ‘reducing taxes’. The best pieces of advice offered to budding entrepreneurs by respondents in the MENA region, including Oman, is to not be ‘afraid of failure’ (44%); to ‘have a great business plan’ (12%), and to have a ‘great and well-researched business idea’ and ‘marketing plan’ (both10%). Furthermore, respondents in the MENA region said that the key to success as an entrepreneur is ‘innovation’ (27%) and ‘employing the right people’ (25%). “Entrepreneurship continues to be a growing trend in the Middle East and North Africa, and despite the given challenges of setting up a business, our research indicates that entrepreneurship has become more popular than ever before,” said Anjali Chhabra, YouGov Associate Research Director. “Entrepreneurs greatly contribute to a country’s GDP and help create job opportunities, so encouraging them within the region is highly beneficial for all.” Data for the Bayt.com ‘Entrepreneurship in the Middle East and North Africa’2017 survey was collected online from October1 to October22,2017, with4,570 respondents from the UAE, KSA, Kuwait, Qatar, Oman, Bahrain, Lebanon, Jordan, Algeria, Egypt, Morocco and Tunisia, Sudan and Pakistan.