Promoting youth entrepreneurship

During the past few years, it is not only the social media that has gained immense popularity in the Kingdom. Our country is witnessing a surge in young entrepreneurs. Reading and watching things related to entrepreneurship have become a matter of routine.
On TV, in newspapers, at conferences and workshops, there is always one thing or the other highlighting some aspect of entrepreneurship. If it is not about introducing new entrepreneurs and new businesses, it is about educating aspiring entrepreneurs about the different business models that they need to be equipped with before starting their journeys.
Entrepreneurship has always been perceived in the public eyes as a mysterious world or a journey filled with adventures, heroism, dreams and success stories. It might be a hyped and commercialized approach to entrepreneurship. One could always find dashed hopes and tales of loss and disappointments but still entrepreneurship is a sign of healthy economy and a productive society.
“There is a general agreement among management practitioners and researchers that successful new ventures contribute to employment, political and social stability, innovation, and competition,” writes Rahatullah, M. K. in his paper “Mapping Entrepreneurship Ecosystem of Saudi Arabia” published in the World Journal of Entrepreneurship, Management and sustainable Development in 2013.
For that, it is understandable that the Kingdom has opened many channels and supported various initiatives aiming to build entrepreneurship culture especially among youth. And along with building the culture, come the challenges of establishing systems and frameworks to support this growing segment of the economy. Many government bodies are now providing programs, courses, workshops and even competitions to spot entrepreneurs and support them. It is noticeable that such initiatives have enabled many individuals in building their own businesses and to positively contribute to the country’s economy. According to the World Bank Index of business-friendly economies, Saudi Arabia is ranked 49th, yielding only to the UAE in the region, which is ranked 22nd as reported by Forbes Middle East.
Moreover, women have benefited the most from this new culture of entrepreneurship. For all the difficulties and challenges they face in getting a job, starting their own business sounds like a good idea. That is why, we are witnessing a boom in the number of Saudi women who own and operate a number of small to medium businesses in the country. This result was stipulated by the study “Female entrepreneurship in Saudi Arabia: Opportunities and challenges” conducted by Abeer Danish and Helen Smith and published by the International Journal of Gender and Entrepreneurship in 2012.
“It was found that female entrepreneurs in Saudi Arabia are now establishing and managing more small and medium sized entities than at any time in the past and this trend is growing,” the authors summarized their findings.
Even the private sector found in entrepreneurship an opportunity to build social responsibility programs and give back to the society. For all those dreaming big, it is now the time to stretch out and try to realize their dreams. There are lots of opportunities waiting to be seized. So, go get it.