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Two-thirds of Lebanese prefer to be self-employed

BEIRUT | iloubnan.info - December 13, 2015, 12h35

A survey conducted by regional job portal Bayt.com and market research agency YouGov about entrepreneurship in the Middle East & North Africa region indicated that 63% of respondents in Lebanon prefer to have their own business, 30% of survey participants would rather seek employment in a company and 4% want to work in their family business, Byblos Bank ‘Lebanon This Week’ reported.

Out of the respondents who prefer to be employed, 74% named private companies as their top choice while 26% want to work in the public sector. In comparison, 64% of participants in the MENA region prefer to be self-employed, 31% want to be employed in a company and 2% would rather work in their family business. Further, 57% of respondents in the MENA region said they would work for a company in the private sector while 43% indicated that they prefer working in the public sector.

The survey was conducted between September 27 and October 4, 2015. Its results are based on online interviews with about 8,164 adults residing in Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia and the UAE.

Further, 41% of Lebanese respondents who prefer to be employed identified learning new skills & techniques as the most important reason to seek employment in a company. It was followed by employment stability (34% of respondents), receiving a regular income (23% of participants), fixed working hours (22% of respondents), employment security and benefits (18% of participants each), as well the lack of funds to start their own business (16% of respondents).

In comparison, 34% of participants in the MENA region identified receiving a regular income as the most important reason to seek employment at a firm, followed by employment stability (32% of respondents), learning new skills & techniques (31% of participants), lack of funds to start their own business (27% of respondents), company benefits (25% of participants), fixed working hours (20% of respondents), employment security (17% of participants) and unfavorable economic conditions (14% of respondents).

In parallel, 50% of survey participants in Lebanon who want to have their own business identified personal fulfillment as the most important reason to be self-employed. It was followed by being one's own boss by 39% of respondents, higher monetary gains (36%), work-life balance (34%), freedom to choose what type of work to do (28%), building a business that their children can inherit (26%) and the ability to give back to the community (25%). In comparison, 54% of respondents in the MENA region identified personal fulfillment as the most important reason to be self-employed, followed by work-life balance (40%), higher monetary gains (36%), being one's own boss (35%), and the ability to give back to the community (32%) as the main factors to own a company.

In addition, 54% of participants in Lebanon indicated that they are currently thinking of starting their own business, while 25% noted that they never thought of starting their own business and 9% said that they tried to start their own business in the past but failed. In comparison, 62% of respondents in the MENA region said that they are currently thinking of starting their own business, 20% noted that they tried to start their own business in the past but failed and 11% noted that they never thought of starting their own business.

Also, 71% of respondents in Lebanon considered that it is difficult to start a business in the country and 6% said it is easy, compared to shares of 56% and 13% respectively in the MENA region. The survey shows that 65% of respondents in Lebanon identified economic uncertainties as the biggest obstacle to starting a business, followed by political instability (62%), lack of financing (54%), high levels of corruption (42%), the need to establish the 'right contacts' (34%) and a highly competitive marketplace (20%). In comparison, 65% of respondents in the MENA region identified the lack of financing as the most important obstacle to start business, followed by economic uncertainties, the need to establish the 'right contacts' and strict rules and regulations (28% each), high levels of corruption (22%), and a highly competitive marketplace and bureaucracy (21% each).

Tags
#Entrepreneurs, #selfEmployed
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