The concept of entrepreneurship in Saudi Arabia through a firstpost site, the Kingdom of Saudi Arabia is one of the countries in the Middle East that most supports entrepreneurship plans and projects in order to obtain new sources of profit that support their aspirations and vision of the future to 2030 that it points to. in advancing the economy to advanced levels, and below we will monitor the concept of entrepreneurship in Saudi Arabia and the government's plans to develop it.
Entrepreneurship
- The concept of entrepreneurship applies to all development plans and projects based on creativity in the idea and aimed at promoting it.
- Entrepreneurship works to coordinate between the different units and departments within the organization to conduct business and achieve the desired goal.
- Entrepreneurs take into account the risks and bad consequences of implementing a particular project.
Entrepreneurship in Saudi Arabia
Many countries working in the oil field have relied on entrepreneurship plans, and among these countries is the Kingdom of Saudi Arabia, which sought to increase its sources of income and pump new funds by investing in new areas, including "e-commerce, finance. services through virtual space, design and graphics, and news and culture websites.
The Kingdom has also worked on the use of entrepreneurship to serve small and medium youth projects, providing appropriate mechanisms and methods for their implementation and providing appropriate financial support through development banks.
Emphasis has been placed on small and medium-sized projects for young people because they are consistent with e-marketing mechanisms that rely on modern Internet media to promote their projects and services rather than traditional media that require large funding.
Success factors for entrepreneurship in Saudi Arabia
The success of entrepreneurship in the Kingdom of Saudi Arabia depended on several factors, including:
- Infrastructure availability: Infrastructure in Saudi Arabia has helped entrepreneurship to achieve its objectives, which require the availability of an appropriate environment, a transport network, integrated roads, as well as means and methods of communication.
- Legal and Legislative Support: The Saudi government supports all entrepreneurial plans and operations, encourages the establishment of small and medium-sized youth businesses, and enacts supportive laws that guarantee market access.
- Media support: The media in Saudi Arabia have succeeded in encouraging entrepreneurial processes by enlightening the minds of young people to explore and develop the surrounding environment and come up with new and creative ideas and break out of the usual traditional framework.
The Role of Entrepreneurship in Saudi Arabia
Aid for the advancement of entrepreneurship in the Kingdom of Saudi Arabia is the rule of charitable, humanitarian and voluntary activity, which is supported by banks such as the National Bank. Human development projects and the advancement of ideas and projects of young people that are carried out in the supervision of the Abdul Latif Jameel Foundation prevails in the Kingdom.
King Saud University organizes many important pioneering projects, such as the Entrepreneurship Association, which takes care of youth projects and gives them ideas to start new projects, and the association works in coordination and cooperation with the National Bank.
Entrepreneurship experiences in Saudi Arabia
The Abdul Latif Jameel Group is one of the most important institutions that works within the entrepreneurship plans, since despite its large investments as one of the largest car brand agencies, it works to combat poverty, which is one of social problems, and works to achieve this by moving at the level of small local communities. Providing youth funding programs in resource-limited communities to develop and enrich their lives and implement their ideas and bring them to light.
The role of the Saudi government in supporting entrepreneurship
The Saudi government has provided many important facilities to support entrepreneurship projects, including:
- In early 2018, the General Investment Authority of the Kingdom granted the necessary licenses to entrepreneurs who have plans and ideas to implement pioneering and progressive projects that are consistent with development plans. The goal was to harness the creative abilities of young people and use them effectively to serve the interests of the Kingdom.
- The General Investment Authority provides all forms of appropriate support to small and medium-sized enterprises in order to develop a sense of patriotism among workers, which is reflected in their performance.
- Present publicity and awareness campaigns aimed at promoting a social culture based on cooperation between the public and private sectors to contribute to the advancement of the local product.
- Adopt a series of development measures that are consistent with the Kingdom's well-established policy and its vision for the future 2030 with the aim of creating an integrated society at the social, economic, cultural, intellectual and creative levels.
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