Since the 18th century, Kuwait has been known for trade, but when it comes to start-ups or nurturing young entrepreneurs it is still in nascent stage. Till 2009, nearly 85% of the population was in government jobs and was not even dreaming of starting their own business. 

Things started changing from 2009 onwards when many initiatives were taken for and by the entrepreneurs. Bazaars, support organisations, and farmers markets started happening, thereby encouraging small businesses and budding entrepreneurs. People started making use of technology and social platforms to market their products and services.

But in spite of all these efforts, the bribe culture was prevalent among the public officials, bureaucracy and ‘wasta’, which simply translates to who you know created barriers and dissuade the striving youth entrepreneurs.

Things, however, look a bit rosy now with both government and people focusing on diversifying the economy away from oil. The government is committed to contributing a US$7 billion (Dh25.7bn) fund for small and medium-sized businesses. It is trying to encourage people to become entrepreneurs. Many business start-up incubators have also been launched in the city to guide these young entrepreneurs to succeed in their endeavours.

The young businessmen are also highly supportive of government’s initiatives and playing their part to boost private sector participation in the economy. Together, they are trying to develop an ecosystem, which is welcoming and not a mysterious and nightmarish experience. Efforts are underway to showcase the public and private sector’s vision of a pro-business environment that is compliant with international regulations to the world.

The Deputy Prime Minister, Anas Khalid Al-Saleh says, “Kuwait is gifted with talent, it is a trading community; this worked very well for us when there was no oil and can do well with less focus on it now. Where and how the private sector will grow from here can only be told with time. Even though there are seemingly plenty of roadblocks and barriers there is plenty of enthusiasm, too.”

The perfect recipe for a start-up is having people who are street smart, book smart and most importantly open to new ideas and are not scared of experimenting. They should not be demotivated by failures. Start-ups are the uncharted territories which bring with itself a new problem every other day. It is not possible that you will be able to overcome every problem easily. It takes a lot of patience, perseverance and dedication.

The ground is ready for such people to try out their luck and the young and enthusiastic people are also ready to take the world in their stride. They are passionate and ready to give their best shot. Failure at some stage is inevitable in entrepreneurship. The key to success is learning from that failure and move ahead with double motivation and this spirit is loud and clear in Kuwaitis.

Previous articleChina Capable of Handling Shadow Banking
Next articleDeveloping Domain Name as Brand & Finding the Right EMD – Om Thoke Live at Indian Domain Summit
Om Thoke is a serial entrepreneur who bootstrapped Webfosys in 2009 and over past 11 years it has evolved into a multimillion dollar web development & digital agency with global presence, which built sites like Audi Bangalore & Pune, mSupply.com & more He started as a blogger in 2006 & built series of car blogs until May 2011 when we was forced to switch to agency model as Google wiped out most of those MFA (made for Adsense) blogs Om served as global web hosting guide for About.com, now LifeWire.com and worked with the likes of BrightHub, AndroidAuthority etc He started www.Bloggers.world in 2016 and then he was appointed as global dot desi ambassador in 2017 Bloggers World has evolved as a leading blogging community where no courses or paid training programs are sold, and now to help startup owners, he has started Bootstrappers World to acknowledge the bootstrapping superheroes since funded startups mostly get the limelight, leaving the bootstrappers high & dry in terms of PR coverage.

LEAVE A REPLY

Please enter your comment!
Please enter your name here