Many in the Arab world dream of launching their own projects, but few are able to do so, and even fewer succeed in their ventures.
Success in the past has often been associated with good fortune, but in the modern business world, luck plays a very minor role in success, as the modern business community offers important factors that lead to success.
The question that arises is: How can we benefit in the Arab world from the experiences of successful businesses to launch small emerging projects that will succeed in the future? What are the factors that help in the success of projects in the world in general and in our Arab world in particular? And what are the projects that can succeed in our Arab world?
These questions and more are what we will try to answer in this report.
What Makes a Project Successful?
A study published in the “Social and Developmental Sciences” journal, after reviewing hundreds of previous research studies examining the factors of success of small companies, found that there are a set of factors that determine the success or failure of projects. The study identified these factors in 3 main titles considered crucial for the success of small businesses, according to the “Oxford Review” platform, which are:
1- Traits of a Successful Entrepreneur
Successful entrepreneurs possess a set of traits that qualify them to achieve success, including: resilience and not giving up in the face of failure, determination and perseverance, the ability to motivate the team in difficult moments, flexibility including the ability to learn from mistakes, communication skills, the ability to make tough decisions, and possessing the necessary management skills for success.
Successful entrepreneurs possess a set of traits, most notably resilience, determination, and the ability to motivate their team in difficult moments (Shutterstock)
In this context, Nour El-Masri, a business leader and owner of a recruitment company in Jordan, said in an interview with Al Jazeera Net, “In some cases, the project faces some obstacles that may lead to its failure or reduced success, and here the efficiency of the entrepreneur appears, who must be characterized by resilience and not giving up, working on turning failure into success by identifying the mistakes to avoid them in the future, and working to rectify them, by seeking the help of experienced professionals to minimize losses as much as possible. This can be done by reviewing business strategies, including financial and marketing strategies, as well as by setting new goals and implementing them with different ideas to ensure that mistakes are not repeated.”
2- Characteristics of a Successful Project
The success of a project depends on several fundamental characteristics, with the forefront being the alignment of the project’s nature with the surrounding environment. The project must address the actual requirements and needs of the market in which it operates.
Economic expert Mahend Aricat emphasized the importance of successful small projects being closely linked to their environment, relying on locally available resources, strategically distributing resources, marketing products within established and neighboring areas.
Aricat offers valuable advice to small business owners, emphasizing the need for entrepreneurs to accurately identify consumer preferences and communicate with them effectively.
Aricat elaborates, “Understanding the product specifications and the underlying reasons for consumer preferences is of utmost importance, leading to determining the competitive market price to attract customers.”
Aricat highlights innovation as a key factor, emphasizing that uniqueness and providing something the market truly needs are crucial for success.
El-Masri emphasizes that the success of any project depends on an innovative idea, focusing on its novelty and feasibility, and choosing the right time to launch the project is crucial to ensure its continuity and meet the needs and benefits of the community.
3- Institutional Flexibility
Success in business or projects depends on staying well-informed and adaptably responding to legal, political, economic, and social changes within the work environment. This includes continuous monitoring and vigilance of the market, comprehensive study of variables, and prompt and appropriate handling without delay.
The success of a startup company depends on the brilliance of the idea and the uniqueness of the execution, not the amount of money you can spend on it (Shutterstock)
Research confirms that comprehensive institutional flexibility in responding to change is extremely important for business success.
Successful Projects in the Arab World
The “Abtanics” platform identifies the most successful projects in the Arab world from several thriving sectors in the region, including:
- E-commerce:
The Arab region offers significant opportunities in the e-commerce sector, which stands out as a key sector in the Middle East. Online sales surpassed in-store transactions in early 2020, leading to an increase in emerging e-commerce companies offering their services in the region.
- EdTech:
There has been an increased demand for educational technology post-COVID-19, unlike traditional educational services that require licenses for physical institutions, establishing an edtech company allows for creating online courses.
Leveraging artificial intelligence, virtual reality, and augmented reality in practical educational lessons has become an important trend.
Forecasts indicate that the EdTech market and smart classrooms in the region could reach $7.626.1 million by 2027.
- Fintech Services:
The growth of businesses in the Arab region has led to an increased need for innovative fintech solutions. While large financial companies manage corporate financing functions, there is a significant opportunity to deal with financial functions for rapidly growing small businesses and startups, including accounting, auditing, and bookkeeping services.
The growth of businesses in the Arab region has led to an increased need for innovative fintech solutions (Reuters)
- Electronic Game Design and Development:
The electronic game industry, valued in billions of dollars globally, is highly popular in the Arab world, establishing small specialized companies in designing and developing electronic games is considered profitable with promising future prospects according to the platform.
- Information Technology and Web Development:
With the increasing demand for information technology services, more IT companies have started operations in the Arab region. Services like digital marketing, mobile app development, and online security are witnessing significant demand.
- On-Demand Delivery Services:
This sector includes a wide range of services, from booking taxis to food delivery, medicine delivery, and home services, meeting the diverse needs of customers.
- Tourism:
Forecasts indicate that the Middle East will generate revenues of $400.71 billion from tourism by 2032, where tourism and travel projects emerge as profitable ventures in the Arab world, providing significant opportunities for growth and development.
