Hadi Khatib on AMEInfo of 18 September 2021 came up with this deep statement on the anxiety list for MENA entrepreneurs that is long, as is the one curing it
The anxiety list for MENA entrepreneurs is long, as is the one curing it
A research report on the mental health challenges and wellbeing of entrepreneurs due to COVID-19 in the MENA region revealed anxiety has several facets in the minds of these leaders. But all of these insecurities have cures.
55% of startup founders said that raising investment has caused the most stress.
More than 95% of entrepreneurs view co-founders as family members and/or friends.
Research finds that entrepreneurs are happier than people in jobs.
EMPWR, a UAE-based digital media agency dedicated to mental health and an exclusive mental health partner for WAMDA and Microsoft for startups, published a research report on the mental health challenges and wellbeing of entrepreneurs due to COVID-19 in the MENA region.
The research indicated that startup founders undergo higher levels of stress than the rest of the region, with twice the likelihood of developing depression issues.
55% of startup founders said that raising investment has caused the most stress; the pandemic was the second most-cited reason cited by 33.7% of respondents. 44.2% spend at least 2 hours a week trying to de-stress.
Other insights, uncovered by the report, include:
A good relationship between co-founders can help startups navigate the pandemic-hit market. More than 95% of entrepreneurs view co-founders as family members and/or friends
Many entrepreneurs live well below their means to fund their ventures, leading to stress that is detrimental to their health
With only 2% of healthcare budgets in the MENA region currently spent on addressing mental health, the impact of the COVID-19 pandemic on young entrepreneurs and achievers could lead to an economic burden of $1 trillion, by 2030, according to the report.
EMPWR’s MENA partners shared special offers on their mental health services for the region’s entrepreneur community.
From Saudi Arabia:
Labayh is offering the technology ecosystem a 20% discount on their online mental health services for 2 months. Promo code: empwr, with the offer valid until October 29.
From Egypt:
O7 Therapy are offering 50% off their online mental health services, for 50 Entrepreneurs in the MENA region. Promo code: Entrepreneur50, valid until December 1, 2021.
From the UAE:
My Wellbeing Lab is offering 20 one-on-one coaching sessions to entrepreneurs that wish to be coached and helped; alongside unlimited access for any entrepreneur to their “Discovery Lab”, a platform that gives entrepreneurs and leaders insights into their mental wellbeing as well as their teams. Promo code: MWL21.
Takalam is offering 10% off for 3 months. Promo code: Impact.
Mindtales is offering the MENA ecosystem 50% off their services for one month. Their App can be downloaded here.
H.A.D Consultants is offering 20 one on one coaching sessions to entrepreneurs. Promo code: HAD_SME01.
From Oman:
Nafas, a meditation app focused on reducing stress, anxiety, and help with insomnia, is offering access to its platform. Register as a user via this link to redeem benefits.
Entrepreneurs’ mixed emotions
Entrepreneurs must grapple with uncertainty and being personally responsible for any decision they make. They likely have the longest working hours of any occupational group and need to rapidly develop expertise across all areas of management while managing day-to-day business.
Work on the economics of entrepreneurship traditionally assumed that entrepreneurs bear all the stresses and uncertainties in the hope that over the long term they can expect high financial rewards for their effort. It’s false.
2. Highly stressful, but…
High workload and work intensity, as well as financial problems facing their business, are at the top of the entrepreneurs’ stress list.
But some stressors have an upside. While they require more effort in the here and now, they may lead to positive consequences such as business growth in the long term. Some entrepreneurs appear to interpret their long working hours as a challenge and therefore turn them into a positive signal.
3. Autonomy is both good and bad
The autonomy that comes with being an entrepreneur can be a double-edged sword. Entrepreneurs can make decisions about when and what they work on – and with whom they work. But recent research into how entrepreneurs experience their autonomy suggests that, at times, they struggle profoundly with it. The sheer number of decisions to make and the uncertainty about what is the best way forward can be overwhelming.
4. An addictive mix
The evidence review confirms that, by any stretch of imagination, entrepreneurs’ work is highly demanding and challenging. This, along with the positive aspects of being their own boss coupled with an often competitive personality, can lead entrepreneurs to be so engaged with their work that it can become obsessive.
So the most critical skill of entrepreneurs is perhaps how they are able to manage themselves and allow time for recovery.
Stress management tips for entrepreneurs
Identify what the actual source of your stress is. Is it tight deadlines, procurement issues, raising capital, managing investors’ expectations, building a talented team, or delay in landing the first sale for your new startup business?
Even if numbering more than a few, break them down because unmanageable tasks look simpler when broken down into smaller segments. Then, list down how you plan to successfully tackle each issue. Meanwhile, exercising multiple times a week has been rated as one of the best tactics for managing stress.
Another technique for handling stress is to take a break. Rest as much as you can before going back to continue with the tasks. It’s also a good idea to reach out to friends, family, and social networks because they are likely to understand what you’re going through and offer words of wisdom and courage.
Stay away from energy-sapping junk food. Eating healthy keeps you fueled for the next challenge. Finally, get enough sleep, and power naps. Sleep helps your body and mind recover.
Hadi Khatib is a business editor with more than 15 years of experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about them. He can be reached at: hadi.khatib@thewickfirm.com
The pandemic has helped boost digital marketplaces in the region, opines Muhammad Chbib, CEO at Tradeling.
7 November 2020
The pandemic has propelled the use of e-commerce in the region and globally. What are the key trends you have seen? The most significant trend is the growth of homegrown capabilities in e-commerce in the region. Globally, while e-commerce has been recording strong growth – accelerated no doubt by the pandemic – the region has witnessed a transformational growth in the evolution of the digital economy. Not only have our homegrown companies demonstrated strong resolve to meet the needs of the people and support them, we have seen a tremendous amount of entrepreneurship – with new startups entering the market and building their own niche.
The second trend is more consumers warming up to the possibilities offered by e-commerce. While digital commerce was gaining momentum, one of the factors that has stymied its growth in the region is the relatively lower credit card penetration in some markets. There have also been typical concerns associated with conducting everyday business online. However, one thing the pandemic has brought about is the adoption of digital payments and the increased confidence of consumers to shop online and conduct e-commerce transactions.
In the B2B e-commerce space, how high is the penetration in the GCC market? Has it grown significantly this year? While B2B e-commerce was evolving at a slower pace compared to consumer-oriented digital business, this year has witnessed a real transformation. I believe it is a case of supply and demand. What matters is that in the new reality, business customers too want to access products and services easily, quickly and efficiently. We see a growth in the B2B marketplace – here in the UAE – and growing enquiries from across the GCC.
Which are the verticals within the sector where you see most scope for growth? It is really a matter of bringing more options to the customer, whatever the vertical. Customers like to shop around and feel they get value for money and exemplary service. But it is also a matter of sourcing new products and services that aren’t in the region yet.
For those entering the digital B2B industry, what are the main challenges? The main challenges are finding the right talent with expertise and insights into the B2B sector, which is a different terrain compared to B2C e-commerce. An in-depth understanding of the global market is essential in addition to knowledge of the trading dynamics. You must be flexible and agile to overcome any unprecedented situation. It is also a matter of understanding the customer – the B2B customer is very different from the B2C customer.
Our priority is making the customer journey seamless, taking away their pain points and streamlining processes to ensure efficiencies that save them time and money.
Tradeling launched in April, in the midst of the lockdown – how was your experience? Do you have any immediate plans to expand? We created Tradeling during the pandemic to connect regional and global suppliers to MENA-based business demand. Today, we have close to 400 suppliers from over 25 countries with gross merchandising value increasing from zero to a high two-digit million figure in just three months.
The key to overcoming the challenges was to enhance market confidence and we took decisive steps in this regard. Today, we have gone from a team of 40 to nearly 100 people and we continue to hire.
From logistics to financing support to ensuring a fully secure payment gateway, we are the first of our kind B2B platform across the region. This is our USP and this integrated approach to business has enabled us to address the challenges.
Looking ahead, what is the future of digital marketplaces in the region? Digital marketplaces constitute the future of retail and in the new reality, they will record a stronger rate of growth compared to brick-and-mortar retail. But the key for success is to define your own unique niche for the marketplace; increasingly, we see online aggregators trying to capitalise on the opportunity, which will only lead to market fragmentation. What we need is bold, innovative ideas that will help accelerate the momentum of e-commerce growth in the region.COVID-19DIGITAL MARKETPLACEE-COMMERCEGCCTRADELING
The London based WARC posted a summarised page of News on 16/09/2020 of its report covering how Four strategies for growth in MENA would be best to be followed in the MENA region.
An analysis of the results of this year’s WARC Prize for MENA Strategy reveals key takeaways for the region’s marketers looking for growth opportunities, from finding niche audiences in smaller markets to developing more resonant touchpoints.
“As certain MENA markets are already enduring their second wave of COVID-19 and several continue to be buffeted by economic recession, identifying new strategies for growth is vital for brands,” says Lucy Aitken, Managing Editor, Case Studies at WARC.
“In this report, we’ve identified new approaches that this year’s winners have incorporated in their campaigns that can help brands to build strong strategic frameworks that have growth baked in.”
The four key takeaways highlighted in WARC’s 2020 MENA Strategy Report are:
1. Target the frontier markets
Pragmatic solutions that help specific communities in MENA’s frontier markets can be instrumental in driving growth. Empowering marginalised communities, particularly within the region’s smaller markets, can be an effective way to brand-build.
This year’s Grand Prix-winning initiative from Tunisie Telecom helped female farmers access social security via their handsets. The technological innovation instigated by the campaign set the precedent for a new digital government vision.
Melek Ourir, Strategic Planner at Wunderman Thompson Tunisia, advises: “Resist the temptation to ignore smaller markets and audiences that could unlock significant growth for your business.”
2. Unconventional touchpoints can underpin strategy
Identifying new, creative touchpoints strengthens strategy, resonating with or delighting audiences.
Three standout campaigns addressed consumer challenges and were not constrained by where the brands were traditionally ‘allowed’ to be present: clothing retailer Babyshop promoted the long-term health of mothers; cheese brand Puck reclaimed share at breakfast and lunch; and NGO Donner Sang Compter encouraged those who spill their own blood onto the streets in the tradition of Ashura to donate it instead.
Admiring the risks and the rulebreakers among this year’s winners that explored new touchpoints, judge Sunjay Malik, Associate Director, Strategy at PHD UAE, says: “Media mixes are rulebooks that we set ourselves, which over time make us less imaginative and less brave. Long live the rulebreakers, who in challenging themselves inspire us to be better.”
3. Humour: a strategic shortcut to likeability
Making people laugh is one of the most powerful ways to connect and can make your brand distinct from the competition.
Winning brands that used humour include Burger King, which launched a new spicy menu with its Who Said Men Don’t Cry campaign; telco Jawwy, which used entertaining video content to resonate with Saudi youth; and Egyptian telco Etisalat crafting a comic campaign to win customers over to its hybrid offer.
Jury member Shagorika Heryani, Head of Strategy at Grey MENA, says: “There’s always a place for humour – even during a crisis. Smart brands understand the relationship between humour and humanity. Companies know that we buy from brands and people we like. And humour is a shortcut to likeability and authenticity.”
4. Localise to resonate
This year’s winners are a treasure trove of local insight, proving how time invested upfront to unearth strong local insights tends to pay dividends in terms of a robust strategy.
Best-in-class examples include: KFC in Saudi Arabia, which communicated its commitment to locally-sourced chicken by turning all of its brand assets green – the colour of the Kingdom’s flag; and Grand Prix winner Tunisie Telecom, which devised a programme to offer social welfare coverage to female farmers.
WARC’s 2020 MENA Strategy Report can be downloaded here. The full report is available to WARC subscribers and includes chapter analysis of the four themes with views and opinions from the judges; objectives, results and takeaways of the winning case studies, and what these mean for brands, media owners and agencies; and data analysis.
WARC’s Lucy Aitken will deep-dive into using humour as a successful marketing strategy at Lynx Live on 5-7 October in her keynote ‘Humour: the smart shortcut to brand fame’.
The WARC Prize for MENA Strategy is a free-to-enter annual case study competition in search of the best strategic thinking from MENA’s marketing industry. Next year’s prize will open for entries in January 2021.
The key to success in this changing landscape is a digital skills revolution. (Photo credit: GaudiLab/Shutterstock)
Not that long ago, people like Abdullah, a young Syrian man who was forced by the ongoing war to drop out of university, would have found it nearly impossible to safely earn a living. But through Edraak, an Arabic platform for open online education launched by the Queen Rania Foundation in Jordan, he gained graphic design and digital marketing skills. Now, he earns a decent living as a freelance remote worker in Jordan.
Amid the dual economic shocks of the COVID-19 pandemic and the collapse in oil prices, digital platforms are becoming even more critical to the region’s economy. With schools being closed since March and 4 in 5 workers affected by business closures globally, per International Labor Organization estimates, the shut-down of public life has revved up the need to move to digital, virtual, and remote learning solutions to build skills and ensure opportunities for people to earn a living.
Yet this emergency need is not being met. Moreover, MENA is missing real-time opportunities for digital development. Digital transformation can lead to rapid, sustained growth, but only if countries invest in digital infrastructure and human capital.
The key to success in this changing landscape is a digital skills revolution. While definitions and typologies differ, ‘digital skills’ generally refers to students, workers and people of all ages having and applying competencies, knowledge and attitudes to learn, earn and thrive in digital societies.
Digital skills most commonly comprise a continuum of basic, intermediate or advanced skills; and, as we will discuss in our next blog on competencies, they may alsorefer to a range of different abilities, many of which are not only ‘skills’ per se, but a combination of behaviors, expertise, know-how, work habits, character traits, dispositions and critical understandings.
As laid out by the International Telecommunication Union, Basic Skills are the general ICT skills required “broadly for all workers, consumers and citizens in a digital society” — such as word processing or researching online. Building on that foundation, Intermediate Skills are “effectively job-ready skills needed to perform more complicated work-related functions” such as social media marketing or e-commerce. Advanced or ‘Specialist’ Skills, which “form the basis of specialist occupations and professions,” are necessary to test, analyze, manage, or create digitally based products or services. These advance skills are needed to harness technology to resolve complex problems, guide others such as policymakers, contribute to professional practices, and propose new innovative ideas to advance economic development.
Skills are the supply side of digital labor markets; jobs are the demand side. Digital or ICT work can be conceived in three terms: enhanced, dependent, intensive. Some jobs are enhanced by digital tools, whereas with others — such as Internet freelancing or call centers — technology is fundamental to the work. Digitally intensive work — such as machine learning or app development — requires more specialist and advanced skills.
While data is sparse and likely not as up-to-date as the pace of change, we have learned important baseline details about the digital skills match — or mismatch — in MENA’s digital labor market. There is a shortage of digital human capital in MENA, marked by skills and information gaps. For example, in its 2017Future of Work study, McKinsey found that across the region, only 1.7% of the workforce is ‘digital talent.’ In their last 2017 skills survey of the region, Bayt/YouGov, a leading jobs website in MENA, revealed that IT jobs are among the top open positions, evidence of an acute talent and skills shortage in the region.
The Gulf countries are arguably the most advanced in terms of digital transformation. Yet, GCC countries still have a significant digital skills gap. In a 2020 survey by PwC of CEOs in the Middle East, 70% said the availability of key digital skills is a business threat, and an earlier 2017 study found that only one of the 10 skills most commonly cited by digital professionals in the GCC matches the fastest-growing skills found globally on LinkedIn. Furthermore, none of the top 10 available skills in the GCC is a technical or specific digital skill.
In this blog series, MENA Digital Directions, we will analyze and compare digital skills competence frameworks, discuss how to build digital skills across the educational pipeline, explore the role of the private sector and identify digital opportunities for women, youth and refugees. With a thorough understanding of the digital landscape and the right investments in digital infrastructure and skills, countries can ensure that more young people like Abdullah have a chance for a brighter, more connected future.
Randy Rivera, Executive Director of FinTEx, a member-led community focused on promoting innovation and collaboration within Fintech in Qatar and the MENA region, has said that his organization continues to work with international financial services industry participants.
During a June 23, 2020 virtual panel discussion (hosted by the US-Qatar Business Council) on “Qatar’s Growing Fintech Sector & Business Opportunities,” Rivera stated:
“We [aim to] … match talent with opportunity and what is going on in Qatar fits as an attractive platform not just for the Fintechs involved but for the Qatari market and the Middle East overall.”
He added:
“The design of these programs reflects thoughtfulness, broad participation and commitment of the right mix of leaders who can affect change and attract the talent to make that change uniquely impactful, not just to the market, but to the regional fintech community as well.”
Qatar is now a major financial hub in the Middle East. The country’s human development index (HDI) value is around 0.85, which puts it in the “very high” human development (and quality of life) category.
Qatar is ranked at 41 out of 189 countries and territories. Its HDI value has increased from around 0.75 to 0.85 in the past two decades – which indicates that the living standards of its residents may have improved significantly due to its booming economy.
As mentioned in a release shared with CI, Qatar aims to further support and develop a strong business community and a competitive environment that will help local SMEs while also attracting foreign SMEs.
The release revealed:
“Qatar has advanced 18 spots in the national level of entrepreneurial activity, securing the 15th rank globally and the 2nd in the MENA region for the Total Early-Stage Entrepreneurial Activity (TEA) index, according to the Global Entrepreneurship Monitor (GEM) Report 2019/2020.”
Amy Nauiokas, founder and CEO at Anthemis, a VC investment platform with over 100 portfolio firms, believes Qatar provides “a promising environment and set of opportunities for Fintech growth.”
Nauiokas, whose company supports an ecosystem of over 10,000 investors, incumbents, and high-potential Fintech firms, globally, stated:
“We look forward to solidifying some key relationships in Qatar as Anthemis further builds our MENA strategy.”
Mohammed Barakat, MD of US Qatar Business Council, who also attended the webinar, said:
“Considering Qatar’s large payment processing and remittance market and its strategy to become a regional gateway for a huge market, I foresee rapid growth in Qatar’s FinTech sector.”
The US-Qatar Business Council aims to support trade and investment between the two nations and to also build strategic business relationships.
As noted in the release, there are over 120 wholly-owned US firms operating in Qatar, and over 700 U.S.-Qatar joint projects currently active in the Middle Eastern nation.
As reported recently, the Qatar Financial Center will launch “Fintech Circle,” a co-workspace for qualifying financial technology firms free of charge for a year.
A three-day forum in Morocco emphasized the importance of environmentally friendly, socially resilient, and technologically innovative approaches to urban development. Key discussions included the role of smart cities in achieving sustainable development and the significance of digitalization and AI in transforming societies. Participants highlighted the need for smarter planning strategies and collaboration across African cities.
run Africa from top to bottom, just that… April 8, 2024 Russ Cook, nicknamed the “ hardest Geezer » (the toughest of the giants) completed his remarkable expedition of traveling the entire length of Africa after about a year. The 27-year-old from the United Kingdom crossed deserts, mountains and rainforests on his journey from South Africa to […]
North Africa’s Renewables Revolution: Unlocking The Region’s Potential For Climate Resilience By Pooja Chandak In the face of climate change challenges, North Africa – encompassing Algeria, Egypt, Libya, Morocco, Tunisia, and Sudan – emerges as a key player in the global energy transition. The region’s economies, heavily reliant on agriculture, fishery, and tourism, are […]
This site uses functional cookies and external scripts to improve your experience.
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptRead More
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Privacy settings
Privacy Settings
This site uses functional cookies and external scripts to improve your experience. Which cookies and scripts are used and how they impact your visit is specified on the left. You may change your settings at any time. Your choices will not impact your visit.
NOTE: These settings will only apply to the browser and device you are currently using.
Google Analytics
To provide me with an idea of my site’s performance
