Many people in the Arab world dream of starting their own projects, but very few are able to do so, and even fewer of them are successful in their projects.
In the past success was often associated with good luck, but in the modern business world luck plays a much smaller role in success, as modern business society provides important factors that lead to success.
Perhaps the question arises: how can we, in our Arab world, benefit from successful business experiences to launch small emerging projects that will be successful in the future? What are the factors that help the success of projects in the world in general and in the Arab world in particular? What projects can be successful in our Arab world?
These and other questions are what we will try to answer in this report.
What makes a project successful?
A study released by the Journal of Social and Developmental Sciences, after reviewing hundreds of previous research studies examining the success factors of small businesses, found that there is a set of factors that determine the extent of success or failure of projects . Studies are limited These factors fall under 3 main headings that are considered important to the success of small businesses… What the Oxford Review Platform noted:
1- Characteristics of a successful entrepreneur
Successful entrepreneurs have many qualities that qualify them to achieve success, the most prominent of which are: persistence and not giving up when they fail, determination and persistence, ability to motivate the work team in difficult moments, flexibility. Including. Ability to learn from mistakes, and communication skills with others. They have the ability to make difficult decisions, and have the management skills necessary for success.
In this context, Nour Al-Masri – an entrepreneur and owner of an employment company in Jordan – said in an interview with Al Jazeera Net, “In some cases, the project faces certain obstacles that may lead to its failure or its Fall can lead to success, and here the ability of the businessman is manifested, which should be characterized by perseverance and not dedication.'' And to convert failure into success by identifying the mistake and asking for help to avoid it in the future. Work. Take the help of experienced people to minimize the losses as much as possible. This is done by reviewing the business strategies including financial and marketing strategy. Set new goals and implement them with different ideas to ensure that the mistakes are not repeated. It is also possible to work on doing.
2- Characteristics of a successful project
The success of a project depends on several basic characteristics, the most important of which is the compatibility of the nature of the project with the surrounding environment. The project must address the real needs and requirements of the market in which it operates.
Jordanian economist Muhannad Erekat emphasizes the importance of linking successful small projects closely to their environment, relying on locally available resources, distributing strategically, and marketing products within established and adjacent areas.
Erekat provides valuable advice to small business owners, emphasizing the need for entrepreneurs to accurately identify consumer preferences and communicate with them effectively.
Erekat adds, “It is important to understand the reasons behind product specifications and consumer preferences, thereby setting a competitive market price to attract customers.”
Erekat highlights innovation as a key factor, emphasizing that uniqueness and offering what the market really needs is critical to success.
Nour Al-Masri affirms that the success of any project depends on an innovative idea with a focus on its novelty and feasibility, and choosing the appropriate time to launch the project ensures its sustainability and meets the needs and benefits of society. is important to complete. ,
3- Flexibility of the organization
Success in business or projects depends on staying well-informed and flexibly adapting to legal, political, economic and social changes within the business environment. It involves constant and vigilant monitoring of the market, comprehensive study of the variables, and addressing them quickly and appropriately without any delay. ,
Research confirms that system-wide flexibility in responding to change is critical to business success.
What are the successful projects in the Arab world?
The Uptonix Platform identifies the most successful projects in the Arab world from among the region's many thriving sectors, the most significant of which are:
The Arab region offers great potential in the e-commerce sector, as it is emerging as a major region in the Middle East.
It is noteworthy that in early 2020, online sales exceeded in-store transactions, which led to the growth of e-commerce startups offering their services in this sector.
- educational Technology:
The demand for educational technology has increased after the “COVID-19” pandemic. Unlike traditional educational services that require licenses for physical institutions, setting up an educational technology company allows the creation of online courses.
Taking advantage of artificial intelligence, virtual reality, and augmented reality in practical educational lessons has become an important trend.
Forecasts suggest that the educational technology and smart classroom market in the region could reach $7,626.1 million by 2027.
- Financial Technology Services:
Business growth in the Arab region has increased the need for innovative fintech solutions, and while large financial companies run corporate finance functions, there is a huge opportunity for small businesses and fast-growing startups to handle the financial functions, including bookkeeping, accounting, Exams and include. Bookkeeping services.
Design and Development of Electronic Games:
While the electronic games industry – a global sector worth billions of dollars – is very popular in the Arab world, the establishment of small companies specializing in the design and development of electronic games is considered profitable and has future potential, according to the platform.
- IT and Web Development:
With the increasing demand for IT services, more IT companies have started operating in the Arab region, and services such as digital marketing, mobile application development and online security are seeing great demand.
- On-Demand Delivery Services:
This sector includes a wide range of services catering to the diverse needs of customers, ranging from taxi booking to food delivery, medicine transportation and household services.
Expectations indicate that the Middle East region will generate revenues of $400.71 billion from tourism by 2032, and tourism and travel projects here will emerge as profitable projects in the Arab world, providing great opportunities for growth and development.