Qatar’s entrepreneurial activity up in 2020 despite Covid-19 impact, says QDB official

Amid the challenging impact of Covid-19 on many businesses, the pandemic has also led to an increase in Qatar’s entrepreneurial activity, according to Qatar Development Bank (QDB) acting CEO Abdulrahman Hesham al-Sowaidi.“The pandemic showed us that some entrepreneurs have the resources to be resilient and thrive, while others have seen their existing challenges and barriers accelerate and exacerbated, further restricting their chances of success,” al-Sowaidi stated in the Global Entrepreneurship Monitor (GEM) Qatar National Report 2020.Published this year, the report “is the most comprehensive study of the level of entrepreneurial activity in Qatar,” said al-Sowaidi, who added that QDB is the lead institution responsible for Qatar’s participation in GEM 2020.Adults in Qatar have “a very positive attitude” towards entrepreneurs and entrepreneurship, GEM 2020 results highlighted. It stressed that the potential for entrepreneurship is evident in the large proportion of the population who consider entrepreneurship “a desirable career choice” and believe entrepreneurs are well regarded and enjoy a high level of social status and respect. The positive societal attitude towards entrepreneurship plays an important role in building a healthy pipeline of prospective entrepreneurs in the country, it further stated. “In 2020, Qatar has experienced an increase in entrepreneurial activity despite the unprecedented impact Covid-19 has had on the global economy. The proportion of adults involved in early-stage entrepreneurship in Qatar has steadily increased since 2017, and the rate of established business ownership has reached an all-time high since the benchmark study was conducted in 2016. “In addition, the rate of entrepreneurial employee activity has nearly doubled since 2019. As entrepreneurial activity in Qatar is rising, the rate of business discontinuance is declining,” stated the report.It also stated that the coronavirus pandemic has led to a “drastic shift” in consumer behaviour and has created a “lasting ripple effect” on businesses from all industries. The short-term behaviours of consumers coping with this crisis are likely to have a long-term impact on business models, partnerships, and the competitive landscape. “The GEM 2020 results highlight that Qatar’s entrepreneurs are evolving and innovating to meet growing customer demands in the post-pandemic world. One in two early-stage entrepreneurs and two-thirds of established business owners agree that Covid-19 has provided new opportunities that they would like to pursue with their business. “One in every four adults surveyed in the Adult Population Survey (APS) knows of someone in Qatar who has started a business because of the coronavirus pandemic. Over half of the adults with entrepreneurial intentions report that Covid-19 has influenced their expectations around starting a business,” stated the report.It added: “Qatar’s government has taken an active role in providing support to new and established businesses during the pandemic – eight in 10 entrepreneurs agree the Qatar government has responded effectively to the economic consequences of the coronavirus pandemic. “One in every four established business owners in Qatar have received or expect to receive financial support from the government because of Covid-19. Furthermore, over a quarter of early-stage entrepreneurs in Qatar feel it is easier to start a business now when compared to before the pandemic.”