Kuwait should do more to accommodate entrepreneurism - report

KUWAIT, July 23 (KUNA) -- Kuwait needs to do more to accommodate fresh businesses and entrepreneurism, and provide a lucrative environment for smart specialisations and fresh businesses with a global impact, a report said on Sunday.
The report, conducted by Berkeley Research Group amid a consultancy endeavor commissioned by Kuwait Foundation for the Advancement of Science, was aimed at identifying commercial and strategic considerations entrepreneurs are faced with ahead of launching their businesses.
Entrepreneurs do not lack adequate funding, but rather, lack the practical know-how and the assistance required to create a business and target an appropriate customer.
They also lack guidance and training which leads to naive mistakes, the report added.
About the Kuwaiti market, the report highlighted that Kuwait has a rich consumer society, with a high purchasing power, giving it a strong competitive advantage.
This advantage, said the report, provides entrepreneurs with huge opportunities to test their new services and validate their commercial concepts, ahead of introducing these businesses to the outside world.
The report highlighted red tape and delays spent over paperwork and approvals as other fundamental difficulties facing entrepreneurs in Kuwait. (end) fh.sd