The role of SMEs in boosting the economy and providing job opportunities globally
The main driver of global economic growth
SMEs: Supporting the economy, providing jobs, and achieving sustainable growth
SMEs constitute more than 90% of businesses globally, significantly contributing to job creation and GDP enhancement. In Saudi Arabia, these establishments are witnessing remarkable growth, with 1.52 million commercial records registered by 2024. These establishments are an essential part of the national and global economy.
The main driver of global economies
SMEs: A driving force for the global economy and job creation
According to the World Trade Organization, SMEs represent more than 90% of businesses, 60-70% of jobs, and 55% of GDP. In various countries such as Saudi Arabia, the UK, Canada, and the USA, these establishments constitute a significant percentage of all businesses, reflecting their vital role in the global economy.
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Saudi Arabia
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United Kingdom
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Canada
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USA
The backbone of the national economy
Remarkable growth of SMEs in Saudi Arabia until 2024
Avoiding failure to achieve business success
Startup failure rates: Challenges, reasons for failure, and how to overcome them
Failure rate
Success rate
Avoiding mistakes to achieve startup success
Common reasons for startup failure and how to overcome initial challenges
Complex operational and legal issues
Causing operational disruptions and requiring additional costs to fix.
Technical issues leading to work disruption
Including technical failures and challenges of modern technology.
Marketing issues and product-market fit
Lack of an effective marketing strategy makes it difficult to reach the target market.
Operational issues
2%
Legal issues
2%
Technical issues
6%
Financial issues
16%
Team problems
18%
Marketing issues
22%
Product-market fit issues
34%
