A new survey by GoDaddy reveals a positive outlook for Egyptian entrepreneurs, with a majority (84%) expressing confidence in their business growth over the next 3-5 years.
The 2024 GoDaddy Global Entrepreneurship Survey, which explored the motivations, challenges, and successes of small business owners in Egypt, highlights the country’s vibrant entrepreneurial ecosystem and a clear shift towards digital transformation.
The primary drivers for Egyptian entrepreneurs to launch their businesses were passion (29%), market opportunities (20%), and financial independence (18%). A significant majority of respondents (71%) have been in business for five years or less, reflecting a dynamic entrepreneurial ecosystem.
While starting a business can be exciting, it also comes with challenges. The top hurdles for Egyptian small business owners as they launched their businesses included marketing their business online (56%), marketing through traditional methods (37%), and lacking expertise in website building or technology management (20%).
To overcome these obstacles, Egyptian entrepreneurs were strategic with their finances. Top priorities included marketing their business online (27%), hiring employees (11%), and hiring a consultant (10%).
As businesses grow, challenges evolve. Currently, 34% of business owners report marketing-related issues as their primary challenge, followed by customers (31%) and technology challenges (30%).
While entrepreneurs continue to invest in developing new products and services (11%), and marketing through traditional means (14%), a shift towards digital transformation is evident. Most funds are now directed towards enhancing digital infrastructure and online marketing (27%). This transition to a more digital-centric approach can be crucial for unlocking new growth opportunities and achieving long-term success.
Mentorship has played a significant role for many Egyptian entrepreneurs, with 80% of business owners seeking guidance. This support has been instrumental in navigating the complexities of running a business and has likely contributed to their overall success and satisfaction.
The positive impact of entrepreneurship is evident. A remarkable 98% of respondents agree that their lives have improved since they embarked on their entrepreneurial journey.
This sense of fulfilment and progress drives many to aim higher; 63% of respondents report up to half of their annual revenue comes from online sales, and 98% of those whose business is currently a supplemental income hope to make it their primary source of income. These aspirations highlight the growing reliance on digital platforms and the determination to achieve greater financial independence.
The 2024 GoDaddy Global Entrepreneurship Survey underscores the resilience and innovative spirit of small business owners in Egypt. From their initial motivations and early challenges to their embrace of digitization and the importance of mentorship, the entrepreneurial journey is marked by growth and adaptation.
