In the modern business world, luck plays a very small role in success, as the modern business community provides important factors that lead to success (Getty)

Many people in the Arab world dream of launching their own projects, but few are able to do so, and even fewer of them succeed in their project.

Success in the past was often associated with good luck, but in the modern business world luck plays a very small role in success, as modern business society provides important factors that lead to success.

Perhaps the question that arises is: How can we, in our Arab world, benefit from successful business experiences to launch small emerging projects that will succeed in the future? What are the factors that help in the success of projects in the world in general and the Arab world in particular? What projects can succeed 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 issued 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 group of factors that determine the extent of the success or failure of projects. The study limited these factors to 3 main headings that are considered crucial to the success of small businesses, according to... What the Oxford Review platform mentioned:

1- Characteristics of a successful entrepreneur

Successful entrepreneurs have a set of qualities that make them qualified to achieve success, the most prominent of which are: steadfastness and not giving up when they fail, having determination and perseverance, the ability to motivate the work team in difficult moments, flexibility including the ability to learn from mistakes, and communication skills with others. They have the ability to make difficult decisions, and possess the management skills necessary for success.

Successful entrepreneurs have a set of qualities, the most important of which are steadfastness, non-surrender, determination, perseverance, the ability to motivate the work team in difficult moments, and flexibility (Shutterstock)

In this context, Nour Al-Masry - an entrepreneur and owner of an employment company in Jordan - said in an interview with Al Jazeera Net, “In some cases, the project faces some obstacles that may lead to its failure or a decline in its success, and here the competence of the businessman appears, who must be characterized by steadfastness and not surrender.” And work to transform failure into success by identifying the mistake to avoid it in the future, and working to fix it, by seeking the help of experienced people to reduce losses as much as possible. This is done by reviewing business strategies, including the financial and marketing strategy. It is also possible to work on setting new goals and implementing them with different ideas to ensure Do not repeat mistakes.

2- Characteristics of a successful project

The success of the project depends on several basic features, the most important of which is the compatibility of the nature of the project with the surrounding environment. The project must address the actual requirements and needs of the market in which it operates.

Jordanian economist Muhannad Erekat stresses the importance of successful small projects being closely linked to their environment, relying on locally available resources, distributing strategically, and marketing products within the established and adjacent areas.

Erekat provides valuable advice to small business owners, stressing the need for entrepreneurs to accurately identify consumer preferences and communicate with them effectively.

Erekat continues, “Understanding product specifications and the reasons behind consumer preferences is crucial, which leads to setting a competitive market price to attract customers.”

Erekat highlights innovation as a key factor, emphasizing that uniqueness and offering something the market really needs are crucial to success.

Nour Al-Masry confirms that the success of any project depends on an innovative idea, with a focus on its novelty and feasibility, and that choosing the appropriate timing to launch the project is crucial to ensuring its continuity and meeting the needs and benefits of society.

3- Flexibility of the institution

Success in business or projects depends on staying well informed and adapting flexibly to legal, political, economic and social changes within the business environment. This includes continuous and vigilant monitoring of the market, comprehensive study of variables, and addressing them quickly and appropriately without delay.

The success of a startup depends on the brilliance of the idea and the excellence of the implementation, not the amount of money you can spend on it (Shutterstock)

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 important successful projects in the Arab world from several thriving sectors in the region, the most important of which are:

  • E-Commerce:

The Arab region offers great potential in the e-commerce sector, as it is emerging as a major sector in the Middle East.

It is noteworthy that online sales exceeded in-store transactions in early 2020, which led to an increase in e-commerce startups offering their services in the region.

  • Educational Technology:

The demand for educational technology has increased after the “Covid-19” pandemic. Unlike traditional educational services that require licenses for physical institutions, establishing 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 indicate that the educational technology and smart classroom market in the region could reach $7,626.1 million by 2027.

  • Financial technology services:

The growth of business 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 to handle the financial functions of small businesses and fast-growing startups, including accounting, auditing and bookkeeping services.

The growth of business in the Arab region has led to an increased need for innovative financial technology solutions (Reuters)

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, establishing small companies specializing in the design and development of electronic games is considered profitable and has promising future prospects, according to the platform.

  • IT and web development:

With the increasing demand for IT services, more IT companies have begun operations in the Arab region, and services such as digital marketing, mobile application development, and online security are witnessing great demand.

  • On-demand delivery services:

This sector includes a wide range of services, from taxi booking to food delivery, medicine transport and home services, meeting the diverse needs of customers.

  • tourism:

Projections indicate that the Middle East region will generate revenues worth $400.71 billion from tourism by 2032, and here tourism and travel projects stand out as profitable projects in the Arab world, providing great opportunities for growth and development.

Source: Al Jazeera