Business & Money | Saturday 13 July, 2019 7:37 am |

 

The World Bank said that global experience has shown that entrepreneurship stimulates job creation in the economy, while the degree of success of entrepreneurs depends on the maturity of the core business environment.
He added in a blog post that traditional ways of creating jobs and growth may not create enough jobs in the future, so the Jordanian government has encouraged entrepreneurship to accelerate job creation.
The Bank noted that the entrepreneurial environment in Jordan has emerged in the last 10 years and Jordan's ranking on the Global Entrepreneurship Index has improved by 23 positions between 2014 and 2018 (up to 49th from 72nd).
This indicator measures the quality of entrepreneurship and the scope and depth of the entrepreneurial environment in 137 countries.

 

The Global Entrepreneurship Index 2018 showed that Jordan's score is equivalent to the average rating of the Arab region of 37 percent. Jordan excels in the region in indicators of product and service innovation, technology assimilation, competition, emerging company skills and cultural support. On the other hand, Jordan is lagging behind high growth indicators, risk capital, risk acceptability, networking and human capital.
A World Bank survey of 230 Jordanian entrepreneurs found that Jordanian entrepreneurs have a great deal of education and solid business experience.

The study found that 94 percent of the main founders of Jordanian startups hold bachelor's degrees or above, 62 percent have 10 or more years of experience, and 20 percent have 6-9 years of experience.
Most Jordanian entrepreneurs (71 percent) have previous experience working in middle- or higher-level jobs, and most (91 percent) were employees of private companies, including their own companies, before starting a business.
Jordanian entrepreneurs are usually in groups where the founders draw a mix of diverse but integrated skills to support their companies' operations. These characteristics show a high-quality combination that is consistent with the characteristics of the top 100 emerging companies in the Arab world in the 2017 World Economic Forum.

In its study, the World Bank noted that the Jordanian government has established a new Ministry of Digital Economy and Leadership to expand the former MCIT's mandate, support digital entrepreneurship, electronic payments and digital skills development. This is a vital step to support the government's growing role in supporting these pillars of the digital economy.