Marketing and media consultancy expert, Lamia Kamel said that the achievement of sustainable development is linked to the development of entrepreneurial environment, and it has become a necessity, especially with Egypt stepping towards stabilization and development.
CC Plus, the media consulting agency, CEO added that entrepreneurship plays an important role in economic development. It is considered a major contributor to innovation, creativity and product improvement. It not only contributes to the creation of new jobs, but also in building entire communities.
She pointed out that entrepreneurship is defined in political economy as the process of identifying and starting a business project. This includes taking into consideration; sourcing, organizing necessary resources and all risks and rewards associated with the project.
Lamia believes that entrepreneurship is not easy. As most of the new businesses fail if not well organized. Thus, officials and stakeholders should consider developing the work environment of entrepreneurship in Egypt.
Lamia Kamel noted that «lack of cooperation» also is one of the challenges. Cooperation between emerging companies, as well as small and medium, can provide the necessary ground to overcome many obstacles. She continued: «through cooperation, marketing problems can be solved, in addition to access to larger markets, in order to provide more effective mechanisms access to information, which is the most important element of entrepreneurship.»
Marketing and media consultancy expert emphasizes that legislative regulations and practices, besides small and medium enterprises financing should be reconsidered. In Egypt, Beirut or Amman it takes long time to establish a company. Meanwhile, in the United States, a company can be established within 24 hours. Dealing with legislation and red tape lead to wasting the entrepreneurs time and energy, which increases the investors hesitation in supporting new projects, other than frustration of determination.
Kamel refers to the unstable political conditions in the region as one of the largest investors hesitation factors in accessing the entrepreneurial market. But that applies to investors who do not know the market well. The experienced investors in the region trust the ability of entrepreneurs to overcome political difficulties.
She continued: «that one of the most important challenges also is poor planning, where most entrepreneurs in the region, commit this common mistake, which is not collecting enough fund but what is sufficient for the start alone. Yet any emerging company should be financed enough to work for 18 to 24 months. This is the needed period for companies to achieve real profit. Another mistake committed by entrepreneurs in the Middle East and North Africa, is collecting funds equal to the assets they own today, not for the positions they aspire for their emerging companies after a year or two.»