Lebanon Ranks High in Global Entrepreneurship
AKSOB professor represents Lebanon at the Global Entrepreneurship Monitor’s annual meeting.
The world’s leading study of entrepreneurship, the Global Entrepreneurship Monitor (GEM), held its annual meeting during the last week of January in Seoul, South Korea. The organization collects data and research on entrepreneurship to feed to the world’s largest international organizations, such as the United Nations, the World Economic Forum and the World Bank.
The meeting was attended by delegates from 54 participating countries. Wissam AlHussaini, assistant professor in the Department of Management Studies at the Adnan Kassar School of Business (AKSOB), was one of Lebanon’s delegates present to share the country’s key entrepreneurial indicators.
“It is uplifting to represent such an entrepreneurial society internationally,” said AlHussaini. “Representatives of neighboring and regional countries all have their eyes on the entrepreneurship activities in Lebanon, and it is a source of pride to be among the leading countries on different dimensions of enterprising.”
Lebanon had a unique standing among participating economies. It ranked second on the newly introduced Global Entrepreneurial Spirit Index (GESI) – which measures entrepreneurial awareness, opportunity perception and self-efficacy – and fourth among 54 economies in Total Early-Stage Entrepreneurial Activity (TEA), an indicator measuring the percentage of people in the process of starting a new business.
According to AlHussaini, “There are several reasons behind the success of Lebanon. Chief among them is the generational heritage of entrepreneurship; Lebanese people are known worldwide for being very entrepreneurial. In addition, families, friends and communities at large are very supportive of anybody aiming to start a business.”
Equally important is the advanced level of education among the population in the country, AlHussaini added. “Lebanon stands as a beacon of secondary and tertiary education in the region,” he said, citing internationally accredited business programs like AKSOB’s, “which focus on starting, managing and succeeding in small businesses.”
However, he stressed that business prosperity is contingent on stability. “If young Lebanese businesses are to grow, economical support from both government and non-governmental parties must be present and effective. And political stability is a must.”
AKSOB Dean Said Ladki noted that “faculty at the school is currently working on a national report for GEM that will flesh out these results and provide an in-depth analysis of the entrepreneurial ecosystem in Lebanon.” AKOSB runs the GEM project in partnership with the UK Lebanon Tech Hub, the leading business incubator in the country.
“We are so proud of Dr. AlHussaini for championing the LAU 2018 GEM Report,” which, Ladki said, will be launched at a special event that will be held later this year.