Only 6 per cent of entrepreneurs create 60 per cent of jobs growth, says Prof

An Oxford-based professor has issued a stark warning to budding entrepreneurs: only 6 per cent will be successful and build over 60 per cent of jobs growth for the GCC economy. Professor William Scott-Jackson of HR firm Oxford Strategic Consulting says that while the GCC is encouraging entrepreneurship to boost jobs, only a minority of entrepreneurs ever succeed.

This discovery follows new research from Oxford Strategic Consulting and energy company BP, which shows that 67 per cent of new start-up businesses are likely to fail, while 33 per cent will be successful. But, from this 33 per cent of successful entrepreneurs, only a small 6 per cent will go on to create further jobs that will boost the GCC economy.

Now, Oxford Strategic Consulting want to identify the characteristics of the successful 6 per cent, so that governments and businesses can boost their chances of success with high-growth help. And universities have a key role to play, as they could help to increase the 6 per cent figure by assessing characteristics and then building their chances of success.

If universities could increase the successful 6 per cent to around 10 per cent, then this small increase would have a dramatic impact on employment levels. The professor is looking for governments and companies to support this new research to find the successful 6 per cent of entrepreneurs quickly, to secure the future of GCC job growth.

Professor William Scott-Jackson from Oxford Strategic Consulting says: “The GCC governments have been wisely encouraging young people to consider starting their own businesses in order to maximize employment. If we could identify the 6% most likely to succeed, then we could provide specific help for them to grow fast. If we could identify the 67% who are less suitable then we could save them the pain of failure and help them to choose another career. Education has a key role to play in achieving high employment through successful SEMs.”

Professor William Scott-Jackson will give a presentation called Employment Growth through Entrepreneurs: The role of higher education at the 4th Annual Gulf Education Conference on 31 March 2014 in London. The new research, supported by energy company BP, is taken from the Oxford Strategic Consulting report called Maximizing Omani and Emirati Engineering Talent.