Internal and external barriers to entrepreneurship in Saudi Arabia

Abstract

Abstract In many large and fast‐growing economies, entrepreneurship is widely promoted among the youth. Recent studies show an increased youth interest in entrepreneurship, resulting in decreased unemployment. Following the announcement of the Saudi Vision 2030, the government of Saudi Arabia has undertaken policies to boost interest in entrepreneurship. This study aims to analyze the internal (personality) and external (business environments) barriers to an entrepreneurial attitude in Saudi Arabia and further identify the factors behind the slow entrepreneurial growth in the Kingdom. Based on the theory of planned behavior and institutional economic theory, a conceptual model is developed. Findings of the study indicate a significant positive impact of personality traits, entrepreneurial education and competency, formal and informal support, and financial support on entrepreneurial attitude, while regulations have a negative impact on entrepreneurial attitude. Therefore, it can be concluded that individual personality traits—followed by business environment—are significant role factors in molding an entrepreneurial attitude.

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