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Enterprises need proper guidance to drive them safely through the way of continued success and development, to an extent many of them are managed by youths who are mostly lacking the necessary experience required for managing these enterprises. Hence the outcome of this is the discontinuity of such enterprises to about 50 % in the first year of their establishment and/or start of activity. More often than not, certain factors play a part in the failure of the establishments, the most important of which are:

  • Lack of complete and proper awareness on the mechanisms of starting up establishments and the operation of business.
  • Insufficient support from competent entrepreneurial agencies to help start their projects properly.
  • Lack of adequate experience among the youths to manage their own enterprises.
  • Lack of the appropriate guidance from the youth agencies with regards to the type of successful business the entrepreneur should engage in.

As an inevitable outcome of the above mentioned reasons, the shut down of the youths’ enterprises in the first years of establishment has a great negative financial effect on the national economy. As well as the great loss of human resources and energy as a result of the entrepreneur’s lack of trust in achieving success in potential future businesses.

Because youths are the vibrant energy in any nation, the fuel of its civilization and the hope of its future, the country’s leaders decided to dedicate a great deal of attention to those youths so that they can step confidently in the way of the future and assume their effective role in uplifting the nation and sustaining its continued progress among the regional neighboring states. Eventually, this new support system may become a model example in its policy, message and successful experiences for others to follow.

In this context, this admirable initiative had to be launched-“Prince Salman bin Abdul-Aziz Awards for Young Entrepreneurs” to encourage and support youth’s businesses. Hopefully, it will reward the young professional as well as achieve benefits at the national level with its various sectors and branches. This homeland is not complete without its youth.

This initiative comes from his highness in line with his supportive and sustaining attitude for young entrepreneurs in this generous country stemming from his deep belief that young entrepreneurs are the strong bricks for building of this country.