In this essay it was decided to write and explain about entrepreneurship in Oman and ways it will benefit in developing and supporting startups of medium-size enterprises to strategically grow and sustain the plans. While evaluating secondary data references, we have identified information about the current entrepreneurship in the sultanate of Oman and the process of developing and supporting their sustainability. Entrepreneurship will have a significant effect in the country’s economy and development by increasing employment opportunities for the citizens and residents while developing a more robust local entrepreneurship base.
Local entrepreneurship increases diversity of products and services locally to meet the local needs.
Therefore, the country’s economy substantially benefits in many different ways including being recognized as a stable competitive international market giving confidence to major international investors. This essay is meant to promote and encourage entrepreneurship, by making available the necessary supportive information for prospective Omani entrepreneurs that guide them through the process of initiating a homegrown business through the financing organizations like “SHARAKAH” and “AL RAFD FUND” to support their aspiring entrepreneurship ideas of implanting different businesses in the sultanate of Oman.
In 2013 up to 2015, the statistics gives evidence of various Omani national business initiatives which were registered in the country as startups of small and medium enterprises.\nThe sultanate was suffering from the low turnout of Omanis into the entrepreneurial sector. According to “Richie santosdiaz” (2018) “In 2013, there were only 323 Omanis who had registered their own businesses, whereas that number went up to 4,300 in 2015.
” Oman has witnessed this increase in the number of citizens coming to establish small and medium sized enterprises, because of the easiness of obtaining a finance. An example of institutions that provide financing for small and medium sized enterprises is “SHARAKAH” or “Al RAFD FUND”. Nevertheless, this small and medium sized enterprises face challenges such as obtaining bank loans and government approvals. ALRAFD fund established in 2013, aimed to support the entrepreneurial growth by providing suitable financing to maintain the sustenance of small and medium sized enterprises.
To develop the culture of entrepreneurship in the Sultanate of Oman, a specialized organization has been created for small and medium sized enterprises development concerned with everything related to entrepreneurial work, In addition the presence of private sector entities are willing to support and evolve these small and medium sized enterprises. The importance of developing and supporting entrepreneurship is evident through the initiatives of government agencies and the private sectors represented in seminars, courses and encouragement of competitions in addition to instituting Al Rafd Fund, which is one of the most important turning points to support entrepreneurship in the Sultanate of Oman. \nThe entrepreneurship in Oman has become one of the preferred ways to initiate business developments. Some of the business ideas have been facing some challenges during the development phase. The establishment of the entrepreneurial program is designed to encourage job creation in the Sultanate of Oman and reduce un-employments. In addition to creating employments and generate income for the entrepreneurs; the new business development initiatives also have the added advantage of creating jobs for local communities who benefits from new jobs creation to support their families. Therefore, successful entrepreneurs make significant contributions in the economy and stability of the country. In developed economies, we see that almost 40 – 50% of the workforce employed in private sectors through small and medium scale business enterprises that are initiated by entrepreneurial individuals.
Entrepreneurship in Oman is showing an increasing trend year after year and an increasing level of competition to access financial institutions to provide the funding. With all the government ad financial institutions promoting the local business, the challenge remains in the selectivity of viable ideas that demonstrate significant potential of a successful startup. Several examples in Oman for new opportunities for entrepreneurship, as we know many people have business ideas but lack funds to startup the implementation of their ideas. Therefore, the available financial institutions AlRAFD FUND are there to assist Omani citizens to start their own businesses in marketing, food industries etc. There are several business opportunities that Omanis should focus on to bring about more job opportunities and development in the country especially considering products from manufacturing industries.
Historically Omanis are known to be traders of products across the world from Africa to China and India, this is an area that also require some more attention to revive the trading spirit of Oman around the world by encouraging their well-known historical traits. \nIn conclusion, Oman already has the infrastructures and institutions to support citizens who are motivated to go through the process of channeling their business ideas that will translate into a significant opportunity to benefit the community and the country in general. However; it is imperative to bring more transparency in the process in order to encourage more initiatives for start-ups. Even more important is to look for alternative ideas in the manufacturing, information technologies, service and tourism sectors where there are still significant opportunities. The current areas of focus is already saturated by several companies and have become less beneficial to the investors because of the high level of competitions; these include the food and some service industries like, restaurant, cleaning and construction. Also the diversification of the economy from oil and gas reliance is crucial to ensure the country sustainability. This is where people with entrepreneurial initiatives will make significant contributions in the stability and the economy of the country. Significant progress in being made in this direction but increased support to capable citizens with potential successful ideas will go a long way to help the country and it citizen to live better lives in the long term. Finally it is equally important for any ideas to go through the appropriate level of scrutiny to ensure the available funding is not wasted in non-viable ideas.