Oman’s entrepreneurship ecosystem vibrant
Entrepreneurship is the name for launching and running a new business. This has earned prime importance among economies in the USA and Europe. The programme currently plays a major role to their economies since it provides for job opportunities due to the increasingly large number of graduates.
Entrepreneurship is more often than not, initially a small business, and offers a product, process or service for sale or hire. These are mainly business ventures along with any of its risks in order to make a profit and entrepreneurs are people who create such businesses.
Most of the governments support the entrepreneurship sector because it reduces dependence of the state and creates a distinguished generation of entrepreneurs.
During the last decade, countries in the Gulf have given great attention to develop and support small and medium enterprises.
The Sultanate took many steps to develop and support this sector especially after the Small and Medium Enterprises Symposium held at Saih Al Shamikhat in the Wilayat of Bahla in 2013. As a result of this, the government came forward to establish Rafad Fund and SME Authority as off shoots from the symposium.
Although, the advanced steps taken by the government to develop the sector is laudable, yet it is only in the nascent stage. Oman has thoroughly strengthened the entrepreneurial ecosystems and tries the most favourable conditions to start small scale new business.
According to the Global Entrepreneurship Index, the Sultanate is ranked the 37th position in the entrepreneurship sector.
The Global Entrepreneurship Index is an annual index that measures the health of the entrepreneurship ecosystems in each of the 137 countries. It then ranks the performance of these against each other. This provides a clear picture of how each country performs in both the domestic and the international context.
I am of the view that the concerned authorities should support the SMEs through financing their projects via different channels including Development Bank, Sanad, Rafad among others.
However, they need to focus on how to develop skills on the administration and finance sectors. The concerned authorities and other private companies always organise short courses but still some of them need to have intensive courses. The entrepreneurship culture must be cultivated right through from the school days.
The culture of entrepreneurship must be practiced so that there is an attractive environment for entrepreneurship and selfemployment.
I was proud when I saw a young Omani who opened a food stuff shop. We must appreciate the entrepreneurial skill of this youngster and need to support his project as a young Omani. Unfortunately, however, before he could complete nine months he offered his outlet for sale.
I was surprised and asked him the real reason. Why you want to sell it? His answers were not much appreciable as he mentioned that he did not get the desired profits from his business.
I believe that those who establish projects have to keep in mind that they have to continue for long time till the fruits of labour are reaped. Complete trust is needed right from the beginning. When I enquired him if he separated his income from daily expenses, he blankly replied in the negative.
From other side, there are lots of citizens who expanded their businesses and after a few years further diversified their work. Planning and skills are very much important factors to continue.There are various differences between entrepreneurs and businessmen. Entrepreneurs face number of challenges including people who do not like to deal with right from the start till they develop trust.
Being a successful entrepreneur means the right attitude towards a business and determination to achieve success. They also possess strong sense of self confidence and a healthy opinion of their skills and abilities.
Finally, what does it take to be an entrepreneur? The best advice offered is you can never teach entrepreneurship. You have to take the plunge and either sink or swim with the confidence of God.