Current Issues in Entrepreneurship in Oman

Abstract

Entrepreneurship is an essential practice for a country’s economy to grow. In this research, the current issues faced in entrepreneurship are collected and analyzed. The main focus of the study is Oman, which has experienced a tremendous change in its entrepreneurial activities for the last few decades. The Sultanate of Oman is located on the east face of the Middle East. The nation borders the United Arab Emirates on the west side. The country is also near the Kingdom of Saudi Arabia. Oman is a unique nation in the Middle East; unlike the other nations from that region that majorly depend on oil, Oman has adopted other non-energy businesses like light manufacturing and tourism. Companies are expanding rapidly because of the support which the government has provided to ensure that there is a diversification of the economy. The government has also put more effort into creating infrastructure and developing friendly policies which support entrepreneurs. Oman is geographically placed in the east–west trade routes, favoring regional trade. The country has been improving in its entrepreneurial activities. The adoption of modern technology by different businesses has changed the face of the country, making enterprises in Oman compete with other international companies in the trade. The data collected also show that there are challenges that entrepreneurship experiences in Oman. Some of the challenges include lack of financial support from the government and financial institutions, inadequate educated, and trained workforce to meet the increasing demand of workers in the labor market and poor market conditions that do not favor the entrepreneurs. In future, the country plans to eradicate the issue of unemployment by focusing on digital technology to help entrepreneurs create more jobs for the Omanis.

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