Entrepreneurial Growth: Challenges to Young Omani Entrepreneurs

Dr Subrahmanian Muthuraman,Dr Mohammed Al Haziazi

doi:10.33642/ijbass.v5n7p10

Dr Subrahmanian Muthuraman, Dr Mohammed Al Haziazi

Open Access

https://doi.org/10.33642/ijbass.v5n7p10

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Abstract

Entrepreneurship plays an important role in economic prosperity and social stability in many developed countries. Entrepreneurship has been adopted as a strategy to promote economic activities among young people. There is a growing interest in understanding the various challenges of youth entrepreneurship. The main purpose of this study was to assess the challenges in entrepreneurial growth of young entrepreneurs in the Sultanate of Oman. This research was set out to investigate the obstacles that young people encounter when setting up their businesses; the current obstacles that prevent the expansion of their entrepreneurial ventures; as well as the prospects for youth entrepreneurship development in this community. The study employed a descriptive survey research type and used convenience sampling technique to collect data. A standardized questionnaire was used as an instrument to collect data to establish the perceptions of 52 young Omani entrepreneurs. This paper is significant in that it brings insights on challenges for entrepreneurship in Oman. The importance of stimulating the entrepreneurial spirit, values, and attitudes of young people and encouraging innovative business start-ups while fostering a more entrepreneur-friendly culture must be translated into actual and effective policy actions in Oman. We consider that supporting youth entrepreneurship must be an Oman’s priority.

Highlights

Economic development, achieved largely through young entrepreneurship growth, is very important to both developed and developing nations
Ongoing demographic transitions in certain regions of the world, by which the proportion of young women and men is significantly increased compared to other age groups, has opened a window of opportunity to invest in young people who will be the generation of workers and entrepreneurs
The promotion of entrepreneurship in Oman is motivated by both ideological trend and necessity

Summary

Introduction

Economic development, achieved largely through young entrepreneurship growth, is very important to both developed and developing nations. Ongoing demographic transitions in certain regions of the world, by which the proportion of young women and men is significantly increased compared to other age groups, has opened a window of opportunity to invest in young people who will be the generation of workers and entrepreneurs. This opportunity, if invested in, will enable countries to reduce poverty and leapfrog stages of economic and social development (ILO,2005). Youth micro and small scale enterprises (MSEs) which are considered to be increasingly becoming important economic actors in generating income and employment throughout the world since this sector on average contributes about 67% employment to the total labour force in most of the developing countries (Yordanos Mekonnen, 2006)

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