Entrepreneurial Growth: Challenges to Young Omani Entrepreneurs

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.

The Early Exposure of Business During Teenage Life and the Intention of Becoming an Entrepreneur

“…For example, a business loan from Tekun Nasional under the Ministry of Entrepreneur Development and Cooperative. The availability of financial assistance (Muthuraman, 2019) influence people to be an entrepreneur especially young people or fresh graduates.…”