Entrepreneurship

1. ROLE OF ENTREPRENEURSHIP
IN OMAN’S ECONOMIC
DEVELOPMENT
Entrepreneurship – Lesson 4

2. Topics to be
Discussed…………..
 Projections for the Vision for Oman's
Economy Oman 2020
 Role of entrepreneurship in economic
development
 Characteristics of Enterprising Society
 Entrepreneurship provides…………
 Factors stimulating entrepreneurship

3. Introduction
 The projected table (in next slide) shows
how important entrepreneurship is in the
development of Oman economy – A 2020
vision Government holds for the economy
of Oman)
 Main Economic Indicators as a % of GDP
 Gross Domestic Product is the value of a
country's overall output of goods and services
(typically during one fiscal year) at market
prices, excluding net income from abroad.

4. Projections for the Vision for
Oman's Economy Oman 2020
Activity 1995 2000 2020
Oil 33.5 25.9 9.0
Gas 1.5 5.0 10.0
Agriculture 3.0 3.5 3.1
Fishing 1.1 1.0 2.0
Mining & Quarrying 0.6 0.6 2.0
Manufacturing 5.4 6.8 15.0
Electricity & Water 1.7 4.3 2.0
Building, Construction & Real Estate 3.2 6.9 10.0
Trade & Tourism 14.1 17.8 18.0
Transportation & Communication 7.0 8.6 8.0
Banks, Insurance and Financial Services 7.9 4.3 8.0
Other Private Services* 8.3 3.2 5.0
Public Services 13.9 12.6 10.0
Gross Domestic Product 100.0 100.0 100.0

5. Role of Entrepreneurship in
Economic Development
 Entrepreneurship helps in creating job/
employment.
 Entrepreneurship helps in increase number of
enterprises.
 Entrepreneurship promotes healthy
competition which leads to innovation and
competition creativity.
 Entrepreneurship encourages in exploration
and utilization of natural resources.

6. Role of Entrepreneurship in
Economic Development
 Entrepreneurship promotes the country’s exports
which is very important for economic
development.
 Entrepreneurship helps in generating wealth at all
levels in a society. (equal distribution of income)
 Entrepreneurship helps in improving social and
community conditions. (improves standard of
living)
 Summing it up Entrepreneurship make the
economic system work and make life better for
everyone concerned by creating new
products, developing new and efficient
methods, and offering lower prices through

7. Characteristics of Enterprising
Society
 Continuous discovery of unidentified needs of
economy
 New ideas continuously infused for
revitalization (revival, new life, recovery) and
growth of economy
 Constant solving of problems experienced in
economy/ society.
 Useful goods and services constantly
produced/ provided.
 Wide distribution of needed goods and
services throughout the population.

8. Entrepreneurship
Provides……..
 Economy with small enterprises which grow
into medium and large enterprises.
 Competition throughout the economy among
small, medium and large firms alike, leading to
improved products, services and efficiency in
society – for the good of the society, leads to
better economy.

9. Factors Stimulating
Entrepreneurship
 There are certain factors which induce
prospective entrepreneurs to take up, some
productive ventures or other. These factors act
as stimulants for taking up entrepreneurial
activity and thereby generating economic
development in the country.
 There are six factors (as listed in next slide)

10. Factors Stimulating
Entrepreneurship
1) Capital formation- It is to make capital
available to entrepreneurs to start new
ventures.
2) Entrepreneurship Development Programmes-
These are the government supported
programs to develop the entrepreneurial skills
in all prospective entrepreneurs.
3) Training facilities- The availability of adequate
training facilities to promote and develop
entrepreneurship.

11. Factors Stimulating
Entrepreneurship
4) Suitable environment- It is to transform
scientific and technical developments into
economically viable projects.
5) Collateral arrangements- It is to establish a
cordial relationship between business and
research and for the easy transferability of
technology to the market place.
6) Ideal climate for innovation- It is to promote
and develop entrepreneurial activities.

12. Review…………..
 Projections for the Vision for Oman's
Economy Oman 2020
 Role of entrepreneurship in economic
development
 Characteristics of Enterprising Society
 Entrepreneurship provides…………
 Factors stimulating entrepreneurship