ROLE OF ENTREPRENEURSHIP

IN OMAN’S ECONOMIC

DEVELOPMENT

Entrepreneurship – Lesson 4

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

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.

Projections for the Vision for

Oman's Economy Oman 2020Activity 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

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.

Role of Entrepreneurship in

Economic Development

Entrepreneurship promotes the country’s exportswhich is very important for economicdevelopment.

Entrepreneurship helps in generating wealth at alllevels in a society. (equal distribution of income)

Entrepreneurship helps in improving social andcommunity conditions. (improves standard ofliving)

Summing it up Entrepreneurship make theeconomic system work and make life better foreveryone concerned by creating newproducts, developing new and efficientmethods, and offering lower prices througheffective competition.

Characteristics of Enterprising

Society

Continuous discovery of unidentified needs ofeconomy

New ideas continuously infused forrevitalization (revival, new life, recovery) andgrowth of economy

Constant solving of problems experienced ineconomy/ society.

Useful goods and services constantlyproduced/ provided.

Wide distribution of needed goods andservices throughout the population.

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.

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)

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.

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.

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