Entrepreneurial Ecosystem: An Exploration of the Entrepreneurship Model for SMEs in Sultanate of Oman

Abstract

SME has a significant impact on the growth and development of any nation economy. The entrepreneurship in Oman expected to be a leading factor in the economic due to the opportunities afforded by increasing economic diversification and corresponding rise in job opportunities and other benefits. However, entrepreneurship has faced many challenges and obstacles to its progress and growth in Oman, despite the fact that the government has supported this sector to stimulate the market. However, studies show that many challenges are still plague both startups and governments. This study therefore aims to develop an ecosystem for entrepreneurship in the Omani context as a new solution to overcome such challenges. Entrepreneurship ecosystem has a positive influence on business growth and on the creation of new businesses, with the result that this concept has received attention from both academics and policy makers. By using a qualitative research method, a total of 10 interviewees were selected to answer the major research questions and thus provide more explanation about the issues that SME faces and find the exact factors that can influence these types of enterprises. Based on the findings from qualitative research through discussions with entrepreneurs, we can conclude that there are five factors: human capital; government; support; finance and technology, all of which have a significant impact on Omani entrepreneurship success and start-ups. These results contribute to the current literature regarding entrepreneurship ecosystems. They also give greater attention to the policy makers in Oman who facilitate the implementation of this framework as well as motivating the different business owners or start-ups to develop their business strategies based on the requirements shown in the framework. In addition, a number of suggestions have been presented as focus points when developing a strategic plan to support the entrepreneurship sector.