INNOVATION AND ENTREPRENEURSHIP IN SULTANATE OF OMAN - AN EMPIRICAL STUDY

Located in the south-eastern corner of Arabian Peninsula, the Sultan of Oman is one of the fastest developing economies having a rich history and culture of exploration abroad. The country is categorized under the high-income economies and is placed in the top 50 leading nations in peace. Despite neighboring countries that are hugely endowed with oil and gas resources, the nation's economy is hugely diversified and oil forms only a small fraction of the economic activities, which also include fishing, light manufacturing and agriculture among others. In addition, a stable government coupled with relatively low taxes makes Oman an attractive investment destination for entrepreneurs and local as well as foreign investors searching for tax havens. The country also recognizes the importance of technology and innovation to economic development, which is foreseen by the research council. The research council undertakes an important duty of ensuring that research in the country is well developed. This research looks at some of the factors that impact on the individual decision to venture into entrepreneurship as well as a qualitative analysis of the link between entrepreneurship and innovation. The key findings of the empirical study will be examined in detail in bid to analyze the relevance of the findings in relation to existing theories and research in the field.