Exploration of Entrepreneurship Orientation Among SMEs in the Sultanate of Oman

Entrepreneurship in Oman is still in the developing stage considering the business policies and structures and currently, the government is focusing on strengthening the SME in the country. Administering the challenges among the SMEs in Oman proving that there is scope for growth of entrepreneurs in the country. Oman 2040 vision has a specific emphasis on small and medium enterprises and is the key to the long-term economic growth of the country. The literature review proved that SMEs in Oman are facing challenges in developing and implementing their strategies. The study attempt to identify ways and means, which will establish and sustain the vibrancy for Omani SME entrepreneurs so that they can play a vital role as the engine of growth in Oman's economic development efforts in the form of independent variables such as capacity building, employment generation, promoting competitive market, technological development. A structured questionnaire was used to collect data from 174 SME entrepreneurs from the Sultanate of Oman and was analyzed with stepwise multiple regression to study the impact of independent variables on growth, stability, and economic development. However, it is revealed that the overall regression model is a good fit for the data. This study shall highlight the opportunities for Omani to encourage and facilitate new business startups. It is therefore recommended that there needs a strong partnership with industries that can mutually benefit and provide support to the new startups in the country. The author concludes by examining the factors affecting the economic development and the steps to be taken by the authorities to evolve a conducive environment to encourage more new SMEs in the country.