innovator of them stop them eitherthey were relentless in their vision for their businesses, spurred on by a need to do something different, not just for themselves, but for their nation as well. Consider Dar alHerfya CEO Zuwaina Sultan Al-Rashdi, whose Omani handicraft business led her to be declared as the “Best Female Entrepreneur” at this year’s awards: her enthusiasm for her enterprise is almost infectious, and she has big plans for its future. “My vision for Dar alHerfya is global,” Al-Rashdi says. “I want to feature our Omani products around the world.” Their big dreams notwithstanding, these Omani entrepreneurs are eager to see more backing for what they do from their ecosystem. While they are glad and proud about the recognition they have received from Riyada, they all agree that there needs to be more active support for entrepreneurs in Oman, especially in their early stages- that’s when they really need the push to keep at it with their enterprises. From Riyada’s standpoint, Al Abri acknowledges this demand, and reiterates his organization’s commitment to its mission of working for the SME sector in Oman.
However, Al Abri also cautions against entrepreneurs stepping into this field without the requisite preparation needed for such endeavors. “One of the mistakes [Omani entrepreneurs] make is that they think they can establish a business today, and the next day, all the doors will open to them to start doing business,” he says. “But that’s not how it happens in the real world.” Al Abri adds that entrepreneurs also need to do their homework before starting up- a thorough understanding of the business and its markets is absolutely necessary, along with proper management of their accounts, human resources and other such vital cogs of running an enterprise. Of course, Riyada is there to help, Al Abri says, with everything from helping with the procedures and processes, to pushing government authorities to help SMEs start up and develop their businesses. And so while Oman may not have an ideal entrepreneurial ecosystem yet, Al Abri notes that work has begun in this regard, and the country as a whole –which includes everyone from the population to the government- is adamant on giving this sector the boost that it needs and deserves. Here’s hoping.
Nadia Maqbool, founder, 23 Degrees
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Entrepreneur march 2016
Building an ecosystem
Perspectives on the Omani SME sector Chris Broad | Specialist Mentor, Riyada, and Lecturer, Central Bank of Oman’s College of Banking & Financial Studies What’s your personal take on the entrepreneurial ecosystem of Oman? “I think the ecosystem is in some instances very developed; however, there is still a silo mentality and an apparent difficulty in getting all the various components and initiatives workChris Broad, ing together Specialist Mentor, cohesively. The Riyada opportunity is there for an umbrella organization, such as Startup Oman, to provide a hub environment through which entrepreneurs can access experience, finance and skills to be able to go-to-market more effectively. Oman needs a consolidation of the various SME initiatives as well as the development of incubation environments out of government and/or large corporate’s CSR program oversight –we have a private organization in Muscat, called The Lounge that does just that– and they have first mover advantage in this space. You can’t mandate creativity and entrepreneurial thinking by way of government fiat. Big business and entrepreneurship are a natural fit and we must move away from programs that leave entrepreneurs feeling like they’ve become someone’s PR exercise. The problem is the rentier economy, which has led to a dependency and handout culture amongst many. An unforeseen consequence of stability has been the stunting of initiative to the degree that one is asking permission
to think out of the box. It’s a challenging starting point. Whilst it is true that the diversification policy has had many notable successes it’s inherent command and control nature has disadvantaged the economy as it goes into this new reality.
The role startups have to play front and center is critical– however, inertia and dirigiste central planning is a hurdle to be addressed. Oman has a pool of young gifted youth to draw from, and I think if they are given access to alternative sources of funding and regulators get out of their way, the result can only be new business, job creation and economic growth.” What are your tips for aspiring entrepreneurs in Oman? “Stop asking for permission, if you don’t have it– go get it, and stop waiting for the government, or some ‘expert’ to tell you when and how and if you can go about it. They have to be hungry for it. Some just think it’s a cool moniker to bandy about before they get a job as a bank clerk. For me, entrepreneurship is ‘the pursuit of opportunity beyond resource control’ these guys have done this on their own volition.”