Tuesday, March 19, 2024 | Ramadan 8, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Which is better?

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Becoming an entrepreneur operating a successful business model is generally the dream goal of any youth in the later stages of education. Unlike the salaried jobs that offer stability for a long-term planning through a fixed monthly income, entrepreneurship is more prone to risks due to external and internal factors.


Entrepreneurship is about the art of learning from one’s and others mistakes and also about exhibiting patience enough to allow things come of age.


While it is fair for one to dream big and set high goals for his business, but the hard fact is that it begins with a single product at the small and medium level.


“We need a balance of both the employed and self-employed classes in the society. Unfortunately, most parents are reluctant to let their children take risks and experience failures, despite the struggles that they may have passed through in various stages,” said Salem al Balushi, who is working on a project for the last two years.


“I have tried to gain experience from a few jobs across three sectors. One of them even paid well with decent perks, but didn’t offer any freedom to do things on my own. It was just pointless from a future perspective.”


Sirish Venkat, a senior HR executive, said, “A majority of students with strong in-built leadership qualities end up as businessmen with or without grooming. But the challenge is to encourage the other segment that may have talent but no family and financial support to take risks and cope with failures.”


The economic uncertainty of modern should not be a deterrent to start business these days. “Both private and government establishments tend to cut jobs in challenging economic environment. Gratuity or pension benefits are never enough to sustain the rest of lives. So starting business at an earlier stage makes sense than when left in lurch following a job loss,” said Haitham al Harassi, who wants all his four children to be self-employed.


“I spent many years in the government and private jobs that offered me security, but it never gave any satisfaction,” he said.


A recent survey by Bayt.com, a job site in the Middle East, and YouGov, a market research company, said that nearly 68 per cent of Oman residents prefer to ‘be self-employed / have their own business’, if given the choice.


Even among those who are currently employed, 86 per cent of respondents said that they are either ‘thinking of starting their own business’ or have already ‘attempted do so in the past’.


Around 45 per cent of Oman residents want to ‘be their own boss’; 40 per cent believe it affords them the ‘freedom to choose what to work on’ and ‘work-life balance.’


Those who have already started their own business seem to have similar reasoning. The top three reasons — ‘greater independence in what they want to achieve’ (32 per cent), ‘more income’ (29 per cent) and a ‘better work-life balance’ (28 per cent).


The survey said the perceived image of entrepreneurs in Oman is very positive, with 78 per cent of respondents strongly agreeing or somewhat agreeing that entrepreneurs ‘help in creating jobs’, 73 per cent strongly agreeing or somewhat agreeing that entrepreneurs ‘create new products and services for the benefit of society’, and 71 per cent strongly agreeing or somewhat agreeing that entrepreneurs are a ‘source of innovation in society’. Furthermore, 71 per cent said that entrepreneurs ‘mentor young people and promote the entrepreneurial spirit’ among others.


While 21 per cent of the workforce in Oman want to work for pay / seek employment in a company. For them, the most important factor to work for a company is ‘regular income’ (46 per cent).


Around 42 per cent of respondents said that they ‘lack of finances to start their own businesses, while 33 per cent of respondents think that working for a company gives them the opportunity to ‘learn new skills’ and techniques.


In Oman, 44 per cent of respondents believe that ‘any time is a good time to start a business’, while 38 per cent believe the best time is ‘mid-career’. Only nine per cent think that the best time to start a business is after a ‘lengthy career’ and 8 per cent recommend doing so ‘right after college / university’.


Vinod Nair


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