MUSCAT, JAN 13 - “We see more and more young people and students who are becoming entrepreneurs here in Oman,” says Sulaiman al Rahbi, the chief business initiator at Makeen Global, a co-working space located in Muscat. Al Rahbi was one of the speakers of the January edition of the Caribou Chats, hosted by Startup Oman, the Sultanate’s only platform created by entrepreneurs for entrepreneurs and the ‘home of entrepreneurship’. Al Rahbi was joined by Camilo Daza, the Global Executive Modeler of Makeen Global. Caribou Chats was moderated by Walaa Hamdan, the General Manager of Startup Oman.
“There is a positive mood for entrepreneurship to thrive here in the Sultanate in the coming months. We see so many up-and-coming projects being developed in the country. But, I am also worried that it could be a bubble and then burst.
However, I am confident that businesses will thrive here in the country, as more young people are getting into it. I am very happy when I see a lot of Omanis starting their businesses even while still in college,” commented Al Rahbi.
Opportunities and help are available for people who want to start their businesses, he pointed out. “It depends on the people themselves, if they want to avail that opportunity and help.” The government and private sector work together to build a strong entrepreneurial culture in Oman, he noted.
Camilo Daza stressed the importance of entrepreneurship to development in any country. He cited the example of his native city in Colombia, once riven by violence, is flourishing anew with the rise of entrepreneurs.
It is now one of the most innovative cities in the world, thanks to entrepreneurship and innovation, he said.
Asked what is the main challenge faced by businesses in Oman, Al Rahbi said: “A lot of businesses fail not because they don’t have a market; it is because their businesses are not executed very well. Sales and marketing are also problems, they don’t know how to sell and market their business and products. Also, a lot of companies do not understand the need for a business model, having different scenarios... etc, which are services that we offer.”
According to their research, businesses in Oman close down because their business model did not work, and others do not even have a business model. “But if they restructure their business model and try a different approach and strategy, then they can succeed.”
“We need to increase the size of the market,” Daza commented. “It is not about the number of people but the value of the market. It is also very important to innovate. Innovation should come from bottom up. From entrepreneurs to community, to the entire country,” Daza added.
Sharing nuggets of advice to aspiring entrepreneurs, Al Rahbi said: “If you want to start a business, just do it. If you succeed, great. If you don’t, you’ll learn a great deal. You’re winning either ways.
Have a business plan and study the market so that you will have a better understanding of what you really want to do.”
“Do your market research, but don’t restrict it to the local market. Think long-term, think global, so let your market research include the global market,” Daza concluded.
Commenting on the event, Ali Daud, Co-founder of Startup Oman said: “Having Daza as a speaker provided an immense value to our programme. Caribou Chats is designed to showcase successful local entrepreneurs, and we’re very pleased to have hosted him this month. This time we also hosted Sulaiman, whose experience in entrepreneurship is admirable.”
Jomar Mendoza
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