The Sultanate of Oman has long called for the diversification of economy, in an attempt to distant its economy from dependency on oil, by relying on other sectors, including tourism, fisheries, logistics, and renewable energy, for support.
While the Sultanate regards youth in an attentive way as they are the future of the country, a high percentage of young Omanis are enrolled in higher education institutions (HEIs) in Oman, who are considered as an expectation of advancement or progressive development of the country.
Students in Oman are encouraged to set their own business, to become entrepreneurs who can organizes, manages, and assumes the risks of a business or enterprise, through engagement in activities such as the purchase or sale of commodities or in related financial transactions by taking the risk in an environment which is already marked by harshness and growing competition.
In Oman, the study plans of all majors in HEIs in Oman incorporate entrepreneurship as an independent course with credit-bearing, that students enrolled in an academic program should take. Such entrepreneurship-focused courses, include lectures, activities,
assignments, workshops, and seminars with an aim to build entrepreneurship foundational knowledge and skills. However, HEIs in Oman still need to take advanced steps.
HEIs need to take further steps through students’ activities schemes to expose students to entrepreneurship. Business plan competitions and contests should be held. Students should become familiar with entrepreneurship by testing or experimenting entrepreneurial ideas, while attractive rewards offered in return for winning students to motivate them.
HEIs should also consider extending invitations to successful entrepreneurs and industry leaders to HEIs to share their experiences with young men and women who are still on the seats of study. Through such functions, students will not only receive guidance and advice from such people, but also can establish networking opportunities that foster the cultivation of productive relationships for employment or business in the future.
To further achieve this, HEIs should seriously consider setting forth on-campus incubators for students to aid them in the development of new business ventures, and forge partnerships with external accelerators through which close cooperation is established to provide students with low-cost commercial space, management assistance, or shared services to help students progress in their entrepreneurship.
As funding is the backbone of business, HEIs are to take into account how to assist students in bringing about startup funds and grants. While funding includes a sum of money or other resources set apart for a fledgling business enterprise, HEIs are to establish close bonds with venture capital firms to provide financial support for studentled ventures given their immature or inexperienced nature.
Finally, HEIs should facilitate internships, through which senior students gain supervised practical experience, to give students hands-on experience in
entrepreneurship. Students from different disciplines are encouraged to gain direct observation of or participation in hands-on experience in entrepreneurship as a basis of knowledge. Practical knowledge, skill, or practice derived from direct observation of or participation in entrepreneurial activities will foster students’ diverse thinking and innovation.
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