MUSCAT: The Small and Medium Enterprises Development Authority (Riyada) continued its "Business Environment - Global Entrepreneurship Monitor (GEM)" workshop on Tuesday, focusing on themes related to culture and social perceptions, education and training, and support services. These efforts are aimed at developing Oman's entrepreneurship ecosystem and enhancing the sustainability of small and medium enterprises.
The workshop included discussions on entrepreneurship as a career choice, social perceptions surrounding entrepreneurs, and challenges related to fear of failure and limited willingness among some young people to pursue entrepreneurial ventures. The discussions also emphasised the importance of promoting an entrepreneurial culture within educational institutions and society, while highlighting local success stories.
Eng Majda al Hinai, a member of the National Programme for Fiscal Sustainability and Financial Sector Development (Estidamah), told the Observer that the culture of seeking "guaranteed income" remains a significant factor affecting young people's willingness to enter entrepreneurship.
She explained that many graduates and young people still see entrepreneurship as a high-risk career path due to the lack of financial stability compared to conventional jobs in the public and private sectors.
Al Hinai added that some entrepreneurs face challenges related to obtaining personal loans, housing finance, and even starting families due to the nature of startup income and the absence of stable financial guarantees. These factors sometimes contribute to negative social perceptions toward entrepreneurs.
She also noted that the workshop discussed the importance of introducing incentive packages and support mechanisms for businesses capable of growth and delivering added value to the local economy, alongside raising awareness of sustainability concepts and Environmental, Social and Governance (ESG) standards.
According to Al Hinai, applying ESG principles could help SMEs gain better access to green and sustainable finance tools, which are increasingly important funding channels for environmentally and socially responsible businesses.
She added that while many SMEs in Oman already provide environmentally and socially sustainable solutions, greater awareness is still needed regarding green finance mechanisms and sustainability-linked funding opportunities that can support business expansion and long-term growth.
Meanwhile, Khamis al Fannah, co-founder of the "Tshafi" Mental Health Platform and a workshop participant, mentioned that the programmes and workshops organised by Riyada contribute to strengthening entrepreneurs' skills and improving their understanding of business sustainability requirements.
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