Nobody can undervalue the significant role that Small and Medium Enterprises (SME) play in promoting the national economy. Usually, SMEs tend to reflect a country’s new and fast-growing industries especially when such enterprises are run by young enthusiastic leaders. Through SMEs, youth present their responsibility and interest to take part in the national development process through their outstanding projects or enterprises.
SMEs are associated with enthusiasm. Economies that discourage SMEs are therefore likely to discourage some new dynamic industries from growing their roots and enabling them to prosper. To some people, SMEs seem to be risky and non-beneficial businesses. However, they contribute to the development of various spheres of economy.
SMEs contribute to the economic development in several ways, either by creating employment opportunities for the growing labour force or providing appropriate sustainability and innovation in the economy.
In addition, a large number of people rely on SMEs directly or indirectly as a source of income. Most SMEs are a kind of personal initiatives run by individuals supported by different funding institutions in the country.
Significantly, as long as people pursue their personal interests and dreams, one day they will certainly see their business ideas and initiatives flourish.
Hard work is also required to effectively run such small projects all the way from the very beginning.
The way to reach success is accompanied by several challenges; some enterprises come across difficulties that might discourage entrepreneurs to proceed. In fact, it is true as the adage goes: “It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult.”
Therefore, courage and persistence are essential to start and run businesses in order to achieve objectives and ensure they last longer.
Entrepreneurs sometimes should take risks and not give up when things go wrong or face challenges. Many people stop their businesses after the first failure or problems. They don’t dare to try one more time.
In a bid to encourage SMEs in the Sultanate, the government along with some private agencies has accorded special attention for the development of the sector.
The collective efforts made by the government and private establishments are aimed at helping the SME sector play a key role in the country’s economic development.
Loans have been offered to SMEs as well as business consultation services in an effort to provide relevant solutions to the major challenges faced by SMEs.
Most of these establishments have initiated special funding programmes to finance such enterprises and back them.
In this regard, Omani youth should grab every possible opportunity with both hands, especially those interested in setting up their own business.
Only those who risk going too far can possibly find out how far they can go.
Thus, people should never say die to their dreams and ideas which might become real someday. This depends on one’s determination in fulfilling his/her ambition.
Wherever you see a successful business, it is the result of someone having made a bold decision.
In order to win, you have to take risks. One of the significant characteristics of a flourishing and growing economy is having a
thriving small and medium enterprises sector.
Abdulaziz Al Jahdhami