(MENAFN- Muscat Daily) Around 42 per cent respondents from Oman claim that if given a choice, they would explore the possibilities of entrepreneurship, as opposed to the 51 per cent who said they would prefer working for a company, according to a survey by Bayt.com a job site, and YouGov, a research and consulting organisation.
The survey also reveals that out of the 51 per cent who want to be employed, 56 per cent preferred to work in the private sector. These respondents wanted to be employed because they felt working for a company would give them the opportunity to learn new skills and techniques (46 per cent), get a regular income (42 per cent) and will get them more benefits, like medical insurance (32 per cent). The main reasons cited by those wanting to pursue an entrepreneurial career path, were personal satisfaction (64 per cent), better work-life balance (57 per cent) and the convenience of being one's own boss (47 per cent).
The survey also notes that more than half (58 per cent) of the respondents who are currently employed in the public or private sector in Oman are thinking of starting their own business, while 15 per cent have tried to start one in the past but have failed. Around 28 per cent Oman respondents claim that it is ‘somewhat difficult' to set up a new business in Oman, with the unavailability of finance being the leading hindrance (75 per cent).
The respondents also felt that the rules and regulations to (48 per cent) to set up a business was difficult. ''It would seem there are issues standing in the way of people becoming self-employed,'' said Suhail Masri, vice president, sales, Bayt.com. ''With finance being the number one problem across the Middle East, it suggests that the region needs more angel investors to step in and help local entrepreneurs; it might also be of benefit for authorities to reconsider their policies and encourage the creation of more start-ups.''
The majority (48 per cent) of Oman respondents, however, claim they know around one to five entrepreneurs. While only 52 per cent feel only ‘a few' entrepreneurs are successful – 34 per cent say that the majority of entrepreneurs they know are successful. Entrepreneurship is perceived as most successful in Oman (12 per cent saying 'all' and 'almost all' entrepreneurs they know are successful), followed by Morocco and Tunisia (both 11 per cent), and the UAE (ten per cent). ''It is in the interest of every Middle Eastern country to encourage more entrepreneurial ventures, as they are beneficial to the economy – they contribute to the GDP and create job opportunities,'' said Sundip Chahal, CEO, YouGov. ''This should be of special interest to the region's governmental bodies, given the number of jobs that must be created to avoid mass unemployment of the younger generation in the coming years.'' Around 40 per cent of the respondents said the best time to start business is mid-career, although 30 per cent claim that ‘any time' is the right time, with ‘don't be afraid of failure' the best advice to give to an entrepreneur. In Oman, architecture and engineering industry is seen to be the most appealing for entrepreneurship (19 per cent), followed by finance, insurance and real estate (16 per cent) and communications and information technology (14 per cent). When the respondents were asked about the three things that would concern them if they were to set up their own business, the majority said ‘procuring finances to start' (58 per cent), ‘hiring the wrong people' (43 per cent) and ‘uncertainty of profit and i
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