Unlocking Oman’s Entrepreneurial potential

Unlocking Oman’s Entrepreneurial potential Previous item Make a fortune out of the...

The global economic situation looks extremely bad and gloomy. However, thanks to the knowledge age, for the first time in history, we as individuals can change this gloomy picture and shift it towards our advantage. All we need is proper planning, human development and will. How? This is what I will elaborate on briefly.

Unemployment a global economic problem

The unemployment is not a problem facing Oman only, but the whole world including the Middle East. i.e. there is a very high rate of unemployment, with the number of job seekers globally (that is, those who are unemployed in a conventional sense and those in fragile employment) reaching approximately 1.6 billion people.

Today, around one in four Arab youth are unemployed, which is the highest rate in the world. In fact, as it is mentioned in (FIKR 12 DUBAI 2013) the Arab world faces the critical challenge of creating 80 million jobs by 2020.

The Bright Side

However, the globalization and the knowledge age has granted us golden opportunities to overcome these problems and to become successful entrepreneurs. Because on the other side the whole globe is facing a significant shortage of skilled talents continuously. i.e. In the Manpower Group’s tenth annual Talent Shortage Survey, 40% of global employers reported a shortage of skilled talent shortage in 2016 – marking an eight-year high – while the deficit in skilled talent in the business service and financial service fields in the Middle East will grow by 30% and 32% respectively over the next 5-10 years.
Moreover, this age by its nature is the age of small companies and individuals. In fact, soon we will see that the global economy is dominated by small and middle-sized players. That is why, unless the big companies reorganize themselves as a collection of small companies, they will just continue to go out of business.

Prioritizing SMEs is one of the most vital ways for Oman to face current economic challenges. We, the community and the government, need to change our view toward SMEs from being poor companies that need our support and help to succeed, to one of the most important and valuable national resources that we have. That if we invested in properly, would help us all at the national level to escape the economic bottleneck.

Globalization of Jobs and Flexibility

The uncertainty and fear of the global economic environment, the intensification of competition, the trend for globalization and the proliferation of tools, resources and means of communication are all driving the steady growth of the so-called ‘Gig economy’.

The gig economy is an economic environment based on temporary or fixed-term jobs and assignments. It’s formed of enterprises and individuals hiring the services of freelance workers on a short-term contractual basis.

Put simply, this means that small enterprises and freelance workers can choose between jobs and projects from around the world. Employers can choose the best freelancers for specific projects from across the globe, at the best prices and with minimal risk.

The trend towards the gig economy began several years ago and is expanding rapidly. One Intuit study predicts that 40% of the US workforce will be participating in the gig economy by 2020.
One of the most important drivers of this rapid growth of the gig economy are global online freelancing platforms. These platforms connect business owners, individuals or institutions with seekers of work – individuals or institutions – from different disciplines, at different levels, in different specialties and in different parts of the world in an astonishing organizational and administrative framework that transcends political, geographic, temporal and spatial barriers and offers impressive mechanisms for oversight.

So, what do we need to do?

It is imperative to prioritize entrepreneurship as a national goal and encourage entrepreneurial competitions at school and college level. Such skills foster team work, creativity, innovation, critical and strategic thinking and the creation of financial stability. Further, such careers facilitate nation building and the ability to market oneself and one’s professional competencies and skills.

Nowadays, the most influential competitive advantage for getting jobs in the world is the quality and efficiency that are driven by human capabilities, specialized knowledge and expertise. Thus, jobs will not be distributed to peoples in the world equally or by their countries but will be acquired by the most competent individuals worldwide based on their competitiveness and prices, regardless of their nationality or background.
On the other hand, acquiring competencies is generally available to all individuals at a relatively low cost. The greatest opportunity to succeed is in favor of those who can develop themselves more than others.
For example, nowadays one can obtain an internationally recognized professional degree in any profession such as accounting, engineering, insurance, marketing, human resources, management consultancy or even management and leadership from abroad without being compelled to leave his home country, and with relatively cheap cost.

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