1. The Philosophy of Entrepreneurship
MANGT 100
Week 2 - Section 2
Abdullah Al Shukaili

2. Entrepreneurship definition
No agreed definition for the entrepreneurship concept
The complexity of the concept of what exactly constitutes entrepreneurship
Different views: is it a behavior to establish new business OR a behavior to expand existing firm

3. Entrepreneurship definition
“ Multifaceted phenomenon” “ Eclectic subject”
Theoretical explanation extracted from economic theories, growth models, industrial and management theories

4. Who is the Entrepreneur?
Entrepreneur is someone who :-
Takes Initiative
Assumes considerable autonomy in the organization and management
Share risk
Innovative and creative

5. Who is the Entrepreneur?
Based on the literature review:-
Individual who establish new business to gain profit and growth
The innovative person ( Schumpeter view)
Has a venture capital
Someone who take initiative …
People who have the chance to recognize the opportunity
Ability to create and build something from nothing

6. What is the entrepreneurship?
In you opinion, how you can define this concept?
Bring some ideas from Omani markets for successful entrepreneurs

7. Who are the most successful entrepreneur in Oman ?

11. 10 Themes of the Entrepreneur
Risk taking
Supplies financial capital (Allocate of resources)
Innovator
Decision maker
Leader
Manager
Owner
Organizer
Employer
Contractor

12. Goods Vs Services What is the product-based ( goods)?
What is the service-based?

13. Goods Vs Services Goods Service
a tangible output of a process that has physical dimensions
intangible process that cannot be weighed or measured
produced in a facility separate from the customer
requires some degree of interaction with the customer for it to be a service

14. Omani policy definition

15. Entrepreneurial mindset
Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes.
Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation.

16. Entrepreneurial mindset

17. Advantages and disadvantages of self-employment
You are your own boss
Risk of failure. Most new businesses fail in their first years
Your business can be adaptable to what you see that needs to be done
Your decisions can be wrong
You work hard and enjoy the rewards of your hard work
Owning your own business can require a sacrifice of your personal life, you may need to work long, long hours, you may need to work on weekends, …
You get to feel the enormous sense of pride and personal satisfaction when your business is successful
Your income stream may fluctuate throughout the year
You will have the opportunity to lead others
Loss social insurance
You will get to work closely with your customers. You can develop strong meaningful relationships with your customers or clients.
You may have a hard time hiring qualified employees

18. Think !!!
Why Oman government and policy makers need to enhance and support entrepreneurship in the economy?

19. Why Oman needs entrepreneurship?
The public sector can’t offer jobs positions for the increasing growth of young population (1/3 of Omani population are in education institutions)
Small business accounts for 16% of Omani GDP ( in future they could have the capacity to create jobs)
Tool for job generation
Economic diversification
Tool for technology advancement and innovation

21. The context of Oman Oman vision 2020 Omanization (localization) policy
Main challenges for Oman economy:
depending on oil and gas as the key’s sources for the economic growth and development,
The high increase in the population rate,
limited economic diversification,
dependence more on foreign labor
Oman economy will need to create 45,000 new positions each year (IMF, 2013)

22. The life cycle of enterprises
New venture formation ( emergence)
Progress and growth ( newness)
Transition and change ( Transformation)

23. Reading
Iversen, J., Jørgensen, R., & Malchow-Møller, N. (2008). Defining and measuring entrepreneurship. Foundations and Trends in Entrepreneurship,4(1), 1-63.
Cunningham, J. B., & Lischeron, J. (1991). Defining entrepreneurship.Journal of small business management, 29(1),

24. References
Kirby, David A .(2003). Entrepreneurship. Mc Graw Hill. ( Ch1)
Gartner W & Bellamy M. ( 2008). Enterprise. South Weasten Cengage learning ( ch1)