ENTREPRENURAL VENTURES
Introduction
In this study, discussion shall be made on the idea of entrepreneurship along with management of small-scale businesses their meaning, new innovative ideas, a new way of conception, and relating it to the different types of classification of entrepreneurship. The process by which new businesses run and there launching, designing is basically known as Entrepreneurship by the people running the businesses who are entrepreneurs. The impact of small business entrepreneurs on the Omani economy is also to be explained, along with the role of entrepreneurship in the development of the economy.
P1- Discussion on Types of Entrepreneurial Relating to Entrepreneurs Typology
The typology of the entrepreneurs is varied in nature as per the context of entrepreneurial ventures in which the nature of the entrepreneurial venture gets impacted. The nature of the entrepreneur has been found to impact the nature of the venture in the organisational context. The entrepreneurs are classified among the risk taker and safe players. The entrepreneurs are classified on the basis of the risk-taking abilities and the typology of the entrepreneurs is determined with the help of the risk and return methods (Haugh and Sugar, 2017). Steve Jobs may be considered as one of risk-taking entrepreneurs as well as he may be classified as one of the major typologies of the entrepreneur of the era of 1980s when the person started Apple Inc. Steve Jobs was a known risk taker and return analyst which resulted in the success of his computer business as well as phone business. The organisation named Apple has risen to new heights with his leadership and the shareholders of the business has been benefited accordingly with his extraordinary entrepreneurial skills. Steve Jobs may be considered as one of the major technological entrepreneurs in the classification of typology of entrepreneurs.
On the other hand, it may be critically stated that Larry Page is the most celebrated entrepreneur in the field of internet. The above-mentioned entrepreneur may be considered as one of the most influential people in the field of internet while inventing Google as one of the most dependable search engines. Larry Page may be critically stated as a social entrepreneur who has dreamt of changing the society with the help of search engine operations. However, the typology of corporate entrepreneur may be related to the objective of earning profits for the business which may be considered to be the local businesses in Oman. It is evident that local business in the country has identified the objective of earning profits for the period with activities of helping the society with their products (Masurel and Snellenberg, 2017).
On the other hand, another typology of entrepreneurs includes the type of charity entrepreneurs who are concerned with the charity programs in the society in order to help the society without any proper return. However, it may be analysed that Oman Charitable Organisation (OCO) may be considered as one of the major charitable organisations in the Sultanate of Oman. The chairman of the organisation may be considered as the charitable entrepreneur as the chairman is trying to solve the social problems with the help of OCO. The business of the entrepreneurial venture will be benefited with the nature of the entrepreneur and the typology of the entrepreneurs in the long run (Morris et al., 2018).
The business of a local restaurant which is identified as the Jungle Restaurant in the city of Muscat, concerned with the motive of profit making from the restaurant business. The restaurant is a theme-based restaurants in Oman and is considered to be small business in the Sultanate of Oman. The business of Jungle Restaurant has aimed the carton expand significantly throughout the country as well as the GCC countries. However, it may be noted that the type of the entrepreneurs are critical in the competitive environment of the business which may be considered as necessary for the success of the venture as well as the success rate of the risks taken. It is critical to the process of entrepreneurship that the entrepreneurs are needed to be considered with the typology factors that will be impacting the nature of the business venture or social venture.
P2- Discussion on the similarities and differences among Ventures of Entrepreneurial
In the context of the entrepreneurial scenario in the country, it may be stated that there are certain similarities and dissimilarities in the entrepreneurial ventures. The similarities in the entrepreneurial ventures are to be noted with valid examples from the real world. The similarities in the entrepreneurial ventures are that every entrepreneurship starts primarily starts with the objective of serving a particular group of people. In the case of corporate entrepreneurship venture, the business has been set up with the sole objective of earning profit for its stakeholders or the investors of the business. However, in the case of social entrepreneurship, the business or organisation has been set up in order to serve the public in a certain way such as NGO treating the poor people. Any kind of charitable institution is also considered under the umbrella of social entrepreneurial venture. However, it may be argued that the major differences or dissimilarities lies in the nature of the objectives of the business or the entrepreneurship.
Any profit-making organisation will conduct the operations of the business in order to fulfil the profit making objectives for its shareholders while the social entrepreneurship will be working towards the benefit of the society at large. Jungle Restaurant is operating the business in the form of corporate entrepreneurship which is working towards the major objective of earning profits from the operations of the restaurant while selling foods (Junglerestaurant.net. 2019). The major differences or similarities between the various types of entrepreneurial ventures are to be evaluated in terms of growth strategies that have been applied to the business scenario.
On a contradictory note, it may be specifically mentioned that Jungle Restaurant has conducted the business with the leadership of the growth entrepreneur who has properly led the restaurant to the path of entrepreneurial success. However, it may be significantly argued that social entrepreneurs are responsible for the social welfare activities in the society such as Oman Charitable Organisation. It is evident that entrepreneurial ventures are having specific similarities and dissimilarities which are to be majorly integrated in nature and are complex in nature. The major difference lies in the context of sharing the profits or any other monetary benefits personally by the owners or entrepreneurs of the businesses. On the other hand, it may be critically mentioned that similarities among the varied kinds of entrepreneurial ventures are to be assessed with the objectives of the entrepreneurial ventures while the major objectives lies in the fulfilment of a particular long term goal (Leyden and Link, 2015).
The individual administrators take too many risks on their personal ground, which in the future results in fluctuation and instability in the income in the first stage of business with unstable income higher chance of uncertainty and putting a lot of personal time in it. Individuals are self-determined and get full control over there company they also have the right to decision making on their own. In the case of corporate administrations, they get huge access to assets, education, ability, and skills within the company, they basically keep their concentration and focus on the exploitation of there already gained knowledge. On the other hand, the other administrators depend on their manual capital gained from society; in this case, accomplishment can be a preferable opinion in case of accomplishment of an emergency (Yitshaki and Kropp, 2016).
The passion of lifestyle entrepreneurs is huge compared to others as they do their work very efficiently whereas growth style entrepreneur’s basic focus stays on earning a huge sum of money in a continuous process with an aim of high growth of their organization. Entrepreneurship of corporate sectors is a particularly important mode of tool for making an old company more modernized and renovates them, helping them in much more development in business, earning more profit and enhancing them. On the other hand, individual entrepreneurs of lifestyle give more priorities on gaining honour, not profit (Kellermannset al., 2016).
Entrepreneurs of lifestyle are commonly acknowledged for their way of organized work and activities of businesses including, their own style of living, whereas administrators of growth basically find scope to gain profit by reviving their business. The social administrator’s aim is basically not profit-making but to gain capital for helping in solving social issues. There are some similarities between the entrepreneurial typologies as well, like gets to reinvent and discover new opportunities, appraise them and exercising them, as well as inaugurating and constructing new products within the business which helps in gaining profits in the future (Wright. et al., 2016).
P3-Interpretation and assessment Omani economy’s impact relating to micro and small businesses
Small business enterprises are playing a key role in order to influence the growth of the economy in both the developed and developing countries. SMEs are there not only to bring out the efficiency to emphasise the economic orientation but also sustain the economic stability to meet the diversifying needs of the local community. It has been observed that in most of the developing countries the government intervention has been made to enhance the supportive approach towards the small business firms, which establish the short-term integration of economic stability management. In order to generate the substantial growth in GDP percentage and per capita income growth the SMEs plays the pivotal role so that the economy can produce more jobs as a key sources to increase the GDP growth rate (Al-Issa, 2015). Through the enhancement of the SMEs, the countries can bring out the entrepreneurial orientation as well as support the new business ideas. Like other developed and developing countries (USA, UK, Japan, Canada) in Oman, there are various policies which have been undertaken by the government as well as the Sultanate of Oman constitution based on which the Oman can make sure to grow the SMEs. In developed countries like the USA most of the employment comes from the SMEs. In the UK, almost 67% of the workforce is belonging from the SME business firms that denote that through the SMEs orientation these developed countries have successfully support the business emergence by integrating the new business mentality and innovation. Oman is also allowing this technique in terms to encourage the economic stability to generate the growth of the business orientation in a significant manner.
Figure 1: Growth rate of micro business in Oman economy
(Source: Mahdi, 2019)
In the Omani Sultanate, the SANAD has been successfully launched in order to promote the youth business entrepreneurs by providing them the supporting hand including financial funding, training, education, and business expertise. Under the Ministry of Manpower in October 2001, the initiative had been taken into place. The core objective of this initiative is to promote new business mind by fostering the small business enterprises in Oman by making it a cult initiative in worldwide basis. Know about Business (KAB) is the institution in which the graduate students who are willing to look forward to opening their own business with unique business ideas are provided vocational training regarding technological advancement. KAB has been developed in terms to support the youth by empowering them to acquire new business skills. Through providing the current business trends and emerging entrepreneur knowledge the institution has built up the business attitudes in an exceedingly early stage. SME Development Fund has been raised to providing the support of accounting software, government subsidies in terms to minimize the production cost and provide the opportunity to work with the major stakeholders to generate the entrepreneurial mentality (Aravind and Nayar, 2019). Al Raffa Funds has been developed by offering the financial funding with the collaboration of Oman Development Bank in terms to influence the creative mind by mitigating the funding related burden. Injaz Oman is another non-profitable organisation, which has been established to fulfil the mission of the young business minds by inspiring them. With the help of the training and educational process of school level to university level the government of Oman has developed it to provide a learning experience before starting the business.
P4-Explanation to the Importance of small businesses and start-ups of businesses
The importance of the small businesses and start-ups business the interpersonal relationship between the economy and the new business ideas that can evoke the economic development. The small businesses are there to enhance the new thoughts by forecasting them by creating the foster of economic growth. The small businesses have thereby proactively integrated the immediate spark in the economic activities to make the new business decision-making procurements. Through the start-ups business procurements, the Omani economy has positioned the standardisation of the Human Resource orientation by employing themselves as well as generate the employment rate for others in the Oman economy (Moroniet al., 2015). The start-ups business enterprises are there to utilise the resources by combining it all together and give the effort and time to generate the country’s prosperity. For the matter of fact, the economic stability has been highly enriched in order to influence the growth of the small business houses, which will contribute to enhance the productivity, profitability, employment, production output and value addition towards the per capita income of the domestic orientation. Through the entrepreneurial aspiration, the Omani economy can drive for the creative approaches that will enhance to heighten the accomplishment by delivering the innovation attribution. Through the equal distribution of the country’s valuable wealth and income from each of the household economy of the urban and regional areas that can be benefited in a large aspect. It has been stated that the small business houses are supported and encouraged by the Omani government due to sustainability in the continuous innovation and creative business ideas that can enable by the continuous learning process and experience gathering activities (Turner and Endres, 2017).
Conclusion
From the study, it can be concluded that each different entrepreneurship has their own similarities and differentiation compared to others, someone purpose is changing their own livelihood and not making profit. Whereas some are more focused on growth and someone basically on earning huge amounts of profit and rising their business level whereas similarities like getting to reinvent and rediscover new and fresh opportunities. The small-scale business organization is helping in enhancing new ideas and thoughts. With the distribution of the countries, valuable income, and earnings from the economy of the rural and urban regions can be helping beneficially in large aspect.
