His Majesty s Directive

Transcription

1

2 His Majesty s Directive The National Economy of a country is in fact based on small and medium industries... these are the fundamentals, the foundations of all national economies... Sultan Qaboos Bin Said Saih Al Shamikhat 27 th January 2013

3 Preface...1 Forward...3 ENTREPRENEURSHIP...4 What is Entrepreneurship?...6 Employment vs Entrepreneurship... 6 Why Be an Entrepreneur?...7 Qualities of a Successful Entrepreneur...8 Common Mistakes and Challenges Faced by Entrepreneurs...9 Explore Opportunities...10 Selecting the Business Sector...12 Self-Assessment...13 Financial Requirements...13 Opportunities in Oman...14 SHAPE YOUR DREAM: PREPARE A PLAN...22 Write Your Business Plan...24 Get the Word Out - Marketing...27 Build Your Team...27 Financial Management...28 Cash Flow...31 Financial Projections...33 Risks...33 TAKE ACTION...34 Getting Started...36 Business Structures...37 Company Formation...38 Establish Your Office...39 Banking...39 Start Up Resources in Oman Contents

4 It is a matter of great pride for the Caledonian College of Engineering to have our founding partner, Dr. P. Mohamed Ali share his insights in A Practical Guide For Aspiring Entrepreneurs, one among a series of initiatives he has steered in promoting entrepreneurship among the youth in the Sultanate of Oman. Having spent over four decades in the country, Dr. Mohamed Ali has contributed immensely to the development of industries in the country through his initiatives in construction, education, training and skill development. Throughout his career, he has held strongly to the principle of giving back to society in which he himself was given the opportunity to put into practice his entrepreneurial skills. This book, therefore, is a culmination of his experience and valuable learnings. The entrepreneurial vision of our founding partner, encouraged by the potential of young minds to innovate, led to the introduction of the entrepreneurship development syllabus in engineering education in 2004 at Caledonian College of Engineering. This initiative has produced winning entrepreneurs among the College s graduates. In January 2016, the College won the Al Riyada award for its entrepreneurial education orientation a testament of the possibilities and capabilities instilled by the spirit of entrepreneurship. Preface CCE is proud to be a part of the growth story of Oman and I would like to encourage you to take advantage of the opportunities to learn, contribute, excel and grow with the country. Finally, I would like to thank Dr. P. Mohamed Ali for sharing the knowledge from his entrepreneurial journey and for his continuous contributions to the country. All the best. Dr Ahmed Hassan Al Bulushi Dean, Caledonian College of Engineering 1

5 In every prosperous and successful country, the government and the business community work as partners for progress - one cannot grow without the other. To ensure success, the Omani government has introduced various schemes and platforms to provide support to aspiring entrepreneurs in the country. For example, government grants, interest free loans, incubation centres, marketing support, training and so forth. This practical guide has been designed to help young aspiring entrepreneurs like yourselves, ideate, plan and implement. This is by no means a comprehensive book, but a means to channel your thought process in starting a business. It is unnerving to deal with the uncertainty of success of your business idea. However, you will never learn to swim if you don t jump into the water. So take that leap of faith and take action. As you start your journey, talk to people who are in business and ask them about their experiences, good and bad. Keep yourself up to date continue to read and learn. Make social responsibility one of the tenets of your business and help the men and women in your society succeed. Foreword g Mr P Mohamed Ali at work 1972 May Allah (swt) help you realise your dreams and grant you success and guidance in becoming successful and reputed entrepreneurs. Ameen P Mohamed Ali 2 3

6 ENTREPRENEURSHIP A ship in harbor is safe, but that s not what ships are for. John Shedd

7 What is Entrepreneurship? Why Be an Entrepreneur? Entrepreneurship is centered on developing a mindset that allows one to see opportunity in every situation - an opportunity to improve the lives of individuals or institutions by providing ease of access to products and services. Employment vs Entrepreneurship Employees Work for someone else Invest their time and energy in someone else s business Responsible only for their work in the enterprise Entrepreneurs Work for themselves Invest their time and money in their own businesses Ultimately responsible for the success and failure of their businesses Gain Recognition Be Your Own Boss Do What You Love Create Greater Wealth Uplift Your Community ENTREPRENEURSHIP 6 7

8 Qualities of a Successful Entrepreneur When an egg is struck by external forces, a life is lost. But when it is affected by its internal forces, a new life is born. Adaptable An individual expecting to achieve business success purely based on favourable market conditions and market demand will not be able to sustain their business in the long run. The Self Confident success of a business relies strongly on the intrinsic qualities of the individual driving it. Resourceful Passionate Successful entrepreneurs have the passion, spirit and knowledge combined with determination to realise their dreams. They step out of their comfort zone to obtain resources and achieve goals. They have strong self-confidence, a positive attitude and willingness to sacrifice personal conveniences to pursue their goals. Pursue Knowledge Determined Risk Taker Common Mistakes and Challenges Faced by Entrepreneurs As you start your entrepreneurial journey, you will face many challenges and also make many mistakes. But remember, failure is not final; it is a step closer to success. Never be afraid of failure. A child falls many times before it learns to stand up and walk. Mistakes and Challenges Lack of information and expertise Lack of financial resources and sufficient cash flow Not delivering your promise to the client High inventory Collection of dues from clients Rework resulting from poor quality and increased cost Suggestions and Solutions Employ the right people with the right experience and expertise Research funding agencies or business plan competitions; approach SME departments of banks for financial facilities Ensure discipline across all areas of the business to ensure efficiency Have an effective way of documenting and tracking inventory just in time basis Consistent follow up Establish regular contact and progress meetings with customer. Ensure good quality work Be organised and prioritise tasks and decisions appropriately Casual attitude and delayed decision-making 8 9 ENTREPRENEURSHIP

9 Explore Opportunities Business opportunities are like buses, there s always another one coming. - Richard Branson

10 Selecting the Business Sector Self-Assessment Financial Requirements To start off, select the industry you are interested in and research the various businesses and business models that exist within it. Take time to understand the overall market from the supply side and demand side to arrive at a final decision. Product or Service Knowledge Survey Existing Providers or Manufacturers Challenges Faced by the Incumbent Companies How do the current offerings in the local and international markets relate to your strengths and expertise? How can you fit into the market environment? Who are the key players in the sector and how do they compete with each other? What regulations and restrictions is the industry governed by? Take the time to reflect upon yourself before you start your own business. Know your strengths, weaknesses and areas of influence. Recognise the importance of doing what you love it is what keeps the engine running even if the road is rough. Take the time to think about and answer the following questions: z What is your area of strength and knowledge? z Which areas do you need help with? z How can you build and explore your networks to complement your skill set and core team? Initial investment varies with the nature of the business. Every business has its own risk; however, risks can be mitigated by proper evaluation of the risk and proactive action. A start up enterprise is driven by you, the individual so make sure you take into account your personal financial needs alongside that of the business z How much money can you invest? z Can you partner with someone who is willing to invest or complement your needs? z How much support from banks etc.? Explore Opportunities Understand the Target Market Is there an unmet need in the market? What factors (price, location, quality etc.) affect demand? How can you enter the market? 12 13

11 Opportunities in Oman The following tables show the list of opportunities within the various sectors in Oman. This is not an extensive list. This will enable you to explore the sector of your interest. Construction Heavy Equipment Education Oil & Gas Tourism Foodstuff Agriculture Health & Medical Services Electronics Construction Field Engineering Subcontracting Building Works Painting Plumbing Electrical Woodwork Steel Work Tiling Works Marble and Granite Works False Ceiling Water Proofing Pest Control Swimming Pool Paving Works Landscape and Gardening Camera Scaffolding and form works Lighting Material Supply Sewage disposal Equipment Security gate Temporary camps Supply of building material Catering Specialised sealant Transportation of Workforce and materials Hiring Supply of pipes Manholes Valves Fire hydrants Fiber-optic cable Survey works Pipe laying Structural Designers Cable laying Water connection to houses Concrete supply Manpower supply Medical services Hiring of vehicles Water supply Architectural Support Explore Opportunities Industrial Supplies Professional Services 14 15

12 Hiring of vehicles and equipment Fuel Supply Specialised painting coating providing accommodation Water Supply Anti-corrosion works Oil and Gas Sector Catering transportation of people and material Wastewater disposal Training safety Fabrication works Engineering and drafting. Supply aggregate sand Structural steel works Welding supports Fire extinguisher Safety tools Catering Electrical posts Cathodic protection Mud supplies Drilling services Geophysical Surveying & Mapping Farm supplies Civil Works Excavation Material Supply Maintenance of agricultural machinery Agricultural Water well maintenance Collection of agricultural products Offshore Logistics Support Storage Sales Supply of flowers Greenhouse Floriculture Fruits Fisheries Fishing Fish farming Fish meals nets boats engines cold store fish processing transportation freezer trucks fish marketing ice plants supply of ice repair of engines Equipment Rental painting port maintenance Fishing Camp Automobile Sector Milk and milk Vegetables Poultry Livestock meats products Fish Farming Supplies Repair shop Body dent repair Upholstery Engine repair Service station Radiator service Air conditioning Brake pads Tire servicing Car rental Painting Accessories Second hand sales Fuel pump calibration Spare parts Explore Opportunities

13 Rental service of Trucks Heavy Equipment Trailers Dozer Front loader Shovel JCB Excavators Cranes Hydraulic repair shops High pressure hoses repair Fuel pump calibration Electronics Training Subcontracting Earth works maintenance shops Spare Parts Services Repair Services Tourism Sector tyre shop Professional Operator Services Hotels Restaurants Car rental Hotel booking Guide services Outbound and inbound tourism Entertainment and Sports Supplies to hotels Transportation Security services Seminars Event management Camel rides Facility management Children entertainment Watersports Diving Snorkeling Hot air ballooning Desert safari Photography Restaurants Arts & Crafts Camping Equipment Souvenir Shop Tourist Guides Escort Service Boat Cruise Travel Magazine Ticketing Health and Medical Services Clinics Hospitals Maternity homes Childcare Outpatient treatments Patient care Physiotherapy Diagnostic centre Training Nursing Pharmacy Maintenance Language Coaching Kindergarten Traditional medicine Special waste handling Fitness centre Medical equipment Operation theatre Management uniforms Educational Consumables for hospitals It management Tuition Books Librarian Stationary Transportation Facility management Student transportation Catering Uniforms Sports Vocational training Skill development Cultural shows School maintenance Facility management Hostel services Transportation Laptop/Tab Rental Explore Opportunities 18 19

14 Foodstuff Manufacturing Storage Collection Distribution Retail packaging Packaging Date products Vegetables Refrigeration Research marketing Managing products with short shelf life Fruits and vegetables Advertising Fish Distribution Meat products Warehousing and storage Utensils crockery Design Food Delivery Garments and Clothing Design Manufacturing School uniforms Tailoring Laundry Bridal wear Sportswear Advertisements Modelling dress wear Children Wear Garments Buying Agency curtains and upholstery Napkins and tablecloths Bed linen Washing Plant Embroidery Service Fabric Shop Clothing Store Cloth Distribution Service, sales and repair of Electronics Computer Mobile Telephone Software TV Music system Home theatres Sound systems Refrigerators Washing machines Special lighting Cameras General Security Maintenance Housekeeping Painting Plumbing Marble work Interior decoration Curtains Upholstery Laundry Furniture Repair work Water tanks Water proofing Special lighting Garbage collection Gardening Office maintenance Catering service Floral services Gift items Leather goods Shoes Bags Air conditioning Consultancy Hairdressing Services to Educational Institutions Beauty salon Movers & Fixers Explore Opportunities 20 21

15 SHAPE YOUR DREAM: Give me six hours to chop down a tree and I will spend the first four sharpening the axe. - Abraham Lincoln PREPARE A PLAN

16 Write Your Business Plan The main purpose of writing a business plan is to define the business and your vision for it. Putting your plan on paper pushes you to have a clear cut strategy for operations, marketing and financing and convey the same in a focused and Precise manner when approaching potential investors, team members and customers. While the later sections touch upon the areas that need to be a part of your business plan, find answers to these questions to finalise your strategy: z What is your business model what do you do and how do you do it? z What key activities will you undertake? z Who is your target market? z What are your main revenue streams? z What is your sustainable competitive advantage? In other words, how will you sustain your position against your competitors? You could take a resource wise view of your business and plan and document the process. For instance, running a small tea shop may seem like a very simple idea. But, it is important to appreciate the thinking that goes into it and the same thinking can be applied to all businesses. Example: Tea Making Process When a customer orders tea, the business owner needs to answer the following questions: z Who will make the tea? z Where will it be made? z Do I have the money to buy what I need? z How much time do I need to make tea? z When do I need to deliver? z When will I receive my payment? In answering each of the questions, the business owner explores and narrows down on the available options. WHO WILL MAKE THE TEA? z Can I do it myself or should I hire someone to do the job? z Who is the right person to do the job effectively and how can I find him/her? z How much would it cost to employ the person? z What terms and conditions should I agree with the new hire? WHERE WILL THE TEA BE MADE? z Decide on a place that would be close and accessible for your customer WHAT MATERIALS DO I NEED? This depends on the customer s requirements as explained by him. Tea Which tea and brand variety does your customer prefer? What quantity of tea is required to make a cup of tea? Milk Does your customer take tea with milk? If so, what kind fresh, skimmed, evaporated, milk powder? How much milk needs to be used in the tea? Sugar Does the customer take sugar with his tea? If so, what kind white, brown, artificial sweetener? How much sugar does the customer need in his tea? z What are your main expenses? z What materials do I need? z Should I operate from a home kitchen, a shop or a mobile food van/truck? z What is your pricing strategy? 24 z What equipment do I need? 25 PREPARE A PLAN

17 Water Where will you source your water from? Mineral or tap water? How much water do you need to make a cup of tea? General Where will you source your materials from? How much do you need of each item? What quantities and packaging are the materials available in? How much should you stock? For a day, week or month? WHAT EQUIPMENT DO I HAVE OR NEED? z Can you afford to buy or is there an option to hire? z Kettle or stove? What capacity? z Do you have electrical connections for your kettle? Gas connection? z How much will electricity / gas usage cost? THE PROCESS z However simple a process, it is always advisable to write down the steps to ensure a smooth procedure to deliver a consistent product. How long should the water be boiled for? How long should the tea brew for? When is the milk added? When is the sugar added? How will the tea be served? Cup and saucer, mug or a glass? Who will serve? z Billing and Collection When will the bill be presented to the customer? How will money be collected? z Customer Feedback How will you ensure your customer is satisfied with your product? Get the Word Out - Marketing Develop a marketing strategy for your business to communicate your offering to your target market. Visiting potential customers helps boost the relationship and establishes credibility in the market. There is no point in having a business if no one knows about it. Ensure you have a marketing budget which you will employ effectively and efficiently. There are various channels through which you can promote your business the right Build Your Team It may be that you will start with a small team or may not have a team at all. But, it is important to recognise the need to complement your skills with experienced professionals in the relevant areas and delegate accordingly. When hiring team members, apart from ensuring they have the necessary experience and background, make sure there is a fit between the individual and you. Start-up organisations require individuals who are driven, flexible problem-solvers with multitasking abilities. marketing decision is found by choosing the appropriate medium to engage with customers. z Think about you customer do they read newspapers, listen to the radio, use social media? z How do existing businesses in your sector acquire and retain customers? z Can you collaborate with partners who will help you sell and distribute your products or services? Based on your growth strategy, plan for your staffing needs in your business plan. z What will be the expected roles and responsibilities of the new hires? z How will you go about recruitment? z Which channels will you pursue? z What is the expected timeline for scouting, interviewing and finally, hiring? PREPARE A PLAN

18 Financial Management Sample Income & Expenditure Statement of ABC Contracting LLC Financial analysis provides you with a snapshot of your company s performance in relation to operational efficiency and also the ability of the organisation to meet its financial obligations. Not all entrepreneurs have a strong background in finance, but it is important to understand key terms and numbers and also to employ the services of a finance and accounting professional. Avoid any unnecessary expenditure, reduce wastage. Focus on how you can do the same thing in a more cost effective manner. Get quotations from multiple sources so you have a better bargaining power with your suppliers. Cost management is the key to success. Ensure you buy your materials at the best price and ensure you just have enough inventory. Collect your receivables correctly on time and engage your people efficiently and keep them motivated. The following is an example of the monthly Income and Expenditure statement of a contracting company, ABC Contracting LLC. It is important to understand your major costs and understand the trends to help you plan for the future. ABC Contracting LLC OMR Contract Income 40,000 COSTS Material 18,000 Labour 8,700 Sub-contractor Costs 1,700 Plant and other Equipment Hire 4,000 Total Direct Costs 32,400 Gross Profit 7,600 Gross Margin 19% FIXED EXPENSES Business Development 300 Travel 200 Miscellaneous 200 Salaries - Staff 3,300 Rent 400 Legal Charges and Audit fee 75 Maintenance and Repair 450 Office Supplies 80 Utilities 100 Total Fixed Expenses 5,105 Operating Profit 2,495 Interest Expenses 150 Depreciation Expense 350 PREPARE A PLAN Profit before Tax 1995 Tax Expense - Net Profit after Tax 1,

19 Cash Flow Revenue Costs Profit Breakeven Point Income generated through sales of your product or service Direct Costs refer to the costs of material and labour that go into producing the final product/service. Fixed expenses refer to all other costs that are essential to the operation of the business - Administrative costs, Office expenses, Marketing, etc Gross profit assesses a company s efficiency in using material and direct labour in producing the final product/service Gross Profit = Revenue - Direct Costs Operating Profit reflects the company s ability to meet its core operations, but excludes interest and taxes Operating Profit = Revenue - Direct Costs - Indirect Costs Minimum sales required to cover direct costs and fixed expenses Cash flow gives a real time representation of the health of the company taking into account the operating, investing and financing activities at any given time. It reflects the availability of cash that flows through the business to support the various activities. Positive Cash Flow indicates that more cash is coming into the business than leaving it. It keeps the business running and presents Operating Profit Change in Account Receivables (AR) Change in Account Payables (AP) opportunities for expansion without requiring additional infusion of funds. Negative Cash Flow indicates that more cash is leaving the business than coming in affecting the ability to pay for key expenses like wages or repayments to lenders calling for infusion of funds by the business owners or through borrowing. This is the starting basis of the cash flow statement that takes into account the profit before interest, taxation and depreciation. If there is an increase in dues from clients from the previous accounting period, it would mean that less cash has been received in the company. A decrease in AR from the previous accounting period means that your company has received more cash. If you are able to negotiate with your suppliers a longer credit period, you will be able to delay your payments and retain more cash in the organisation and your AP will show an increase from the previous accounting period. Decrease in AP signifies an outflow of cash from the organisation. PREPARE A PLAN 30 31

20 CAPEX and other Investments Bank Facilities Purchase of land and machinery for investment purposes are not reflected in the income statement, but are a cash outflow for the business. Similarly, sale of land and/or equipment signifies a cash inflow to the business. When you avail facilities from the bank, there is a cash inflow to the business. Repayment of principal and interest will signify an outflow from the business. Change in Cash Flow (CF) = CF From Operating Activities + CF from Investing Activities + CF from Financing Activities Closing Cash = Beginning Cash + Change in CF For the purposes of keeping your day-to-day operations afloat, banks offer working capital loans to businesses. This loan should not be used towards buying additional assets for your company, but it is to be used to fund the gap caused by delayed payments from debtors so that the day-to-day operations of the company are not adversely affected. Financial Projections When approaching lending agencies and investors, you must be clear on a 3-5 year financial plan detailing the projected cash flow for your business. Chart out the growth plan, set targets and enable resource planning for the operations. Be realistic about the assumptions you make while making the projections for elements that affect your revenue and expenses: z Sales growth z Capex increases z Inflation z Rental increases z Staffing increases As you understand the trends and patterns, update your projections. so that you can plan your funding requirements accordingly. Risks Starting a business in itself exposes you to a scenario of uncertainty. As an entrepreneur, you have a higher risk appetite than most of your peers. However, once you start your business, approach risk with a strategy to mitigate it. Recognise that while some risks can be managed, some cannot. There is a greater likelihood of encountering some risks over others. Awareness and preparedness are key. z What are the risks related to your business? z What is the likelihood of the risk? z What impact does the risk have on your business? z What measures can you take to mitigate these risks? PREPARE A PLAN 32 33

21 TAKE ACTION Take the first step in faith. You don t have to see the whole staircase, just take the first step. Dr. Martin Luther King Jr.

22 Getting Started The following is a general compliance checklist before you start your company. There may be additional matters based on the nature of your business. Seek the help of qualified professionals to avoid delays and incurring costs. Choose a business structure Create Articles of Association detailing all activities that will be carried out by the business Register with MOCI Establish authorised signatories Open a (under formation) bank account Establish your office Business Structures Proprietorship Partnership Limited Company Can be formed only by Omani nationals or by G.C.C. nationals Company is 100% owned by the individual Individual is wholly liable for the company s obligations to the full extent of his/her property Formed by two or more persons, jointly and severally liable for all its obligations to the full extent of their properties Profits and losses are shared in proportion to capital contributions In a Limited Partnership one or more general partners have unlimited liability and one or more limited partners have limited liability Formed by two or more persons whose liability is limited to the nominal value of the shares in the capital of the company The number of shareholders of a limited liability company cannot exceed 40 The minimum capital of a Limited liability company is R.O.20,000 when no foreign participation in equity of the company is involved TAKE ACTION 36 37

23 Company Formation The Invest Easy portal ( established and promoted by the Ministry of Commerce and Industry is an important resource for all entrepreneurs in Oman providing a single point of access for all government services related to the company formation process. While comprehensive information is available on the website, below are some of the key steps related to forming your company. Company Name Availability Articles of Association Capital Deposit MOCI Registration Tax Department Registry Employee Social Insurance Establish Your Office z Finalise a commercial space according to your requirement and budget z Print office stationery including letter head, with address, telephone numbers, company seal and stamp, address and so forth z Various incubation centres offer office space along with incubation services. For more information, please refer to the section on Start Up Resources in Oman on page 40 Banking All major Omani banks have specialised service offerings z Discuss with a bank representative and list your requirements; they could further help you understand any further requirements and any additional documentation needed plan to understand your working capital requirements z When opening your account, have joint signatories for operating bank accounts to ensure checks and balances within your business z Following are the facilities you can approach the bank for: z Term Loan z Overdraft z Letter of Credit and Loan Against Trust Receipts z Bill Discounting z Cheque Discounting z Advance Against Receivables z Letter of Guarantee z Government Guarantee Loans z Approach the bank with a clear business Make a 38 Company Seal 39 TAKE ACTION

24 Start Up Resources in Oman The Public Authority for Small & Medium Enterprises Development (Riyada) P.O. Box -1253, PC 111, Al-Azaiba Sultanate of Oman Call Center: Al Raffd Fund Head Office P.O. Box - 399, P.C. 100 Sultanate of Oman Call Center: Zubair Small Enterprises Centre Al Sadiya Street, Block Way 8687, Building 104/229 3rd Floor, P.O. Box 257, P.C. 100 Old Muscat, Sultanate of Oman Tel: info@zubairsec.org Public Authority of Craft Industries P.O. Box - 818, P.C 130, Al-Azaiba Sultanate of Oman Tel: , , info@paci.gov.om Riyada is a governmental authority for the development of small and medium enterprises in Oman. It works to strengthen the contribution of SMEs to the local economy through a wide range of business advisory services and training programmes. Riyada offers business advisory services and training programmes with an incubation centre and full support to entrepreneurs. Al Raffd Fund, a governmental institution, aims at enabling Omani youth to establish their own commercial projects. Al Raffd Fund targets social security beneficiaries, job seekers, professionals, crafts people, at-home manufacturers, rural women and any other categories determined by a decision of the board of directors. It provides loans valued up to 20,000 OMR with a grace period of 12 months maximum duration for full repayment of the loan. Zubair Small Enterprises Centre is a corporate social responsibility initiative. This centre was established in 2013 and aims at providing required support to small businesses. Zubair SEC offers an incubator centre, financial support for selected entrepreneurs, communication with Zubair partners and other institutions, advisory services by expert mentors and other services that assist entrepreneurs in their businesses. The Public Authority of Craft Industries is a governmental authority that promotes craft industries in the country. PACI has lots of initiatives provided for by the craft industry. These initiatives include providing crafts people with support in the form of cash, equipment, production tools, licenses for crafts projects and involving crafts people in local and international exhibitions. PACI also works on providing required training and promoting and marketing of craft products. National Business Centre P.O. Box - 200, Rusayl, PC 124, Sultanate of Oman Call Center: Oman Development Bank P.O. Box , P.C. 112 Ruwi Sultanate of Oman Tel: , Oman Chamber of Commerce and Industry P.O. Box , P.C. 112, Ruwi Sultanate of Oman Tel: , Fax: occi@chamberoman.com Startup Oman info@startupoman.om Injaz Oman NBC is established under the umbrella of the Public Establishment for Industrial Estates. The centre provides support for Omani entrepreneurs on various aspects. This include financial and legal advisory, coaching and mentoring help, marketing and business promotion support, administrative support and business advisory help. ODB is the leading development financing institution in Oman contributing greatly to the nation s economic and social development. The bank provides interest-free loans to small investors with a maximum amount of OMR 5,000. ODB offers loans up to 1 million OMR with interest rate of 3% per annum for establishing new projects or for expanding existing ones. OCCI is a public establishment that aims at regulating, protecting and representing commercial and industrial interests. It has various initiatives for supporting SMEs in Oman. These initiatives include offering courses and training in the development of SMEs, providing legal advisory and economic consultancy, giving information on investment opportunities in Oman and organising private sector participation in local and international exhibitions. Startup Oman aims at bringing Oman s entire ecosystem together in one community. This includes incubators, marketeers, education partners, business professionals, investors, government supporters, legal counsel and support services and financial partners in order to offer the best support for entrepreneurs. Startup Oman organises seminars, networking, business training, mentoring. Injaz Oman is a non-profitable organisation that focuses on developing competencies of youth and empowering them. It provides various entrepreneurial initiatives such as entrepreneurship education, leadership skills, junior achievement programmes and the annual competition of Sharikati Start Up Resources

25 AIESEC Oman Intallaqah P.O. Box - 74, P.C. 116, Mina Al Fahal Sultanate of Oman Phone , Fax info@intilaaqah.org Entrepreneur Conclave G13, Regus Business Centre, Shatti Al Qurum, Muscat Sultanate of Oman Tel: Zameel@experiment-events.com info@experiment-events.com SAS Programme, Information Technology Authority P.O. Box , P.C. 130, Al-Azaiba Sultanate of Oman Tel: Sas@ita.gov.om AIESEC is non-profitable global organisation for young people to develop their leadership potential. AIESEC is run by students and recent graduates of institutions of higher education. It focuses on networking, leadership development, professional internships and student exchange. Intilaaqah is one of Shell s social initiatives in the Sultanate of Oman. It aims at creating an entrepreneurial environment and assists small businesses to succeed. Intillaqah focuses on developing entrepreneurial talents, and the business mindset of young entrepreneurs and supports the development and growth of SMEs. This programme provides workshops, training courses and business development and counseling services for Omani entrepreneurs and potential entrepreneurs. Entrepreneur Conclave is a business venture competition platform which aims at finding the most promising entrepreneurs in Oman. Participants are engaged in activities and case studies in entrepreneurship. As part of the competition, shortlisted participants present their business plans to a board of judges. The SAS programme is run by the Information Technology Authority and works to set up a national technology business entrepreneurship for the Sultanate of Oman in coordination and collaboration with government and non-government stakeholders. SAS encourages entrepreneurship and the development of IT and IT-related small and medium businesses in Oman. It supports young graduates to create their own businesses through the development and implementation of entrepreneurship culture building activities. Additionally, SAS offers an incubation centre with marketing services, coaching and mentoring, business environment facilities, legal services and access to finance. Caledonian Centre for Creativity and Innovation, Caledonian College of Engineering P O Box , CPO Seeb 111 Sultanate of Oman Tel: , haitham.alsaqri@caledonian.edu.om feroz@caledonian.edu.om Youth Entrepreneurship Support Initiative - College of Banking and Financial Studies P.O. Box , P.C. 112 Ruwi Sultanate of Oman Tel: , Fairouz@cbfs.edu.om Al Wathbah Programme Bank Muscat P.O. Box - 310, P.C.121, Seeb Sultanate of Oman Tel: , amiras@bankmuscat.com ahlamali@bankmuscat.com Pages/default.aspx CCCI was established at Caledonian College of Engineering in 2012 with the aim of creating a spirit of innovation, creativity and entrepreneurship among staff and students. Additionally, it provides a launching pad for budding engineers and academics, through entrepreneurship awareness and job creation opportunities. CCCI links the college with industrial entities. It offers incubation facilities for entrepreneurship and project incubation activities. Offices are equipped with materials and computers are installed with the latest software to assist students in pursuing entrepreneurial and research-oriented ventures. Students are also given access to other laboratories within Caledonian College. YESI is a youth initiative with the objectives of building future entrepreneurs in designing viable business models including market strategies, communication skills, funding techniques, team development, and startup business. YESI offers its support to all CBFS future businesspersons. YESI provides awareness programmes on entrepreneurship and innovation that meet the needs of students and graduates. The SME department at Bank Muscat al Wathbah aims to support development and growth of SMEs in all sectors of the economy. Al Wathbah offers diverse financing and banking services to targeted sectors. It provides al Wathbah Business Zone to be used free of cost by SME customers who do not have their own office space. This programme as well offers financial (credit support to OMR 400,000) and advisory services to SMEs. Start Up Resources 42 43

26 Sharakh PO Box 1354, Ruwi, P.C. 112 Sultanate of Oman Tel: (+968) , Fax: (+968) Sharakah was established by Royal Decree (76/98) in 1998 to continue the government`s commitment and support towards entrepreneurs and entrepreneurship in Oman. We are a closed joint stock company which specifically encourages and supports the development of entrepreneurs and SMEs in the sultanate. The generous donation by His Majesty Sultan Qaboos bin Said along with those from the business community and private individuals have created the share capital that enables us to operate and render our services. The Research Council P.O.Box 1422, P.C Muscat 130 Sultanate of Oman Phone: , Fax webadmin@trc.gov.om Default.aspx The establishment of TRC is, without doubt, a significant step in the scientific, economic and social development of Oman. Research is essential to nation building it underpins progress, economic growth and prosperity; it helps us better equip and train our workforce and encourages creativity and innovation; it leads to greater entrepreneurship and helps industry growth. In short, research makes our nation more competitive in the global economy. 44

27