Muscat: There has been an increase in the number of young Omanis who want to start their own companies.
This move will not only boost Oman’s economy but is also in line with the Sultanate’s Omanisation plan.
A recent study by the National Centre for Statistics and Information (NCSI) showed a dramatic increase in the percentage of students who are currently thinking about starting their own companies, as compared to five years ago.
The findings of the study by the NCSI read: “The percentage of higher education students thinking about starting their own businesses is 70 per cent in 2019, compared to 28 per cent of surveyed students in 2015.”
“The information suggests that male students are more likely to consider choosing to start their own businesses than females,” the study’s findings read.
According to the study, 35.8 per cent of male students and 23.6 of female students thought about starting their own companies in 2015. In 2019, that number rose to 75.1 per cent of males and 67.8 per cent of females.
Furthermore, 4 per cent of those surveyed by the NCSI have said that they already have their own businesses.
The study by the NCSI sampled 2834 higher education students, who had a median age of 22 years and was 82 per cent comprised of women, compared to 28 per cent males.
The students filled online surveys about their work preferences, and how open they were to running their own business.
Some students said that there were reasons why they couldn’t start their own businesses yet.
92 per cent of students said that they do not have appropriate starting capital, 51 per cent said they thought getting permits for the project might be difficult, 28 per cent said they would not be able to compete in the market, and 26 per cent said that marketing their products would become a barrier.