ASMED empowers entrepreneurs with readiness programme
Published: 04:08 PM,Aug 07,2024 | EDITED : 09:08 PM,Aug 07,2024
The initiative focuses on improving participants' understanding of economic feasibility.
The Entrepreneur Readiness Programme, spearheaded by the Authority for Small and Medium Enterprises Development (ASMED), aims to enhance and cultivate the entrepreneurial skills of aspiring business owners. This initiative focuses on improving participants' understanding of economic feasibility and equipping ASMED employees with advanced entrepreneurial expertise.
Launched by the Authority, the programme targets individuals with business ideas, young entrepreneurs, and existing project owners. It engages over 700 Authority employees across various governorates, with each of the first two batches comprising 50 employees in supervisory and executive roles.
Over eight days, participants gain practical experience, culminating in the creation of an integrated project and an economic feasibility study. This process involves gathering and analysing project-related information to assess implementability, mitigate risks, and ensure profitability.
'The programme's key skills include defining the project path, understanding the entrepreneurial ecosystem, fostering creativity and innovation, preparing a business plan and a robust economic feasibility study, and developing financial strategies,' stated Khalfan bin Amer al Mufarji, Assistant Director of Human Resources at the Authority. He emphasized that the programme is essential for accessing various Authority services, such as financing, incubation, and usufruct land rights.
The Authority highlighted the critical role of entrepreneurship in the economy under Oman Vision 2040, which aims to boost national income, create job opportunities, reduce unemployment, enhance human capabilities, and drive economic transformation through diversified production and export structures. The programme also helps entrepreneurs recognize and avoid significant risks, such as relying on assumptions, inadequate planning, incomplete project provisioning, hiring unqualified employees, and lacking essential skills. It offers a valuable opportunity for entrepreneurs to develop the competencies needed to navigate and mitigate these risks.
Additionally, the programme emphasises developing communication skills, understanding business legislation, enhancing financial and administrative capabilities, marketing strategies, creative thinking, feasibility study preparation, leveraging emerging technologies, and analyzing the market and competitors.
In 2023, the 'Entrepreneur Readiness' programme saw 1,548 participants, with 1,417 successfully completing the training across 58 groups in various governorates of the Sultanate of Oman.
Launched by the Authority, the programme targets individuals with business ideas, young entrepreneurs, and existing project owners. It engages over 700 Authority employees across various governorates, with each of the first two batches comprising 50 employees in supervisory and executive roles.
Over eight days, participants gain practical experience, culminating in the creation of an integrated project and an economic feasibility study. This process involves gathering and analysing project-related information to assess implementability, mitigate risks, and ensure profitability.
'The programme's key skills include defining the project path, understanding the entrepreneurial ecosystem, fostering creativity and innovation, preparing a business plan and a robust economic feasibility study, and developing financial strategies,' stated Khalfan bin Amer al Mufarji, Assistant Director of Human Resources at the Authority. He emphasized that the programme is essential for accessing various Authority services, such as financing, incubation, and usufruct land rights.
The Authority highlighted the critical role of entrepreneurship in the economy under Oman Vision 2040, which aims to boost national income, create job opportunities, reduce unemployment, enhance human capabilities, and drive economic transformation through diversified production and export structures. The programme also helps entrepreneurs recognize and avoid significant risks, such as relying on assumptions, inadequate planning, incomplete project provisioning, hiring unqualified employees, and lacking essential skills. It offers a valuable opportunity for entrepreneurs to develop the competencies needed to navigate and mitigate these risks.
Additionally, the programme emphasises developing communication skills, understanding business legislation, enhancing financial and administrative capabilities, marketing strategies, creative thinking, feasibility study preparation, leveraging emerging technologies, and analyzing the market and competitors.
In 2023, the 'Entrepreneur Readiness' programme saw 1,548 participants, with 1,417 successfully completing the training across 58 groups in various governorates of the Sultanate of Oman.