SMEDA seeks to foster start-up entrepreneurship at SQU

MUSCAT: The Small and Medium Enterprise Development Authority (SME) organized an entrepreneurship and investment workshop on September 12 at Sultan Qaboos University (SQU) to help educate students about the four fundamental stages in the life cycle of startup companies.

During the workshop, participants learned how to manage their resources to pursue specific opportunities effectively, often involving calculated risks, to achieve financial, ethical, and dual rewards. This insightful event also highlighted the various facets of entrepreneurship, including Business Entrepreneurship, which focuses on launching and managing commercial ventures; Social Entrepreneurship, which is dedicated to creating positive societal impacts alongside financial gains; and Corporate Entrepreneurship, fostering innovation within established organizations.

The process of innovation and business growth, as outlined by the SME Authority at SQU, begins with the ideation phase. This marks the birth of an idea through contemplation and reflection. It could involve improving an existing concept with a unique twist or creating a new product or service.

Following the birth of the idea, the development stage comes into play. This phase encompasses formulating a plan for organizational change and improvement, covering aspects ranging from institutional architecture to individual roles. It entails configuring systems, behaviors, and mechanisms that define the company's position and environment.

Once the organization is consistently profitable, holds a firm market position, and has earned the trust of its customers, it embarks on the launch stage. The company is faced with a strategic choice: either expand its operations or sell them off for a substantial sum.

If the decision is made to expand, the growth stage commences. This is a critical juncture, as it secures the company's future and ensures its expansion. However, it also comes with its share of risks, and the dangers of over-expansion should be noticed.

This model, as detailed in the SMEDA presentation, provides a roadmap for startups navigating the challenging landscape of business growth and development.