Global Challenges for Business and Entrepreneurship: Case of Oman
DOI:
https://doi.org/10.14738/assrj.91.11660Keywords:
Globalization, Global Business Challenges, Entrepreneurship ChallengesAbstract
Globalization has created various challenges among businesses and entrepreneurs. For many years, businesses have been facing challenges, such as increased competition, financial issues, and other operational challenges. Accordingly, businesses and entrepreneurs must adopt new strategies to address these emerging global challenges to remain competitive in the industry where they belong. Hence, it is also essential for entrepreneurs to employ strategic decision-making to achieve success within a business environment that is facing multiple global challenges. The goal of this study is to explore the current global challenges being faced by businesses and entrepreneurs, especially in the case of Oman. Some of the identified challenges for businesses and entrepreneurship includes keeping up with the current trends in business, global market competition, economic issues, information and communication technology (ICT) challenges, the current global health crisis, and other business-related issues. The variations of the global challenges must be understood properly by businesses and entrepreneurs to ensure business competitiveness, despite the risk of unwanted business outcomes brought by these challenges. With the emergence of these challenges, business owners or entrepreneurs will also have the chance to develop their strategic decision-making and even develop new strategies that will help the business survive.
References
Al Bulushi, B., & Bagum, S. (2017). Growth Strategies of SME in Oman - Issue and Challenges. International Journal of Small Business and Entrepreneurship Research, 5(2), 21-61. https://www.eajournals.org/wp-content/uploads/Growth-Strategies-of-SME-in-Oman-Issues-and-Challenges.pdf
Al-Abri, M. Y., Rahim, A. A., & Hussain, N. H. (2018). Entrepreneurial ecosystem: An exploration of the entrepreneurship model for SMEs in Sultanate of Oman. Mediterranean Journal of Social Sciences, 9(6), 193-206. https://doi.org/10.2478/mjss-2018-0175
Alqassabi, M. A. (2020). Insights on sustainability of small and medium enterprises in Oman: A conceptual framework. International Journal of Economics and Financial Issues, 10(1), 209-218. https://doi.org/10.32479/ijefi.9063
Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of Business Research, 117, 284-289. https://doi.org/10.1016/j.jbusres.2020.06.008
Eze, S., & Chinedu-Eze, V. (2018). Examining information and communication technology (ICT) adoption in SMEs. Journal of Enterprise Information Management, 31(2), 338-356. https://doi.org/10.1108/jeim-12-2014-0125
Gamage, N. (2019). Global Challenges and Survival Strategies of the SMEs in the Era of Economic Globalization: A Systematic Review. Munich Personal RePEc Archive. https://mpra.ub.uni-muenchen.de/98419/1/MPRA_paper_98419.pdf
Haenlein, M. (2017). How to date your clients in the 21 St century: Challenges in managing customer relationships in today's world. Business Horizons, 60(5), 577-586. https://doi.org/10.1016/j.bushor.2017.06.002
Herhold, K. (2018). How to overcome top social media challenges. The Manifest - Small Business News, Data, and How-To Guides. https://themanifest.com/social-media/blog/top-social-media-challenges
Horowitz, J. M., Brown, A., & Minkin, R. (2021). The COVID-19 pandemic's long-term financial impact. Pew Research Center’s Social & Demographic Trends Project. https://www.pewresearch.org/social-trends/2021/03/05/a-year-into-the-pandemic-long-term-financial-impact-weighs-heavily-on-many-americans/
Jalagat, R. C., Bashayre, A., Dalluay, V. S., & Pineda, A. P. (2017). Correlates the Relationship of Service Quality, Customer Satisfaction, and Customer Retention on Selected Restaurants in Muscat, Sultanate of Oman. The International Journal Of Business & Management, 5(9), 97-109. http://www.internationaljournalcorner.com/index.php/theijbm/article/view/124941/85964
Liu, Y., Lee, J. M., & Lee, C. (2020). The challenges and opportunities of a global health crisis: The management and business implications of COVID-19 from an Asian perspective. Asian Business & Management, 19(3), 277-297. https://doi.org/10.1057/s41291-020-00119-x
Montealegre, R., & Cascio, W. F. (2017). Technology-driven changes in work and employment. Communications of the ACM, 60(12), 60-67. https://doi.org/10.1145/3152422
Muthuraman, B. (2019). Trends and problems of e-Commerce in Sultanate of Oman. SSRN Electronic Journal, 7(4). https://doi.org/10.2139/ssrn.3832253
Muthuraman, S., & Al Haziazi, M. (2019). Entrepreneurial growth: Challenges to young Omani entrepreneurs. International Journal of Business and Applied Social Science, 5(7), 98-114. https://doi.org/10.33642/ijbass.v5n7p10
Ramachandran, N., & Ali Al Yahmadi, H. M. (2019). Challenges faced by SMEs in Oman. Shanlax International Journal of Arts, Science and Humanities, 7(1), 15-25. https://doi.org/10.34293/sijash.v7i1.496
Ranabhat, D. (2018). Customer Loyalty in Business. Centria University of Applied Sciences. https://www.theseus.fi/bitstream/handle/10024/142883/Ranabhat%20Durga%20.pdf?sequence=1&isAllowed=y
Steiner, R. T. (2019). Cultivating “Omani ambitions”: Entrepreneurship, distributive labor, and the temporalities of diversification in the Arab Gulf. Economic Anthropology, 7(1), 80-92. https://doi.org/10.1002/sea2.12163
Sultan Qaboos University. (2019). Impact of COVID 19 on development in Oman. Research @ SQU. https://www.squ.edu.om/research/Research-Output/Latest-Research-Highlights/ArticleID/865/Impact-of-COVID-19-on-development-in-Oman
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Maria Teresa Matriano
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors wishing to include figures, tables, or text passages that have already been published elsewhere are required to obtain permission from the copyright owner(s) for both the print and online format and to include evidence that such permission has been granted when submitting their papers. Any material received without such evidence will be assumed to originate from the authors.
