Main Article Content
In-Country Value, Human Resources, Local Community Development, Local Procurement, Capital Investment, Small and Medium Enterprises, Entrepreneurs
The objectives of the study are to analyze to the opportunities created for the new entrepreneurs through the In-Country Value (ICV) scheme; to analyze the benefits earned by the entrepreneurs through ICV in the selected companies of Oman and to critically analyze the impact of in-country value in the economic growth of Oman.
To carry out this research study, exploratory approach was adopted. Secondary data were obtained from seven selected companies in Oman, and the data was collected from the four perspectives of ICV, and the collected data was analyzed, and the conclusion was drawn.
The study reveals that ICV initiatives have brought a great change in the local economy through enhancement of human skills and exploration of the capabilities of human resources and the potentialities of SMEs and the ICV strategy opens opportunities to the new entrepreneurs from the local community to come up with self-employment and encourages local entrepreneurs.
The study reveals that the selected companies are following their own pattern of plans, programs, and strategies and there is no uniform pattern to adjudge their performances. The Ministries should define clear guidelines and periodic reports should be generated and should be publicized that will boost up the morale of the budding entrepreneurs and the local Small & Medium Enterprises (SMEs).
The study reveals that the ICV strategy adds value to the growth of local economy and thereby the national economy through the efforts of SMEs of Oman.
No one has ever examined the effect of ICV strategy in the local and economic development of Oman, it is a first-hand study of its kind, and the results will be useful to streamline the strategies for ICV initiatives.
Ali, Y.Y., Al-Nusair, M., Alani, F.S., Khan, F.R. & Al-Badi, L.H. (2017). Employment in the Private Sector in Oman: Sector-Based Approach for Localization, Humanities and Social Sciences Reviews, 5(1), 1-20, doi: https://doi.org/10.18510/hssr.2017.511
Al-Lawati(2017). Exploration of Entrepreneurial Marketing Orientation Model among SME’s in Oman. International Journal of Economics & Management Sciences, 6(3), 1-6, doi: https://doi.org/10.4172/2162-6359.1000432
Al Ruqaishi, S. (2016). In Country Value / Local Content Definition and Global Practices. Linkedin, Sep.3, 2016, Retrieved 12thMarch 2018, Retrieved fromhttps://www.linkedin.com/pulse/country-value-local-content-definition-global-suleiman-al-ruqaishi
Alvarez, S.A., & Barney, J.B. (2001). How Entrepreneurial Firms Can Benefit from Alliances with Large Partners. The Academy of Management Executive, 15(1), 139-148, doi:https://doi.org/10.5465/AME.2001.4251563
Alvarez, S.A., &Busenitz, L.W. (2001). The Entrepreneurship of Resource-Based Theory. Journal of Management, 27(6), 755-775, doi:https://doi.org/10.1177/014920630102700609
Baron, R.A. & Ensley, M.D. (2006). Opportunity Recognition as the Detection of Meaningful Patterns: Evidence from Comparisons of Novice and Experienced Entrepreneurs, Management Science, 52(9), 1331-1344, doi:https://doi.org/10.1287/mnsc.1060.0538
Bindah, E.V. &Magd, H.A.E. (2016). Teaching Entrepreneurship in Oman: Successful Approaches. Procedia-Social and Behavioural Sciences, 219, pp.14—144, doi: https://doi.org/10.1016/j.sbspro.2016.04.055
Budhwar, P.S., Al-Yahmadi, S. &Debrah, Y. (2002).Human resource development in the Sultanate of Oman. International Journal of Training and Development, 6(3), 198-215, doi:https://doi.org/10.1111/1468-2419.00159
Bruns, H.J. (2014). HR development in local government: how and why does HR strategy matter in organizational change and development? Business Research, 7(1), 1-49,doi:https://doi.org/10.1007/s40685-014-0002-z
Choi, Y.R., Levesque, M., & Shepherd, D.A.(2008). When should Entrepreneurs Expedite or Delay Opportunity Exploitation? Journal of Business Venturing, 23(3), 333-355, doi:https://doi.org/10.1016/j.jbusvent.2006.11.001
Choi, Y.R.& Shepherd, D.A. (2004). Entrepreneurs’ Decisions to Exploit Opportunities. Journal of Management, 30(3), 377-395, doi:https://doi.org/10.1016/j.jm.2003.04.002
FSB (2012). Local Procurement: Making the Most of Small Businesses. Federation of Small Businesses, Procurement Survey Report by The UK’s Leading Business Organization, Jul.2012, available at https://cles.org.uk/wp-content/uploads/2012/07/fsb2012procurementsurvey.pdf
Hitt, M.A., Ireland, R.D., Camp, S.M., & Sexton, D.L. (2001). Strategic Entrepreneurship: Entrepreneurial Strategies for Wealth Creation. Strategic Management Journal, 22(6-7), 479-491, doi:https://doi.org/10.1002/smj.196
Khan, F. R. (2014). Socio-Economic Factors Influencing Entrepreneurship Development: An Empirical Study across the Small and Medium Enterprises of Chennai, State of Tamil Nadu, India. Journal for Global Business Advancement (JGBA), 2009, 2(3), 89-94, ISSN 1549-9332, Retrieved from http://www.agba.us/pdf/2009-AGBA-Malaysia-proceedings.pdf
Khan, F.R. & Krishnamurthy(2016). Future Proofing of Tourism Entrepreneurship in Oman: Challenges and Prospects. Journal of Work-Applied Management, 8(1), 79-94, doi: https://doi.org/10.1108/JWAM-06-2016-0008
Lentjushenkova, O. &Titko, J. (2017). Entrepreneurs’ perception of outcomes from intellectual capital investments. Conference Proceedings, 16thInternationalConference on Perspectives of Business and Entrepreneurship Development in Digital Age, pp.101-111, Sep.2017, Brno, theCzech Republic, available at https://conference.fbm.vutbr.cz/ic/index.php/ic/article/view/43/12
Marchese, M. & Potter, J. (2010). Entrepreneurship, SMEs and Local Development in Andalusia, Spain. LEED working paper series, LEED programme, Organization for Economic Co-operation and Development (OECD), Nov.2010, Retrieved fromhttp://www.oecd.org/regional/leed/46970408.pdf
Nijaki, L. K. &Worrel, G. (2012). Procurement for sustainable local economic development, International Journal of Public Sector Management, 25(2), 133-153, doi:https://doi.org/10.1108/09513551211223785
Park, J.Y., Sung, C.S. &Im, I. (2017). Does Social Media Use Influence Entrepreneurial Opportunity? A Review of its Moderating role. Sustainability, 9(1593), 1-16, doi: https://doi.org/10.3390/su9091593
Pringle, A. (2013). The Power of Purchasing: The Economic Impacts of Local Procurement. Columbia Institute, LOCO BC, ISIS Research Centre at the Sauder School of Business, available at http://locobc.com/wp-content/uploads/Local_Procurement_FinalforWeb.pdf
Sevilir, M. (2010), Human Capital Investment, Entrepreneurship and New Firm Creation, Journal of Financial Intermediation, 19(4), 483-508, doi:https://doi.org/10.1016/j.jfi.2009.08.002
Shane, S. (2000). Prior Knowledge and the Discovery of Entrepreneurial Opportunities. Organization Science, 11(4), 448-469, doi:https://doi.org/10.1287/orsc.11.4.448.14602
Short, J.C., Ketchen, D.J. Shook, C.L., & Ireland,R.D. (2010). The Concept of Opportunity in Entrepreneurship Research: Past Accomplishments and Future Challenges. Journal of Management, 36(1), 40-45, doi:https://doi.org/10.1177/0149206309342746
Uyar, A.S. &Deniz, N. (2012). The Perception of Entrepreneurson the Strategic role of Human Resource Management. Procedia – Social and Behavioral Sciences, 58, 914-923, doi: https://doi.org/10.1016/j.sbspro.2012.09.1070
Yarahmadi, F.&Magd, H.A.E. (2016). Entrepreneurship Infrastructure and Education in Oman. Procedia-Social and Behavioral Sciences, 219, 792—797, doi: https://doi.org/10.1016/j.sbspro.2016.04.079
Zhang, J. (2007). A Study of Academic Entrepreneurs Using Venture Capital Data, Working Paper, IZA Discussion Papers No.2992, Institute of Labor Economics, available at http://hdl.handle.net/10419/34748