Systematic Literature Review: Factors Influencing Development and Sustainable Performance of Entrepreneurship and SME market in Oman

Abstract

Small and medium enterprises are the backbone of Oman's economy, and the government is stressing the need for growth in this segment. Entrepreneurship is the basis of business development, and with the impact of Covid-19 on economies around the globe, the SME's are the most impacted segment of the business. The entrepreneurs operating small and medium enterprises have limited funds to manage organizational procedures. The SME market of Oman is developing, and the government is keen to develop a secure environment for the investors. The present study is aimed to assess the performance and sustainability of SMEs and entrepreneurship in Oman. The study evaluates the present literature on the topic; 32 relevant research types are briefly discussed and analyzed to estimate the study gaps that can guide future research. The systematic literature review is being conducted, and studies are presented and analyzed based on similarities and differences in the results. The qualitative assessment is based on literature findings; the results show that the small and medium enterprises are essential for Oman's economy to maintain its growth, as small business initiatives and entrepreneurial activities strengthen the country's economy. The government policies, social business attitudes, culture, capital flow, and lack of technology are the significant factors influencing the SME's growth in Oman. The study concludes that SMEs are essential for economic growth, and they serve as the backbone of the Omani economy in the future. The government authorities are reasonable for the development of a secure business environment for the new market entrants. The sustainable growth and development of SMEs and entrepreneurial culture in Oman are critical for the diversification of an economy that is dominantly based on natural hydrocarbon-based resources.