MUSCAT, 31 March 2012 – BankMuscat, the flagship financial institution in the Sultanate, organised a workshop on entrepreneurship at the Bank’s head office. Khalid bin Mohammed Al Zubair, Chairman, SME Committee, Oman Chamber of Commerce & Industry, presided at the workshop which evoked strong response from entrepreneurs.
The interactive workshop focusing on ‘Powerful leadership – The secret to achieve true business potential’ was conducted by PeopleSys lead trainer Gurunandan S. Savnal. Savnal is the founder of PeopleSys, which specialises in consulting in strategic and risk management systems and management training.
Khalid bin Mohammed Al Zubair said: “The SME sector plays a key role in the country’s development, especially in terms of self-employment opportunities. Sound leadership is the foundation of success for any business establishment. Inspiring leadership can identify challenges ahead and draw up plans to face them. The OCCI has launched a study to identify challenges faced by entrepreneurs in small and medium enterprises.”
Ilham Al Hamaid, AGM - SME Credit and Marketing, said: “The workshop theme fits the corporate ethos of BankMuscat, aimed at encouraging creativity and innovation among people, thereby contributing to national initiatives and economic development by facilitating an entrepreneurial environment in Oman. BankMuscat is a strong supporter of the government policy to encourage individual initiatives aimed at self-employment.”
Ilham added: “Al Wathbah, BankMuscat’s small and medium enterprise (SME) department, has been very dynamic in financing businesses and strengthening the SME foundation in Oman. Aimed at strengthening the SME sector, BankMuscat offers a comprehensive suite of tailor-made finance solutions.”
The workshop focused on SME leadership and examined the reasons why these businesses are not achieving their full potential. The reasons for business failures include that entrepreneurs assume that if they understand the product and do a great job with their product, the business will take care of itself over time. It is a fatal leadership error. The workshop focused on the need to move from a “people dependent” business to a “strategy and system driven” business.
The workshop was designed to inspire and engage entrepreneurs, providing them with relevant information to address the challenges facing business owners today and to identify the skills and capabilities necessary to overcome them. In addition to presentations, the workshop featured open discussion and evaluation of business case studies, shedding light on ingredients that are critical to SME success.
Over the years BankMuscat has taken several strategic steps to strengthen the SME sector in Oman. Recently, IFC Capitalisation Fund invested $170 million in BankMuscat to strengthen the capital base and increase access to finance for SMEs. BankMuscat is also a key partner with the Ministry of Commerce & Industry in the government guaranteed loan programme in support of SMEs.