In-Country Value (ICV) – Entrepreneurial Opportunities in the Companies of Oman

Purpose: 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. Design/methodology/approach: 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. Findings: 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. Research limitations/Implications: 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). Social implications: 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. Originality/Value: 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