Effect ofself-perceivedcognitive factors on entrepreneurship development activities: An empirical study from Oman global entrepreneurship monitor survey

Self-perceived cognitive factors are the vital components in the early stage of entrepreneurship development activities. This paper examines the effect of self-perceived cognitive factors on entrepreneurship development activities in Oman by using the Oman Global Entrepreneurship Monitor survey data collected in 2019. Using the ordered logit regression model, the study found that there is a significant and positive effect of business opportunities on the development of entrepreneurship activities. Necessary skills and creativity also have a significant positive effect on entrepreneurship development activities. However, fear of failure in business has a significant negative effect on it. Young and adult Omani populations perceive that they have adequate knowledge, skills, and capacity for innovation and creativity for entrepreneurship, and they have a positive attitude toward entrepreneurship. The majority of young populations perceive that there is enough opportunity to start a business, but many entrepreneurs are afraid to take risks that entail possible failure. To reduce the uncertainty and fear of failure in business, the government needs to create a business-friendly environment and support entrepreneurs in various aspects.