Economic development of any country is sparkled largely by its enterprising spirit. Entrepreneurship is an innovative and dynamic process, where by a new enterprise is created and generates employment oppourtunities for others. Economic growth and development of the country is determined by its natural, financial and human resources. An economy can move on to higher levels of growth either by obtaining a larger quantum of the factors of production or through technical advancement. The objective of any planned development is to develop human resources to the overflowing utilisation. Therefore, industrialisation is one of the ways of bringing about socio-economic development in any economy. This paper examines the present condition and potential for the natural, human and technological resources for economic development in Sultanate of Oman and explores the initiatives of the government has sought with the natural-mineral, human and technological resources. It reviews the resources for the scope of entrepreneurship and SMEs in Oman.