Business Magazine

The Role of Entrepreneurs: A Global Entrepreneurship Twitter Chat

Posted on the 14 November 2012 by Center For International Private Enterprise @CIPEglobal

The Role of Entrepreneurs: A Global Entrepreneurship Twitter Chat

Yesterday CIPE hosted a #GEWChat Twitter Chat with advocates around the world to discuss how entrepreneurship contributes to economic, social and democratic development. Entrepreneurs naturally help to grow the economy as their ventures provide new services and often lead to increases in employment.  In fact, the basic characteristics of entrepreneurial ventures suggest that they are more effective for economic development than other strategies.

Startups are structured in a bottom-up fashion and tailored to the needs of local communities, which in turn leads to better engagement and sustainability.  Furthermore, entrepreneurial ventures are not necessarily capital intensive, meaning they can be launched quicker than larger initiatives that may require drawn-out processes to secure necessary funding or even political support.  Entrepreneurs are also more adept at navigating altering landscapes.  Their smaller scale, limited structure, and independent thought processes allow for quick decision making while other strategies are slow to make necessary changes and adjustments.

Participants in the Twitter chat noted that there are a number of barriers to entrepreneurship in the developing world.  Access to micro-finance and general liquidity are commonly cited as the biggest barriers, but capital is only one part of an extensive ecosystem that allows entrepreneurship to thrive.  These ecosystems not only require finance, but also have elements dealing with policy, culture, support mechanisms, and markets.

The policy environment plays an important part in creating a supporting environment by mitigating risk and ensuring access to finance, but it is only part of the equation.  In many instances, young people in developing countries don’t even think that starting their own business is an option.  As one participant mentioned:

@cipeglobal reason being, from the begining kids are asked whether he would like to be engineer, doctor or a pilot #GEWChat

— mateen hamza (@humorcarbons) November 13, 2012

 

Rather than thinking creatively and striking out on their own, youth are driven to pick a job; this culture needs to change.  Including entrepreneurship in school curricula is one way to address the problem but would-be entrepreneurs need mentors and local success stories as well.

In addition to endowing youth with a “concept of entrepreneurship” societies must do a better job of supporting those with entrepreneurial tendencies. Nascent entrepreneurs don’t just need financial support when it comes to starting a business. They also need personal support and for people to believe in their ideas.  Rami Shamma, from Lebanon’s Development for People and Nature Association, noted

One of the main challenges that young entrepreneurs face is people not believing that they could do it, due to their age… #GEWChat

— Rami Shamma (@RamiShamma) November 13, 2012

 

Entrepreneurship is a powerful tool that can lead to sustained economic development that meets the needs of emerging countries.  Such markets are characterized by rapidly changing environments to which other development strategies are often to slow or unable to respond.  Entrepreneurs are typically plugged into their respective markets and are able to react quicker to changes and find innovative solutions to everyday problems.  Only by creating the necessary ecosystems can developing countries tap into the economic power that entrepreneurs bring.  This means not only creating the right policies, but the right culture as well.


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Healthy Cauliflower Pizza!

    Healthy Cauliflower Pizza!

    ‘Can pizza ever be healthy?‘, you may be wondering, as I also did once upon a time. But being a normal human being, I absolutely adore the occasional pleasure o... Read more

    The 22 July 2017 by   Fitnessontoast
    DIET & WEIGHT, FASHION, FITNESS, HEALTH, HEALTHY LIVING, LIFE COACH, LIFESTYLE
  • How Utilities Are Trying to Slow Down Rooftop Solar

    Utilities Trying Slow Down Rooftop Solar

    GR: Utility companies don’t want you to save money by adopting solar power. Utilities that should earn their public status by working for the common good,... Read more

    The 22 July 2017 by   Garry Rogers
    ANIMALS & WILDLIFE, BOOKS, ENVIRONMENT
  • 8 Leadership Lapses Every Business Owner Must Avoid

    Leadership Lapses Every Business Owner Must Avoid

    Even entrepreneurs who have built many startups, or sold their last one for millions of dollars, know they make occasional people leadership mistakes. Read more

    The 22 July 2017 by   Martin Zwilling
    BUSINESS, CAREER
  • What is the Underlying Cause of Addiction?

    What Underlying Cause Addiction?

    Hello everyone. I hope all is well with you and that you’re having an awesome summer. We’ve had a couple of weeks of hot, sticky weather and it’s the type of... Read more

    The 22 July 2017 by   Lisaorchard
    LIFESTYLE
  • Massive Cards

    Massive Cards

    This last year I had less and less time to draw as my research project advanced. It’s sad, but I always knew that it would be difficult to combine science and... Read more

    The 22 July 2017 by   Matteofarinella
    COMIC BOOKS, ENTERTAINMENT
  • Photo Favourite 39 - Swimwear Edition

    Photo Favourite Swimwear Edition

    Summer is often a hard time for plus size people, and swimwear is often a big part of that anxiety. Here i have 13 gorgeous ladies showing you that no matter... Read more

    The 22 July 2017 by   Boo_brown
    FASHION, LIFESTYLE
  • Odeon: The Gallery

    Odeon: Gallery

    I did this at the Metrocentre cinema for Dunkirk in IMAX.Cool Tables! The staff are fantastic in the bar area and you are given a number with the screen you... Read more

    The 22 July 2017 by   Caz
    ENTERTAINMENT, MOVIES