Entrepreneurship brings a ray of hope anywhere and is universally recognized as a key element in the development process. Amongst other things it promises, economic and professional freedom, self-reliance and development to entrepreneur's and connected families, prompting associations, governments and other bodies to encourage entrepreneurship.
More widespread encouragement of local entrepreneurship will encourage more extensively spread economic gains as also other developmental gains like building better self-reliance, self-confidence and an increased sense of security and achievement. Such increased well-being around the community, rather than just for an individual, builds better social fabric, lifestyles, reduces crime etc.
Therefore it is no surprise that entrepreneurship will be and is being actively encouraged in developing countries. Here's how to encourage it.
An entrepreneur in a developing country would be a person who shows creativity and ability in bring available resources by gathering people who add value to this resource and making it available to those that will pay for it. This ensures that a business exists which will provide an income, which sustains not just the business, but also the families of the entrepreneur, the people who are working with the entrepreneur and all those involved with the enterprises like vendors, partners, suppliers etc.
Entrepreneurship will come about normally in environments where carrying out or being involved in the enterprise itself is motivation to be an entrepreneur, sufficient skill and talent exists giving confidence in oneself, there is a personal need for money, goal realization etc, and there is a conducive atmosphere to entrepreneurial development with support coming from authoritarian bodies or organizations.
Seeing this and the benefits of entrepreneurship in overall development, the following are some steps taken by local Governments, Central Governments, Charitable organizations and other Non-Government bodies like the United Nations etc towards encouraging entrepreneurship in developing countries also.
- Training so as to enhance existing local managerial, technical and entrepreneurial skills
- Carrying out programs which enhances the value of human capital
- Aiding and encouraging development of infrastructure and other support services
- Assuring sufficient mobilization of venture capital for funding business ides or proposals for their entrepreneurs.
- Extending micro credit and also developing a micro credit system within the society
- Encouraging organizations which provide credit to such entrepreneurs
- Creation of a system of venture facilitators for counseling , networking etc
- Creation of information gathering and learning facilities through the use of technology that surmounts the problems of distance and inadequate infrastructure
- Attracting more youth to entrepreneurial endeavors by having programs that appeal to them
- Having Entrepreneurial development programs which better the chances of an entrepreneur becoming a successful entrepreneur
- Ensuring that there is adequate awareness in the society of such entrepreneurial programs and the access to such programs, the Governments schemes to aid entrepreneurs, the organizations, which exist to aid entrepreneurs, and the programs they run etc.
The interest in nurturing entrepreneurship in developing countries (and its need) arises from the recognition that creation of small and micro enterprises will help in achieving overall social and economic goals.