Entrepreneurship in Equatorial Guinea - Essay Example

This study seeks to explore the reasons why there is a dearth of entrepreneurs in Equatorial Guinea and the difficulties encountered by those already established in the country. The study examines the difficulty in registering firms, the intricacy of obtaining credit and the lack of government incentives. Similarly, the study examines the role of entrepreneurial education and women involved in self-employment. The research is based in the various urban provincial centres in Equatorial Guinea utilizing a primary research strategy was employed a thematic qualitative method to answer the research questions.

Additionally, secondary research was conducted centred on available relevant literature. The study revealed that there are many difficult obstacles and hindrances to entrepreneurs in the country ranging from a dearth of qualified personnel, low work ethic, poor government policies and corruption. Nonetheless, the study has indicated a positive correlation between enhanced training and entrepreneurship with those empowered by business skills willing to embark on self-employment. This study will build upon existing research on the economic impact of developing an entrepreneurial culture and spirit in developing countries but will particularly focus upon the need for diversification among the resource-rich nations who nevertheless still suffer from the Dutch Disease and the Resource Curse syndromes.

The study is based in Equatorial Guinea, a central African country that has all the above ingredients despite being endowed with enviable natural resources including ample hydrocarbon deposits but still ranks as one of the poorest countries. The study aims at determining whether diversification from overreliance on a single natural resource predominantly through embarking on self-employment is feasible within Equatorial Guinea and other similarly endowed developing nations that suffer from the same malady of the Resource Curse and Dutch Disease.
Most studies emphasize the economic benefits of diversification to other sectors of the economy but there is little study on the use of active entrepreneurial initiatives to overcome the ‘natural resources trap’.