Many developing nations that have a rich natural resource have the tendency of abandoning all other economic revenue streams as they exploit the windfall but conversely neglect to preserve and develop the basic local essentials thereby confining their citizens to continued…
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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, intricacy of obtaining credit and lack of government incentives. Similarly, the study examines the role of entrepreneurial education and women involvement in self-employment.
The research is based in the various urban provincial centres in Equatorial Guinea utilising a primary research strategy was employed a thematic qualitative method to answer the research questions. Additionally, a secondary research was conducted centred on available relevant literature.
The study revealed that there 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
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(Entrepreneurship in Developing Countries. A Case Stady of Equatorial Essay)
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An entrepreneur is one who discovers opportunities, brings innovative ideas to explore these opportunities and to make them profitable business venture and think creatively to stay long in the business field.
In order to evaluate the importance of the entrepreneurial process for individuals, corporations, and the healthcare industry, it is customary to discuss each step that forms part of the entrepreneurial process. They are discussed as follows: The Four Steps of the Entrepreneurial Process Step 1: Deciding to become an entrepreneur The decision to become an entrepreneur is the first step of the entrepreneurial process.
Being driven by passion to succeed, entrepreneurs are always ready to face any risk that may arise in the course of their day to day business operations. To be an entrepreneur, one should be a risk taker with extensive capabilities to innovate. According to Nicolaou and Shane 17, an entrepreneur should be able to introduce new technologies, generate new products, and enhance productivity in his or her venture thus creating employment to other members of the public.
To create value, unmet needs and opportunities are identified and ways to meet these needs are developed. There is a strong link between entrepreneurship, innovation, and economic development. This link arises from the fact that less entrepreneurship means fewer innovations, which in turn business development negatively.
Business opportunities 10 1.1 Sales 11 1.2. Cost 11 1.3. Market share 11 1.4. Customer 11 C. Conclusion 12 Reference List 13 A.1. Introduction The entrepreneurship concept was propounded in the 1700s. At that time entrepreneurship meant only “starting of one’s own business” (Sobel, 2008).
Effective entrepreneurship helps an entrepreneur to transform innovations into the economic goods and services. Entrepreneurs play important roles in the new business establishment. It is true that the leading entrepreneurs use technology, innovation and systematic strategies to cultivate positive impact.
Entrepreneurship has traditionally been perceived as an isolated process whereby the individual organizes resources and uses them for developing the new venture. However, various theories have highlighted the role of knowing individuals and argue that entrepreneurship revolves around whom you know.
Entrepreneurship has acquired significant attention and growing academic importance in recent years especially in today’s diverse and complex business contexts.
Entrepreneurship is central pillar to economic development, job creation and social inclusion
In general, “entrepreneur” is a term applied to a person who is willing to launch a new enterprise and take full responsibility for all outcomes. In other words, an entrepreneur is able to express
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