The Entrepreneurship Challenges for Improving the Economies of the Developing Countries

In the last three decades, the world has seen the greatest challenge ever after the emergence of so-called “sustainable development” and the “Development Agenda 2030”. The achievement of this agenda has become a priority for both developed and developing countries. Entrepreneurship has given the most attention because it has an influential role in promoting the spirit of creativity and innovation, establishing infrastructure capable of coping with the issues of poverty, unemployment and others, in addition to its ability to exploit available resources and transform them into unprecedented economic opportunities.

Hence, the idea of ​​entrepreneurship has been crystallized as a flexible and flexible solution to eliminate the accumulated economic problems now, which represent a great challenge for the developed and developing countries.

The development objectives of developing societies focus on the promotion of innovation, industry and entrepreneurship, transforming the culture of individuals from the consumption of technology to their localization in small enterprises employing a large proportion of the labor force and providing them with different financial support, such as low-cost credit, Economic growth, raising national income levels in order to lift the pressure on the budgets of countries, and providing a technological infrastructure and basic to help promote the economy as a whole, this challenge needs tools, including entrepreneurship.

Spreading and marketing the culture of innovation and supporting scientific research:

Many countries in the developing world have made an effort to increase the efficiency of their available resources, to enhance the role of scientific research, to encourage innovation by constantly increasing the number of people employed in it, and to support the public and private sectors in research and development.

All of these goals will highlight the importance of the role of innovators and entrepreneurs in these countries in the process of participating in the implementation of sustainable development goals, and will push governments and decision makers to promote the dissemination and teaching of entrepreneurship.

While some developing countries have not provided the legislative, legal or regulatory mechanism to activate the entrepreneurial system. These countries have lost confidence in the potential of these small and medium enterprises, and as a force leading to effective economic and domestic economic impact, for those who take part in the economic experiment.

Supporting business leaders in developing countries as unemployment rates increased in developing countries, especially among youth and women, many countries tended to give space to the private sector to play a role in supporting the macroeconomic of countries, paying attention to the education of young people, and contributing to the employment of the human race, especially women and youth.

The World Bank has recently raised more than $ 1.3 billion in grants to support and fund women’s or SMEs’ projects in developing countries and to help them reach different international markets. The most sustainable development programs in the world have called for empowering women to contribute Economic development in countries through the Entrepreneurship Portal.

The Bank also announced more than $ 1 billion in financing opportunities to strengthen women entrepreneurs in developing countries provide them with technical assistance and support their access to local and global markets.

The WI-FI initiative is the first in this area led by the World Bank to promote women’s entrepreneurship. A report by the Bank confirmed that women-owned companies account for more than 30% of the world’s restricted business enterprises and 70% Their small and medium-sized businesses in developing countries are unable to deal with financial institutions or access financial services on appropriate terms, resulting in an annual credit crunch of about $ 300 billion for government-owned small and medium-sized enterprises.

Unfortunately, in poorer countries it is more complex; entrepreneurship in general and the empowerment of women in particular face a major challenge because of poor capabilities, weak economic growth rates and lack of vision. Developing countries should therefore provide environmental, legislative, administrative, financial and training resources for the success of entrepreneurial systems.

The ecosystem has highlighted the challenges of entrepreneurship in developing countries.

While developing countries have limited financial capabilities that are difficult to create jobs and absorb new entrants into the labor market, the importance of integrating entrepreneurship into the main job creation mechanisms has been important.

However, financial resources are not the only obstacle. There are many challenges facing developing countries, the most important of which is the difficulty of finding an integrated ecosystem that is compatible with the goals of sustainable development. This means passing clear and comprehensive policies to encourage small and medium enterprises to continue successful entrepreneurial projects without setting an ambitious future plan for this.

With the global focus on the role of entrepreneurship in achieving economic and social development, domestic policies in developing countries continue to give top priority to larger companies and to avoid the role of small and medium enterprises – although they are the basis of entrepreneurship – in advancing sustainable development in those countries, Even though it accounts for more than 90% of the world economy. Therefore, these countries need to change their economic outlook and philosophy towards these projects and encourage them rather than restrict them and marginalize them for the big entities.

In a survey of some 1,000 entrepreneurs in the Middle East and North Africa, most respondents said they faced several obstacles, such as difficulty marketing their products and services, poor access to sources of finance, employment of innovative manpower, opening of new markets abroad, The poor development of scientific research, and the lack of implementation of patent projects, which emerged in the decline of the Middle East ranking in the Global Innovation Index.

Economic development focuses on the promotion of innovation, industry and entrepreneurship, and many developing countries are keen to increase the efficiency of the exploitation and development of their available resources, enhance the role of scientific research, promote innovation and support the public and private sectors in research and development. While developing countries have limited financial capabilities that are difficult to find jobs and absorb new entrants into the labor market, entrepreneurship is one of the most important job creation mechanisms and thus driving sustainable development.

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