There is a saying that goes, “Our lives improve only when we take chances, and the first and most difficult risk we can take is to be honest with ourselves.”
Entrepreneurship is becoming increasingly important as a driving force of economic development, especially in nations that have significantly reduced poverty. It can contribute to national development in many ways, including economic growth, job creation, raising the standard of living, reducing regional disparities, and human development.
Entrepreneurship can drive economic growth by creating jobs, fostering innovation, and reducing a country’s dependency on imported goods and services. It is a major source of job creation, which can help reduce unemployment rates and improve the overall economic well-being of the community.
Entrepreneurship can improve the quality of life for individuals and communities by creating new businesses and jobs. It can help reduce regional disparities by creating new businesses and job opportunities in areas that were previously underdeveloped. Entrepreneurship can enhance human capabilities, such as the ability to work, earn income, and accumulate wealth.
The substantial efforts being carried out by the government to promote entrepreneurship aim to exploit the potential of entrepreneurs and foster knowledge-based economic transformation in the country. The significance of entrepreneurship in optimizing resources and driving economic transformation is crucial to fostering a knowledge-based economy in Ethiopia. Substantial efforts have been made over recent years to promote entrepreneurship across the country, leading to a growing number of successful business ventures.
Many positive outcomes have been registered, and the country will continue to expand these efforts this year. Entrepreneurship can play a vital role in building a knowledge-based economy by turning immense potentials into action. The importance of creating enabling environments for entrepreneurs and fostering global connections through various events is crucial.
The Ethiopian government has been working in collaboration with pertinent stakeholders to address issues of financial accessibility, ecosystem development, as well as policy-related challenges for entrepreneurship.
Entrepreneurship is an indispensable approach for building a sustainable and reliable economy. Youth-centered entrepreneurship needs to be technologically provoked for the sustainable economic transformation of the country.
The Ethiopian government is committed to supporting entrepreneurship initiatives and empowering innovators to bring their ideas to life.
In 2019, for instance, a National Entrepreneurship Strategy was designed to help the youth and bring about development in the country. The Strategy was formulated based on international best practices and tested by the United Nations Conference on Trade and Development (UNCTAD). It covers three cross-cutting areas in rural-urban linkage, women and youth entrepreneurship, and green economy.
In a country with great entrepreneurs, such a national strategy, which includes local, regional, private sector, and international partners, is crucial to empower women and youths socially and economically.
The strategy creates synergy among the different policy and strategy initiatives that are underway in the country, identifies and addresses gaps in various policies, and provides guidance in creating an enabling environment for the development of entrepreneurship.
The strategy also includes easing the regulatory framework, appreciating technological approaches and innovation, and networking and synergizing the fragmented activities performed by development partners and other actors. Accordingly, local producers must be encouraged, and the government must use various instruments to create market linkage. All actors, including the private sector, should help potential youth, women, and farmer entrepreneurs.
The concerned stakeholders should provide technology, finance, and capacity building in the manufacturing sector, and further work is needed to bring new ideas of entrepreneurs to the market. Stakeholders should work hand in hand in creating favorable policy frameworks and laws that support technology-driven entrepreneurship.
This will assist Ethiopia’s entrepreneurial community to be creative and resilient.
Apart from celebrating Entrepreneur Week every year, we need to fill observed gaps and enable entrepreneurs to be resilient. If we are really committed to bringing change, entrepreneurs of today will be investors of tomorrow.
For this to happen, apart from encouraging them through organizing exhibitions and bazaars showcasing the achievements of numerous entrepreneurs and offering a vibrant platform for showcasing their work and connecting with potential customers and partners, every citizen should encourage them by buying their products and providing substantial comments that help them improve their product quality.
Ethiopians do not want to see their country remain in poverty. This is also the feeling of partners and supporters. We are living below the poverty line, which should upset everyone. The only way forward is to show prosperity in any available way with the dedication and interest of citizens. This is the age of entrepreneurs. This is the time to show our heroic action.
BY GIRMACHEW GASHAW
THE ETHIOPIAN HERALD FRIDAY 22 NOVEMBER 2024
