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.
In connection with Global Entrepreneurship Week, the Center for International Private Enterprise (CIPE), an international organization working to foster the development of market-oriented economies and the growth of independent business membership organizations worldwide, together with the ASPEN Network of Development Entrepreneurs (ANDE), a global network of organizations that propel entrepreneurship, recently organized a roundtable panel discussion with this year’s theme: ‘Entrepreneurship is for everyone.’
The central point of focus for entrepreneurship specialists was raising a range of interesting ideas focused on inclusive entrepreneurship and the ways and means of bridging gaps. Here are some of the views entertained in the panel.
Inclusive entrepreneurship aims to offer all people an equal opportunity to create a successful business, regardless of their gender, age, place of birth, or other personal characteristics. It involves providing resources to ensure that people have access to the support, resources, and opportunities they need to start or grow a business. It is also imperative to eliminate barriers and remove social obstacles that prevent people from participating in entrepreneurship.
Entrepreneurs are innovators. Making improvements in a certain type of business or adding value to it to win the interest of customers is an innovation in itself. At some point, innovators stop moving forward as they are lacking business leadership skills. Thus, providing practical training is imperative to unleash the potential of entrepreneurs as it helps people use their creative potential to start a business.
Creating inclusive businesses is also part and parcel of inclusive entrepreneurship. This also has its importance in supporting the creation of businesses that are not just for profit but also help improve the living conditions of underrepresented groups. Though there are a number of innovators that can contribute to addressing social bottlenecks through their innovation.
These people want to see improvements in people’s livelihoods. In this regard, the concerned stakeholders need to assist them. In this regard, inclusive entrepreneurship can contribute to sustainable growth, social and financial inclusion, and labor market attachment. Some examples of how to promote inclusive entrepreneurship include: digitalizing procedures, making it easier for people to start a business by digitizing procedures and offering e-payments.
Thus, consulting with local communities and involving them in the design and implementation of technological solutions, entrepreneurs can contribute to the socioeconomic development of a given country.
Most of the entrepreneurs are becoming hopeless while they are facing severe challenges that are related to resources such as financial, land, and so on. In this regard, it is quite imperative to provide practical training for SMEs. In this regard, training incubators and business support organizations are also areas of focus, as they have the experience to help entrepreneurs and innovators. Ensuring that these organizations are mindful of the needs of specific groups, such as women, youth, and people with disabilities, is crucial.
Customizing programs to meet the needs of different types of startups is essential. For example, early-stage startups might benefit from ideation workshops, while more established startups might need funding opportunities and showcase events.
In-person events can help entrepreneurs feel a sense of belonging and appreciate the impact of their work. Many countries have strategies to support entrepreneurs from underrepresented groups, such as women, youth, seniors, and people with disabilities.
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.
Innovators 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 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.
Editor’s Note: The views entertained in this article do not necessarily reflect the stance of The Ethiopian Herald
BY GIRMACHEW GASHAW
THE ETHIOPIAN HERALD THURSDAY 28 NOVEMBER 2024
