Entrepreneurial initiatives are crucial, not only for income but also for the contribution to society. Definitely, millions of people initiate business organizations, non-profit organizations and other organizations in many countries each year. Many do so with their own funds while many do not have the funds but manage them from other sources including loans and donations to make their endeavors successful in many countries in the world. Definitely, opportunities for entrepreneurial initiatives, which may be different sorts including small businesses, scalable startups, large companies and social entrepreneurship, have increased across the world at present. But many entrepreneurs do not get the financial and other support needed for the establishment of their entities.
Economic, social and other factors drive many to be entrepreneurs. Many in the world make entrepreneurial initiatives driven by joblessness — a crucial problem in many countries including many developed countries — but many others turn out to be entrepreneurs out of interest driven by the intention to make profits and/or contribute to society. It is definitely difficult to provide job opportunities to everyone in any developed, developing and less developed country. Entrepreneurial initiatives not only make the entrepreneurs earners but also create job opportunities for others. Technological advancement and the increased availability of funds drive many to be entrepreneurs in many countries. Advancements in computer technology, mobile and the internet facilitated entrepreneurial initiatives among hundreds of millions of people worldwide in the last decade. But many across the world do not get the opportunity for entrepreneurial initiatives, despite having promising ideas.
There are definitely policy based, institutional and other factors that put barriers to providing the needed opportunities for entrepreneurial initiatives in many countries. A lack of, or inadequate, policy support, insufficient access to finance, a lack of government incentives and a lack of infrastructure are some crucial challenges. Even though policy support has recently increased and become more facilitative because of the growing domestic demands and intergovernmental organizational pressures in many countries, they are still not enough for entrepreneurship initiatives across the world. Definitely, inadequate digital advancement hinders some sort of entrepreneurship initiatives in many countries. But ill-planned entrepreneurial initiatives and a lack of organizational strategy of entrepreneurs, among other causes, also put significant hindrances to entrepreneurial initiatives in many countries.
It is pertinently notable that difficulties are faced by not only small business organizations but also other entrepreneurial initiatives including social enterprises in many countries. But entrepreneurs face difficulties more in less developed countries, though many less developed and developing countries are providing increased opportunities for entrepreneurial initiatives at present with improved policy support and other efforts. Though loan facilities needed for entrepreneurial initiatives are increasingly available in many countries, they are more in developed countries. Governments also provide more facilitative conditions for entrepreneurial initiatives in developed countries. Although there are inadequate resources in less developed countries, economic mismanagement — along with corruption and other causes — is also responsible for inadequate entrepreneurial opportunities initiatives in many less developed countries.
Efforts need to be strengthened to provide facilitative entrepreneurial conditions and promote entrepreneurial initiatives, which play crucial roles in driving economic growth and propel innovation. For this, governments across the world need to strengthen their efforts to provide financial support. Increased budgetary allocation for the promotion of entrepreneurial initiatives is crucial in many countries. Legal barriers and regulatory complexity also need to be addressed to promote entrepreneurial initiatives. Startup loan facilities, which often depend on the capacity of entrepreneurs to pay, definitely need to be made more relaxed and entrepreneur-favorable in less developed countries. Among other efforts, reducing bureaucratic red tape, simplifying the business registration process and stimulating networking between entrepreneurs are crucial.
But, along with the government efforts, increased private and non-government efforts are imperative for providing the required support to entrepreneurship initiatives in many countries. Increased support is definitely vital especially for socially contributable entrepreneurial initiatives. In addition to providing facilitative entrepreneurial conditions with policies and other means, the capacity of many entrepreneurs needs to be increased. Increasing the existing scope of improving the capacity in many aspects including financial management, human resource management and selecting viable strategies is definitely crucial for entrepreneurs for their entrepreneurial initiatives. Also, creativity, goal-oriented activity and the ability to adapt are imperative for entrepreneurs to be successful. Many successful entrepreneurs have these qualities.
