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Entrepreneurship in developing countries. A case stady of Equatorial Guinea. Can entrepreneurship provide the economic diversification needed to survive outside the oil industry - Essay Example

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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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Entrepreneurship in developing countries. A case stady of Equatorial Guinea. Can entrepreneurship provide the economic diversification needed to survive outside the oil industry

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 ... Read More
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