Entrepreneurship as a prerequisite for economic growth
“Jobs are a priority for every country. Doing more to improve regulation and help entrepreneurs is the key to creating jobs. Entrepre-neurial activities are critical to economic growth, their innovations playing a key role in driving economic growth. Entrepreneurs significantly impact economic activity by creating jobs, increasing wealth and incomes, and connecting local economies to the larger, global economy.
Corruption – an obstacle to entrepreneurship
A common challenge facing entrepreneurs in their wealth-creating pursuits are the various instances of official harassment and ‘shakedowns’ particularly in countries with archaic labour laws and an absence of various forms of oversight. In those circumstances entrepreneurs seeking to build new businesses or restructure existing ones often become helpless pawns in circumstances where the economic and political environment facilitate graft and corruption. Often, these entrepreneurs are compelled to ‘shell out’ hard – earned and frequently limited finances in order to ‘grease palms’ if they are to overcome bureaucratic hurdles.
A 2005 study of the causes of corruption (Gurgur and Shah) concludes that corruption is likely to