The Prosperity Papers #1: Entrepreneurship

Starting a business requires courage even in the best of times: courage to take the risk of putting your own money into an idea; courage to take on the competition; and courage to take a leap into an unknown future. Throughout the world, millions of entrepreneurs display such courage as they create new businesses. This creative process is the lifeblood of the strong private sectors that drive growth and propel nations foward.

But there is much more to opening a business than having the right idea and willing to take a risk. For entrepreneurial ideas to take root, the right environment needs to be put in place. It includes entrepreneurial training and development programsas well as government support and assistance programs, such as access to risk capital. More importantly, business friendly environment requires sound legal and regulatory framework that rewards entrepreneurial initiatives, ensures fairness, protects and enforces private property rights, and promots efficiency.

This paper looks at the essence of proper market structures that help business thrive. Often, busines opportunities are limited by inefficient regulations, corruption, and micromanagement of the economy. The experience of some private sector associations, think tanks, and chambers of commerce highlighted in this paper suggests that the private sector, through effective advocacy campaigns, can evaluate the costs of inefficient regulations and work with governments to address institutional deficiencies that prevent countries from reaping the benefits of a vibrant market economy.

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