As many challenges continue evolving and impeding entrepreneurship growth in developing continents, study has found that tightest laws and regulations of most countries in Africa still obstructing rapid entrepreneurship development despite being a key leading to higher jobs and sustainable economic growth in the continent.
The study which was conducted by African doctoral students at Human Capital Formation and Labour Relations, University of Bergamo, Italy, Habtamu Legas also discovered poorest infrastructure, financial service, lack of a comprehensive entrepreneurial training and small market size as critical challenges entrepreneurs in the region face.
The study calls for a rigorous and detailed assessments of the extent of disruption of tightest laws and regulations caused to entrepreneurship growth in the region. According to the researcher, this will help policy makers and governments in determine the level of intervention required for a successful entrepreneurial work.
“Diversifying the sources of finance and the ways to access them is a huge boost to entrepreneurial work. An availability of ranges of sources of finance decreases the risks of failure to new firms in the market,” Legas recommended.