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Entrepreneurship is not without its challenges. Its core purpose is to solve the most pressing and difficult problems in the market. However, there are certain markets that have inherent problems that can hinder entrepreneurs from building successful startups. Although it is sometimes difficult to overcome these limitations, it is possible. These two factors explore the inherent issues that aspiring entrepreneurs face and how they impact the development of entrepreneurship in the country.
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Culturally instilled notions of status
Many developing countries' ancestral histories are marked by aristocracy, colonialism and British or French rule. They were at the mercy unknown, untrustful, and treacherous masters that left deep scars in their minds. This is why working-class people still dream of escaping poverty, disgrace, and depravity.
It is an act of pride and success that white-collar jobs are available to today's generation. The next step is to show society that they have escaped poverty once they begin earning monthly salaries. Because they are desperate to be free, their spending habits are likely extravagant compared with their incomes.
A shortage of skilled labor has been a side effect of wanting a white-collar occupation. Plumbing, tailoring or carpentering, as well as painting, tilling, and car-washing, are no longer jobs of choice. These jobs are now considered trivial as they are associated with poverty.
The educational system is failing to provide vocational training for the young workforce. It is also detrimental that households are not able to provide support for such skills. It is now easy to pursue higher education and land a white-collar position.
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Entrepreneurial education and support are so unnecessary
Most countries still use the industrial era as the basis for their tertiary education systems. Unfortunately, students are not able to express their creativity well, particularly in their formal education years. Students who choose entrepreneurship as a tertiary option are unlikely to become entrepreneurs. They instead find high-paying corporate jobs by demonstrating their entrepreneurial skills and demonstrating their entrepreneurial certificate. Only the best universities provide a comprehensive and world-class education in entrepreneurship for students to apply the knowledge and become world-class entrepreneurs.
We have lost sight of the potential and importance of entrepreneurship because of our narrow view of professional growth due to poor education. Many young people are simply job-seekers, and do not intend to be job-creators. They don't realize the macro-level and long-term benefits of self-dependence. Proper education is the best way to combat a situation such as this.
The fear of failure, lack in resources, and the toil associated with the idea of entrepreneurship prevent us from reaping its many long-lasting and enormous benefits. It is high time to reassess our vision of professional growth and its potential for success. It is possible to inspire others by taking a leap of faith and bringing about change through the courage shown by some courageous people.
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