29 January 2020 | An entrepreneur is an individual who identifies opportunities in the marketplace, allocates resources, and creates value. Entrepreneurship—the act of being an entrepreneur,—implies the capacity and willingness to undertake conception, organization, and management of a productive new venture, accepting all attendant risks and seeking profit as a reward.
Entrepreneurship is a vital component of economic growth and development. The creation of new business entities not only generates value added, fiscal revenues, employment and innovation, but is an essential ingredient for the development of a vibrant small- and medium-sized business sector—the core of most competitive economies. It has the potential to contribute to specific sustainable development objectives, such as the employment of women, young people or disadvantaged groups. Growth-oriented entrepreneurs can also contribute to structural transformation and building new industries, including the development of eco-friendly economic activities.
UNCTAD has identified six priority areas for policy focus that have a direct impact on entrepreneurial activity. These are: (1) formulating national entrepreneurship strategy; (2) optimizing the regulatory environment; (3) enhancing entrepreneurship education and skills; (4) facilitating technology exchange and innovation; (5) improving access to finance; and (6) promoting awareness and networking.