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There will always be challenges in any entrepreneurial activity, as entrepreneurship is basically aimed at solving urgent and difficult to solve problems in the market. However, some markets are known to have inherent challenges that hamper aspiring entrepreneurs even before they can dream of building a successful startup. It is often difficult to overcome such limitations, but not impossible. The two factors mentioned below explore the intrinsic issues facing aspiring entrepreneurs and their implications for entrepreneurship development in the country.
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The notion of culturally anchored status
Looking at the ancestral history of many developing countries, they were marked by aristocracy and colonialism like British or French rule. Being at the mercy of unknown, suspicious and traitorous masters has left deep wounds in their psyche so that even now working class people dream of breaking free from poverty, disrespect and depravity.
In addition, it is a matter of pride and success for today’s generations to have white collar jobs. As they begin to earn monthly wages, the next logical step is to show themselves to society as having been freed from poverty. Their spending behaviors are probably lavish relative to their income, as their thirst for freedom is satisfied by more luxuries than they can barely afford.
The downside of wanting a white collar job has resulted in a shortage of skilled labor in many economies. Jobs like plumbing, sewing, milling, carpentry, painting, plowing and car washing are no longer a job of choice or even a necessity. Instead, these jobs are trivialized as jobs associated with poverty.
Fundamentally, the education system has failed to provide the young workforce with adequate vocational training. In addition, the need and inclination of households to support these skills is also detrimental. Pursuing higher education and landing a white collar job became the simple goal.
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The superfluous of education and support for entrepreneurship
The curriculum of the higher education system in most countries is still based on the industrial age. Unfortunately, creativity is not well collected among students, especially during their early years of formal education. Therefore, when students opt for entrepreneurship at the higher level, it is difficult for them to become entrepreneurs. Instead, they join well-paying corporate jobs by displaying their “versatile” attitudes and abilities through their certificate in entrepreneurship. In addition, only leading universities provide holistic and world-class higher education for entrepreneurship students to use the learnings and become world-class entrepreneurs.
In this blind view of professional growth caused by faulty education, we have overlooked the importance and potential of entrepreneurship. Young people have become simple job seekers and hardly aim to become job creators. They are unaware of the long-term and macro-level benefits of autonomy and self-employment. Moreover, a good education is probably the most effective antidote to such a situation.
To sum up, the two factors boil down to the fear of failure, the lack of resources and the toil attached to the idea of entrepreneurship that prevents us from reaping lasting and massive benefits. It is time for us to take stock of the blind eye and the concept of professional growth and success. While some brave people take a leap of faith, it hopefully inspires others to follow suit and make changes.
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