Entrepreneurs in developing countries by Raphael Avraham-Sternberg

Raphael Sternberg

Based on Raphael Avraham Sternberg, Entrepreneurship is a way of enabling people to find opportunities, think outside the box manage resources, and produce value. 

Entrepreneurship is encourage by a variety of motives, such as the desire to own the business as well as demographic. 

  Someone who collects and then blends all the necessary resources to make an invention an income-generating business.

   An entrepreneur creates and shares value through recognizing and using opportunities, resources, and the emergence of innovation. 

   Entrepreneurs are those who utilize their creativity to make economic improvements. Entrepreneurs play a crucial role in the growth of the economy by inventing new products and getting into new markets.

    Raphael Avraham Sternberg says Entrepreneurs in the United States of America must possess the following fundamental qualities to run a profitable and efficient business.

   Enthusiasm for the company, customer/product concentration, and perseverance when faced with failure. Other traits include creativity as well as risk-taking, dedication determination, enthusiasm, and determination.

    A lot of governments today encourage entrepreneurship as it can boost economic growth through the creation of jobs, and investing in businesses as well as different types of services and products.

SME (small and medium-size business) Entrepreneurs

   The term “organization” refers to a form of company that could be classify as a small, micro medium.

  Large, or by the number of workers, revenues, and assets. Entrepreneurs usually begin small or medium-sized enterprises. 

 They are accessible in nearly every nation. There are two categories of SMEs, the SME sector is split into two groups.

 These are medium-size and micro-enterprises Certain countries call them SMEs and others use the term MSME which stands for micro-small and medium-sized companies.  

 They are further separated into formal (those which can be recognized as registered) in addition to informal.

  Raphael Avraham Sternberg says that considering the criteria that are used by various countries and nations. 

  The number of employees along with the total assets as well as the annual total earnings are used to define SMEs.

Small and medium-sized entrepreneurs

   Small and mid-sized companies are essential in assisting emerging and developed economies. 
  This has had a significant impact on growth in the economy of countries as well as the general population.

   The primary goal of SMEs is to boost the growth of the economy in the country. They also create employment opportunities and rural development, as well as greater use of resources, economic growth as well as industrialization.

    Employment Opportunities: As unemployment continues to rise younger people, college graduates, and retired people are looking to become entrepreneurs.   

   This is why entrepreneurs have significantly reduced unemployment in a variety of countries.

Furthermore, the government and various international organizations are ready to educate individuals on the development of entrepreneurs.  

 This is why women entrepreneurs receive support and encouragement in numerous countries.

Rural development: Because of the abundance of land, cheap labor, and raw materials numerous businesses have moved to rural regions. 

 This has led to the expansion of the areas that these companies operate in. As a result, SMEs offer a way of earning money by helping with financial transactions like agriculture, services, and trading.

 They also help in promoting job opportunities, thus reducing urban-rural migration.

Utilizing local resources: As establishing businesses requires minimal capital investment it is easy to make use of local resources like untapped human resources as well as physical resources and turn them into profitable businesses.

Industrialization and economic development Small and medium-sized businesses (SMEs) are essential for a country’s development and industrialization. 

    This is due to the fact that most nations rely on entrepreneurs to help in their growth. Furthermore, the growth of these types of small-scale businesses helps protect the country from the cost-benefit giants.

   Raphael Avraham Sternberg says by offering work opportunities that you could be an income generator that leads to the development of rural areas. SMEs also help in effectively using locally-sourced resources and modernization and economic growth.

Entrepreneurial contributions of SME

SMEs are now acknowledge globally as significant contributors to the development of the nation and the local community:

  • Help boost economic growth by creating products and services.
  • They aid the community in various ways, such as the placement of jobs.
  • Opportunities and effective utilization to make the most of resources local.
  • Give opportunities for progression for semi-skilled and trained people.
  • They encourage diversity by increasing management and entrepreneurial abilities.

Make necessary technological advancements.

Create new products and services as well as establish new companies.

Entrepreneurs have been a part of not just economic growth, but also social advancement. A few examples include:

  • Women are permit to create their own businesses.
  • Young people are joining forces to make business alliances.
  • Our lives are becoming more convenient with the emergence of new creative products.
  • The public can purchase goods and services in the vicinity of the place they live.
  • The general trend is that people’s lives are improving, thereby increasing their living standards.
  • Living conditions.
  • SME Importance in Developing Countries

    Small and mid-sized companies are now a vital part of emerging economies since many economies depend on their services. This is why SMEs are considered to be an essential element of an economy’s development.

One of the most important objectives of every country is to eliminate or reduce the level of the burden of poverty. 

 Raphael Avraham Sternberg Entrepreneurs play a crucial role in this. They are considered to be the driving force behind creating jobs and earning income through the creation of jobs and innovation.

   Raphael Avraham Sternberg says although most small businesses are owned by males, the number of female entrepreneurs have poppe up and have led to an increase in earnings, employment, and the rate of poverty.

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