Challenges to Entrepreneurial Success in Sub-Saharan Africa: A Comparative Perspective

Abstract

The pursuit of entrepreneurial work has long been the focus of attention among all but governments and policy makers. It becomes a key vehicle leading to higher jobs and sustainable economic growth. At the same time, entrepreneurs have to face so many challenges on the way to success.The objective of this research was to explore and put in perspective the critical challenges entrepreneurs in Sub-Saharan Africa frequently face gaining ground to start a firm. In doing so survey data from the Global Entrepreneurship Monitor, the World Bank Doing Business, and Enterprise Survey database were employed.Descriptive statistics computed from the survey database indicated that Entrepreneurs in Sub-Saharan Africa experience the tightest laws and regulations, the poorest infrastructure and financial service. Lack of a comprehensive entrepreneurial training and small market size also emerged as critical challenges entrepreneurs in the region face.The study further prompted the need for a more rigorous and detailed assessments of the extent of disruption the challenges caused to entrepreneurship growth in the region so that policy makers and governments can determine the level of intervention required of them for a successful entrepreneurial work.

Keywords: Sub-Saharan Africa, Entrepreneurship, Laws and Regulations, Finance, Infrastructure