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All Journal IJEBD (International Journal Of Entrepreneurship And Business Development)
Lee Keng Ng
University of Arkansas Fort Smith
Economics, Econometrics & Finance

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Cultural Impediments to Entrepreneurship Development Lee Keng Ng; Balbir Bhasin; Jim Beard
IJEBD (International Journal of Entrepreneurship and Business Development) Vol 4 No 6 (2021): November 2021
Publisher : LPPM of NAROTAMA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (354.945 KB) | DOI: 10.29138/ijebd.v4i5.1482

Abstract

Purpose: The country direly needs to develop its entrepreneurial capability which is the key engine for economic development and poverty eradication. The Sri Lankan culture embraces collectivism and the traditional values of Theravada Buddhism, a belief system which inherently functions against the fostering of entrepreneurial spirit. Removing impediments to entrepreneurship is a key challenge for the country. Findings: Sri Lanka is presently recovering from the destruction of the economy because of 30 years of civil war. The country is confronted by high government debt representing almost 80% of the GDP. Almost half of the population lived on less than $5 per day in 2013. Originality/value: Using Sri Lanka as a case in point, this paper assesses the influence culture has on entrepreneurship and explores initiatives and measures that can be used to strengthen inherent cultural values that stimulate entrepreneurial spirit, encourage risk-taking, and in turn promote economic development. Paper type: Research paper.
Co-Authors Balbir Bhasin Jim Beard