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All Journal International Journal of Business, Economics, and Social Development
Obiahu, Joseph Echem
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Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences

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The Role of Entrepreneurial Ecosystem in Driving Poverty Reduction in Lesotho Obiahu, Joseph Echem; Mpundu, Mubanga
International Journal of Business, Economics, and Social Development Vol 5, No 4 (2024)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v5i4.706

Abstract

The pervasive nature of poverty across all nations, all ages, all genders, and all races puts continuous search for potential roles of various phenomena in reducing poverty globally at the forefront of academic research effort. This article turns the spotlight on the role of the entrepreneurial ecosystem in driving poverty reduction in Lesotho. It aims to highlight the possible pathways to explore towards the eradication of poverty in the country. We adopted a qualitative research approach to probe the roles of the entrepreneurial ecosystem in releasing individuals wallowing in abject poverty and those vulnerable to poverty. The study identified that by providing access to financing, markets, mentorship, training programmes, and a culture that celebrates risk-taking and problem-solving, the entrepreneurial ecosystem cultivates an atmosphere conducive to the flourishing of small and medium-sized enterprises, thus creating employment opportunities that lift communities out of the cycle of poverty. We discovered that newly created businesses become engines of job creation, providing stable incomes and a pathway to financial security for those previously trapped in poverty. Unfortunately, the study found that most of the components of the entrepreneurial ecosystem fail to discharge the valuable roles effectively in Lesotho due to a number of weaknesses. This study adds to the bundle of academic knowledge and contributes to the effective exploitation of the identified roles in reducing poverty in Lesotho.
Inadequacies in Local Entrepreneurial Ecosystems that Impede Growth-Oriented Entrepreneurship in Lesotho Obiahu, Joseph Echem; Qutieshat, Abubaker
International Journal of Business, Economics, and Social Development Vol. 5 No. 1 (2024)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v5i1.565

Abstract

Entrepreneurship is acknowledged globally as a driver of unemployment reduction, poverty alleviation and national economic well-being. However, many nations, especially developing ones, struggle to sustain growth-oriented entrepreneurship due to limitations in their entrepreneurial ecosystems. With an unemployment rate of 28.9% as of 2019, Lesotho is one of the countries struggling to sustain effective entrepreneurial ecosystems. This article seeks to identify the inadequacies in local entrepreneurial ecosystems that impede the emergence of entrepreneurs and small-and-medium enterprises in Lesotho. This study, grounded in systems theory, utilised a qualitative approach using semi-structured interviews to collect data from twenty-five budding entrepreneurs. Data analysis showed that financial institutions funding, entrepreneurial apathy, poor infrastructure, dearth of talents and leaders, and inadequate support networks were the main barriers to entrepreneurship in Lesotho. This study raises awareness of Lesotho's entrepreneurial ecosystem's basic flaws, which hinder growth-oriented business. The study is expected to improve policymakers’ intervention strategies and attract more scholars' attention to the phenomenon. The study is limited in scope due to the participants' concentration in Maseru, the capital city. This geographical restriction is a limitation to the extent that businesses operating in the city and those operating in the countryside may experience different systemic impacts. Future research should explore broader scope.
The Role of Entrepreneurial Ecosystem in Driving Poverty Reduction in Lesotho Obiahu, Joseph Echem; Mpundu, Mubanga
International Journal of Business, Economics, and Social Development Vol. 5 No. 4 (2024)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v5i4.706

Abstract

The pervasive nature of poverty across all nations, all ages, all genders, and all races puts continuous search for potential roles of various phenomena in reducing poverty globally at the forefront of academic research effort. This article turns the spotlight on the role of the entrepreneurial ecosystem in driving poverty reduction in Lesotho. It aims to highlight the possible pathways to explore towards the eradication of poverty in the country. We adopted a qualitative research approach to probe the roles of the entrepreneurial ecosystem in releasing individuals wallowing in abject poverty and those vulnerable to poverty. The study identified that by providing access to financing, markets, mentorship, training programmes, and a culture that celebrates risk-taking and problem-solving, the entrepreneurial ecosystem cultivates an atmosphere conducive to the flourishing of small and medium-sized enterprises, thus creating employment opportunities that lift communities out of the cycle of poverty. We discovered that newly created businesses become engines of job creation, providing stable incomes and a pathway to financial security for those previously trapped in poverty. Unfortunately, the study found that most of the components of the entrepreneurial ecosystem fail to discharge the valuable roles effectively in Lesotho due to a number of weaknesses. This study adds to the bundle of academic knowledge and contributes to the effective exploitation of the identified roles in reducing poverty in Lesotho.
Co-Authors Mpundu, Mubanga Qutieshat, Abubaker