Africa-Press – Eswatini. The Minister of Finance, Neal Rijkenberg, has assured the Nation that the economy is currently stable enough to start a business. Rijkenberg was speaking in his weekly instalment of the financial video blog, a project he embarked on a few months ago.
“Economic conditions such as access to capital, market demand, taxation policies, inflation rates, and overall economic stability significantly impact entrepreneurial activities.
A favorable economic environment with accessible financing options and growing markets tends to encourage entrepreneurship,” said Rijkenberg.
In addition, Rijkenberg said another big decider in entrepreneurship is access to resources such as capital, human capital, physical infrastructure, and support networks.
“Network is critical for entrepreneurship. Adequate funding options, including venture capital, angel investment, or microfinance, as well as mentorship, networking opportunities, and supportive ecosystems, enhance entrepreneurs’ chances of success,” said the Minister.
Meanwhile, Business Insider said that socio-cultural attitudes towards entrepreneurship, risk-taking, and success play a crucial role.
The article further states that Societal norms, beliefs, and perceptions regarding entrepreneurship, as well as attitudes toward failure and success, influence individuals’ willingness to start businesses.
Minister of Finance Neal Rijkenberg
Gender norms and cultural expectations may also affect entrepreneurial participation rates. “Levels of education, access to entrepreneurship education and training programs, and the development of relevant skills are vital factors.
Well-educated individuals with entrepreneurial skills and knowledge are more likely to recognize opportunities, develop innovative solutions, and navigate the challenges of starting and managing businesses effectively,” reads the report article further.
Meanwhile, Neal said Government Policies and Regulations, Government policies, regulations, and support programs significantly impact entrepreneurial activities.
He said Entrepreneur-friendly policies, such as streamlined business registration processes, tax incentives, access to government grants or subsidies, and protection of intellectual property rights, can foster an enabling environment for entrepreneurship.
“Technological advancements and innovation create new opportunities for entrepreneurship by disrupting industries, enabling the development of new products or services, and lowering barriers to entry.
Access to emerging technologies, digital infrastructure, and the availability of research and development resources can spur entrepreneurial activities,” he said.
He further said Market Dynamics and Industry Trends, market demand, competitive landscape, and consumer preferences influence entrepreneurial opportunities. Identifying unmet needs, niche markets, or emerging trends can drive entrepreneurial ventures’ success and sustainability.
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