Entrepreneurship in Liberia: challenges and opportunities of SMEs

Abstract

Entrepreneurship has been considered one of the major universal drivers of economic development, and sustainable development while also contributing to the growth of a country’s economy. This study explored the perspectives of business entrepreneurs on the contributions of entrepreneurship to economic development in Liberia. A qualitative research approach while an in-depth interview guided by a semi-structured interview was conducted among Liberian entrepreneurs to explore whether entrepreneurship contributes to a country’s economic development based on their views, opinions, and experiences. The findings of the study show that the lack of proper incentives, government support, infrastructure, cost of utilities, entrepreneurship awareness, and lack of entrepreneurship education in schools and universities curriculum is considered to be one of the core factors that is hindering the promotion of entrepreneurship in Liberia. As a result, the study recommends the Liberian government's need to implement policies that will enhance the development of entrepreneurship, provide basic infrastructure, and introduce entrepreneurship education in secondary and tertiary institutions as a core module. This study contributed to the entrepreneurship literature and confirmed that entrepreneurship has played a key role in providing solutions for Liberia’s economy while generating a greater number of employment and enhancing society's living standards.