August 18, 2016

Start small to grow big

Almost every government promises to enhance economic growth before and after they are voted to office. Economists have suggested that governments should adopt strategies that focus on the promotion of competition, innovation and entrepreneurship and encourage measures to help tackle unemployment.
Economic growth and job security are entwined. Being rich in natural resources is no guarantee of wealth. Natural resources are exhaustible and non-renewable. We need human resources with innovations in the sustainable use of natural resources with due regard for environmental conservation.
Researchers have argued it is not large companies but small enterprises that offer a high level of employment. It is therefore necessary for the government to formulate policies designed to empower small and medium businesses. It is strongly recommended that the government should create an entrepreneurial ecosystem to bring people together and foster economic growth.
The government’s economic policy makers have a critical role to play in working with other agencies to develop effective policies and programmes. Another important thing for decision makers is to learn to provide dynamic leadership and delegate responsibility whenever possible. Unfortunately, it is typical that most government officers are under the illusion that they know better than their subordinates, thereby forcing themselves to effect change through direct personal involvement.
All in all, it is imperative to foster small and medium enterprises in order to stimulate economic growth.
However, encouraging new businesses to start is one thing, but encouraging them to successfully grow is quite another. It remains a challenge to both. However, it should be noted that every successful business starts small with a dream of growing big.


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