Winning Strategies for Launching a Successful Business in Developing Markets

Asuamah Yeboah, Samuel (2024): Winning Strategies for Launching a Successful Business in Developing Markets.

Abstract

Entrepreneurship in developing countries plays a pivotal role in fostering economic growth, reducing poverty, and creating jobs. However, the process of establishing and sustaining businesses in these regions is fraught with numerous challenges, including limited access to capital, inadequate infrastructure, complex regulatory frameworks, and socio-political instability. This study examines the strategies entrepreneurs employ to navigate these barriers and succeed in emerging markets. A systematic review of existing literature, including academic studies and industry reports, identifies key approaches such as leveraging local market insights, utilizing diverse funding mechanisms, navigating regulatory environments, adopting technological innovations, and implementing sustainable practices. The study also highlights the importance of forming strategic networks, partnerships, and flexible business models. By integrating theoretical frameworks such as resource-based view (RBV), institutional theory, and network theory, the research provides a comprehensive understanding of the interplay between the factors that shape entrepreneurial success in developing countries. The study offers practical recommendations for entrepreneurs, policymakers, and stakeholders seeking to promote sustainable business development. This research contributes to the growing body of knowledge on entrepreneurship in developing regions and offers valuable insights for supporting entrepreneurial growth in these dynamic and challenging environments.

• Item Type: MPRA Paper
• Language: English
• Keywords: Entrepreneurship, Business Strategies, Market Insights, Funding Mechanisms, Regulatory Frameworks, Technological Advancements, Sustainable Practices, Business Networks
• Subjects: L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L26 - Entrepreneurship; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration > M13 - New Firms ; Startups; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O10 - General; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O31 - Innovation and Invention: Processes and Incentives; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O38 - Government Policy

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