Essay on Can Entrepreneurship Improve Africa's Wellbeing Development

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Can Entrepreneurship Improve Africa’s Wellbeing Development? Introduction Africa is one of the poorest areas in the world. Data shows that in some countries, poverty reaches unbelievable rates and people live with less than $1 a day (Ngwane 2003). In contrast, in some countries like USA bankers and CEOs earn up to 400 million dollars a year in bonuses and salaries (Enron 2005). On the other hand, entrepreneurship has significantly increased developed countries’ wellbeing in the last century. In this research paper I am going to examine the possible outcomes with the implication of entrepreneurship in the poorest areas of Africa and try to conclude whether it would be beneficial or not. Entrepreneurship definition In the last century,…show more content…
Can Entrepreneurship Improve Africa’s Wellbeing Development? Introduction Africa is one of the poorest areas in the world. Data shows that in some countries, poverty reaches unbelievable rates and people live with less than $1 a day (Ngwane 2003). In contrast, in some countries like USA bankers and CEOs earn up to 400 million dollars a year in bonuses and salaries (Enron 2005). On the other hand, entrepreneurship has significantly increased developed countries’ wellbeing in the last century. In this research paper I am going to examine the possible outcomes with the implication of entrepreneurship in the poorest areas of Africa and try to conclude whether it would be beneficial or not. Entrepreneurship definition In the last century, entrepreneurship has proven to be one of the driving forces in the world economy and has improved many business areas. Just as an example, Steve Jobs has changed four industries (computers, music, phones and animated videos) using his entrepreneurial insight and creativity. However, can entrepreneurship work in all geographic areas and social conditions? I would first try to define the word entrepreneurship, while seeking its roots and examining its definition. The term “entrepreneur” is a French word for risk taking. One of the first people that used that term was Richard Cantillon, who clearly made a distinction between a capitalist and an entrepreneur. Later Jean-Baptiste Say developed the term “entrepreneur” to mark a change from a low

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