Challenges and Prospects of Entrepreneurship in Bhutan from the Lens of Business Educators
Journal of Economics, Management and Trade,
Entrepreneurship plays an important role in generating employment opportunities, enhancing public income and promoting societal change, particularly in a budding economy like Bhutan. Given its importance to the country, this paper investigates the challenges faced by aspiring entrepreneurs and entrepreneurial ventures, and their future prospects in Bhutan. The paper adopts qualitative research methodology to study the perspective of business educators through a semi-structured interview with fifteen participants from Gedu College of Business Studies located at Gedu, Bhutan. The study reveals that, due to a range of challenges the aspiring entrepreneurs and the entrepreneurial ventures face today, the Bhutanese entrepreneurs have a long way to go before they can effectively drive changes in the economy. However, the findings suggest that there is a good prospect for the entrepreneurial ventures in the country, and the ventures will have an undue advantage if it can leverage on the technological support from other countries. To ease the way for entrepreneurs in the country, the study finds it important to encourage the consumption of indigenous products by discouraging the import of the goods and services that can be produced within the country, regulate the price of the home made product, explore market and marketing facilities beyond the country to encourage large scale production, initiate discussion about entrepreneurship and the associated benefits at school levels and also take adequate infrastructural facilities (water, electricity and transportation network) across all parts of the country.
- entrepreneurial venture
How to Cite
Mishra A. Role of government in developing entrepreneurs. AISECT University Journal. 2013;2(4):01-04.
Ministry of Economic Affairs. Annual Report 2018-2019. Department of Cottage and Small Insustries. Thimphu, Bhutan; 2019.
Chezom S. Improving access to finance for SMEs. Retrieved 03 23, 2020, from Bhutan Broadcasting Service. 2019;9:28. Available:http://www.bbs.bt/news/?p=121868
Olutunla GT. Entrepreneurship for economic development. 27th Inaugural Lecture of the Federal University of Technology, Akure; 2001.
Zimmerer TW, Scarborough NM. The role of entrepreneurship education in national development: Essentials of entrepreneurship and small business management. Published by Prentice- hall of India, New Delhi; 2006.
Hebert RF, Link AN. A history of entrepreneurship. New York: Routledge; 2009.
Swanson LA. Entrepreneurship and Innovation Toolkit. 3rd Ed; 2017. Available:https://openpress.usask.ca/entrepreneurshipandinnovationtoolkit/front-matter/entrepreneurship-and-innovation-toolkit/
Cantillon R. Essai sur la Nature du Commerce en Général, London: Macmillan; 1931. First Published 1755.
Kirzner IM. Entrepreneurial discovery and the competitive market process: An Austrian approach. Journal of Economic Literature. 1997;35:60-85.
Roininen S, Ylinenpaa H. Schumpeterian versus Kirznerian entrepreneurship: A comparision of academic and non-academic new venturing. Journal of Small Business and Enterprise Development. 2009;504-520.
Kardasi O, Michaelides P. The Schumpeterian theory of entrepreneurial management: From individualism to social forces. In: Bögenhold D, (Eds) Soziologie des Wirtschaftlichen. Springer VS, Wiesbaden; 2014. Available:https://doi.org/10.1007/978-3-658-03545-7_7
Śledzik K. Schumpeter’s view on innovation and entrepreneurship (in:) Management Trends in Theory and Practice, (Ed.) Stefan Hittmar, Faculty of Management Science and Informatics, University of Zilina & Institute of Management by University of Zilina; 2013.
Knight FH. Risk, uncertainty and profit. Boston: Houghton Mifflin; 1921.
Duru M. Entrepreneurship opportunities and challenges in Nigeria. Business and Management Review. 2011;1(1):41-48.
Casson M. The entrepreneur. Oxford: Martin Robertson; 1982.
McClelland DC. The Achieving Society, Princeton: D. Van Nostrand; 1961.
Hagen EE. How economic growth begins: A theory of social change. Development Research Digest. 1963;1(3):20-34.
Kasper W, Streit ME. Institutional economics: Social order and public policy. United Kingdom: Edward Elgar Publishing; 1998.
Leff NA. Entrepreneurship and economic development: The problem revisited. Journal of Economic Literature. 1979;17: 46-64.
Ebiringa T. Perspectives: Entrepreneurship development & growth of enterprises in Nigeria. Entrepreneurial Practice Review, Winter. 2012;2(2).
Utha K, Rinchen S, Gurung B, Gurung G, Rabgay T, Dorji C. Entrepreneurship education in Bhutan: Perception, culture and challanges. World Journal of Educational Research. 2016;3(2):460-501.
Tenzin U. An empirical assessment of entrepreneurial intentions among univeristy graduates in Bhutan. Thimphu, Bhutan: Ministry of Labour and Human Resources; 2018.
Ministry of Labour and Human Resources. Entrepreneurship Program. Retrieved from Minsitry of Labour and Human Resources. 2019;5:13. Available:https://www.mohlr.gov.bt/molhr/?page_id=834
Loden Foundation (nd). Loden Entrepreneurship Program. Available:http://loden.org/activities/entrepreneurship-programme/
Tshedup Y. Upscaling entrepreneurial venture. Kuensel; 2017. (Retrieved March 6, 2020) Available:https://kuenselonline.com/upscaling-entrepreneurial-venture/
National Statistics Bureau. Population and Housing Census of Bhutan 2017. Thimphu, Bhutan; 2017. Available:http://www.nsb.gov.bt/publication/files/PHCB2017_national.pdf
National Statistical Bureau. Population and Housing Census of Bhutan; 2017. (Retrieved March 14, 2020) Available:http://www.nsb.gov.bt/publication/files/PHCB2017_national.pdf
UNIDO. National Entrepreneurship Strategy. Thimphu, Bhutan: Ministry of Labor and Human Resources; 2015.
Abstract View: 375 times
PDF Download: 238 times