What are the contributions of entrepreneurship to the economic growth of developing countries?

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I need a literature review on Entrepreneurship contribution to economic growth of developing countries (preferably in Africa). The peer-reviewed resources should not be more that 5 years old. The emphasis should be on SMEs in the developing countries (for example Ghana).

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Running head: CONTRIBUTIONS OF ENTREPRENEURSHIP TO ECONOMIC GROWTH 1

Contributions of Entrepreneurship to the Economic Growth of Developing Countries
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CONTRIBUTIONS OF ENTREPRENEURSHIP TO ECONOMIC DEVELOPMENT

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Contributions of entrepreneurship to the economic growth of developing countries
Literature Review
Entrepreneurship is one of the best approaches that can be adopted by developing nations
in their quest to fight poverty. Most importantly, the Small and Medium since enterprises have
become the faces of the commercial practices in the developing countries. A correct application
of entrepreneurial knowledge in the SMEs is a perfect remedy to the economic issues that are
facing some of these countries. In Africa, Ghana is one of the countries that have the highest
number of micro, medium and small enterprises. In the country, 90% of the businesses belong to
the SME categories, and they offer a wide range of goods and services to the people. In light of
these facts, it is notable that the role that is played by the SMEs in the country. However, in spite
of this significant presence of these organizations in Ghana, it is evident that they are so
inefficient and poorly managed that they fail to achieve their potential. The lack of
entrepreneurship in the management of the SMEs in Ghana is partly to blame for the failure of
the enterprises to achieve their full potentials. Thus, applying entrepreneurship in the
management of SMEs is likely to boost the output of the institutions and the overall economic
development of the country.
McCann and Ortega (2016) in a paper entitled "Smart specialization, entrepreneurship,
and SMEs: issues and challenges for a results-oriented EU regional policy" have demonstrated
the role that entrepreneurship plays in the development of the small and medium enterprises. In
this paper, the authors have examined the element of competition in businesses and the manner
in which the large organizations are adversely affecting the performance of the SMEs. According
to the paper, one of the factors that hinder SMEs from fully developing and competing against

CONTRIBUTIONS OF ENTREPRENEURSHIP TO ECONOMIC DEVELOPMENT

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the established institutions is the failure...


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