A growing consensus on the critical role of entrepreneurship in economic development is emerging. Studies from around the world are consistently linking entrepreneurship with stable, sustainable job creation and GDP growth. But the benefits of encouraging entrepreneurship go beyond pure economics. As individuals become more self]sufficient, and more empowered, they are more likely to seek higher levels of education and better living conditions for themselves and their children. As President Kagame of Rwanda has said: "Entrepreneurship is the surest way for a nation to meet its goals and to develop prosperity for the greatest number of people."

 

If we are to achieve the Millennium Development Goals, we must work towards developing human capital in all countries and societies, and across sectors. Entrepreneurship has the power to help build societies in which people have the confidence, skill and desire to solve problems they see around them. By creating new businesses that provide desired goods and services, or by using entrepreneurial principles to create social ventures, entrepreneurs around the world have a unique ability to find solutions to poverty, improve social conditions, and confront environmental degradation.

 

Around the world, particularly in developing countries, aspiring entrepreneurs often face overwhelming challenges when starting up their business. This may be because of difficult regulatory frameworks, high administrative burdens, a lack of financial support, or entrenched social barriers.

 

Governments, civil society, academia and the private sector all have an important role to play in supporting entrepreneurship and enabling people to exercise their talents. A multi-stakeholder approach to promoting entrepreneurship is necessary to prepare future entrepreneurs and leaders to solve more complex, interlinked, and fast-changing problems.