preprints.org > business, economics and management > economics > doi: 10.20944/preprints202402.0918.v1

Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Version 1 : Received: 2 February 2024 / Approved: 5 February 2024 / Online: 19 February 2024 (07:20:36 CET)

Entrepreneurial activities in economic and social domains are considered one of the conditional pillars for successful transformation of resource-rich countries to sustainable, knowledge-based and diversified economies. However, there is no, and cannot be, a single recipe for such a transformation as every country or region needs to develop its own strategy, policy toolbox and implementation plan depending on its historical and present socio-economic make up and trajectory. This paper advances the qualitative findings of a previously published work to delve deeper into the complexities of entrepreneurship within resource-based economies, with a particular focus on Qatar. Employing a mixed methodology that blends explanatory and quantitative analysis, this paper aims to validate and refine the entrepreneurship framework proposed previously, ensuring its relevance and adaptability to Qatar's unique economic and cultural context, and its extendibility to similar resource-rich country settings. It systematically focuses on discovering various social, economic, and environmental dimensions critical to fostering entrepreneurship in resource-rich countries. These include examining government policies, cultural and social factors, financial support mechanisms, innovation ecosystem, technology adaptation, and digitization. A primary component of this study is the methodological approach, which includes collecting and analyzing quantitative data through a survey developed based on previous findings on qualitative explorations. This approach allows for an objective assessment of the effectiveness of the proposed recommendations. The paper presents a set of detailed recommendations aimed at various stakeholders, including government bodies, supporting agencies, and entrepreneurs themselves. These recommendations encompass integrating entrepreneurship education into academic curricula, increasing easy access to business and market information, simplifying, unifying and streamlining policies and procedures, and adapting them into the legal system. Other important and unique recommendations include establishing a country-wide entrepreneurship free-zone (Ent-Q) and facilitating its operations though an online digital platform (Ryadah), allocating certain percentage of governmental ministries’, agencies’ as well as large corporations’ budgets into innovative small business development programs and preferred purchasing from small business. These initiatives are validated to become effective tools and avenues to create a conducive entrepreneurial environment, facilitating transformation into a diversified, knowledge-based and sustainable economy. The expected outcomes of implementing these recommendations include an increase in the efficiency of entrepreneurship-related policymaking, a rise in the number, quality and impact of entrepreneurs, and the sustained diversification of the economy into non-oil/gas sectors and actors. In conclusion, this paper provides a comprehensive set of strategies and recommendations expected to significantly contribute to the nurturing and growth of entrepreneurship in resource-based economies.

entrepreneurship; innovation system.; sustainable economy; economic diversification; small business

Business, Economics and Management, Economics

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