Doha: Basic financial products such as having an account, saving accounts, access to credit are important to stimulate the creation of new firms and keeping the existing firms viable, according to findings of research conducted by Dr Sana Zaouali, researcher at Qatar University. The findings of the research also revealed that a better access to digital products such as Fintech, mobile money, e-payment, would increase as well the formation of new businesses.
She conducted the research with her colleague Dr Lanouar Charfeddine on how to promote entrepreneurship in emerging countries and particularly Qatar.
This study has shown the role of Financial inclusion and business environment in promoting entrepreneurship.
The findings also found that a conducive business environment such as lower business regulations, bureaucracy burdens, better access to professional services and governmental programs are essential to promote entrepreneurship.
Sharing the policy recommendations, she said that tt is important to alleviate the constraints on access to financial services to nascent, new or established firms. For instance, governments should implement reforms to remove financial barriers such as access to credit by reducing or removing client documentation requirements, collateral registries. In addition, facilitating opening savings accounts could provide huge opportunities to potential entrepreneurs to help them set up their projects.
Policies should be focused on improving the business environment for entrepreneurial activities by removing high regulation, long and complex administrative procedures to start. Overall, one of the most important recommendations, is the role of government programs such as incubators, technological parks to increase the number of technological firms.
More collaboration between universities and industry is needed. There is high demand in managers, maintenance and professionals skills but there is limited number of study programs to fulfill these needs. University programs are not aligned to develop entrepreneurship skills.
One of the recommendations is to stimulate entrepreneurial culture and developing skills of entrepreneurship mindset. Programs should be start since school and post school age. Another recommendation is changing the societal attitude and perception from a career in public sector to encouraging risks and have a positive attitude towards entrepreneurship.
