National Business Plan Competition

Previous research has shown that small firms with less than ten employees vastly outnumber large enterprises in developing countries, prompting the question of whether some of these smaller business are constrained to grow into larger enterprises.The “transformational entrepreneurs,” who do grow, can hire new employees providing incomes and jobs for more people.

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It also appears that the growth was primarily due to the capital injection, rather than being a winner of the competition or having participated in the business training component.The competition is an initiative of the Pharmacy Guild of Australia and is sponsored by Sanofi Consumer Healthcare (Principal Sponsor), EBOS (Major Sponsor) Gold Cross Products and Services and Pharmaceutical Defence Limited (PDL).Policymakers in countries dominated by small and medium-sized firms face challenges in spurring them to grow and hire more workers.) program, a business plan competition aimed at encouraging innovation and employment through the creation of new businesses or expansion of existing ones.To achieve this, 1,200 winners would be selected to receive prizes averaging US,000 each.Another reason high-potential firms may not grow is that they lack the capital to invest, in which case capital injections could help meet that potential, and ultimately boost employment.An effective and economical way to tackle the identity and capital challenges of transformational entrepreneurship could go a long way in increasing employment and opportunities for millions.Addressing the constraints to employment opportunities is particularly pressing in Sub-Saharan Africa, which has a growing working age population and the lowest share of the labor force in wage work of any region of the World.In Nigeria, most firms are small, with 99.6 percent employing fewer than ten workers.In particular, it has been difficult to distinguish entrepreneurs with potential for growth from their “subsistence entrepreneur” peers.Researchers used a national business plan competition in Nigeria to test if selecting winners and offering them ,000 cash could encourage their firms to grow.

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