|Entrepreneurship and Development Challenges in Papua New Guinea|
*Department of Business Studies, Papua New Guinea University of Technology,
Private Mail Bag, Lae 411, Morobe Province, Papua New Guinea
*E-mail: email@example.com, firstname.lastname@example.org
Entrepreneurship has been recognized as a micro driver of innovation and economic growth. What is meant by entrepreneurship, innovation and economic growth is often not clear. This paper discusses the nature of entrepreneurship and its relation to innovation and provides an overview of theory on the relation between entrepreneurship, innovation and economic growth. The paper continues with a study on rural entrepreneurship in Papua New Guinea (PNG) with conceptual, theoretical investigations. PNG is a resource rich nation but failed to develop to its full potential, as well as produce the entrepreneurial class which is usually a necessary prerequisite for economic growth? An attempt is made to explain the mystery behind the backwardness. It outlines the development of PNG in recent years by examining some of the major challenges for the entrepreneurship development. The paper also discusses some of the future prospects for increasing entrepreneurial activities in the country and provides some implications for policy development.
Keywords: Entrepreneurship, Innovation, Economic Growth, Papua New Guinea.