WHY ARE ENTREPRENEURS OUR MODERN-DAY HEROES?

By Maryam Allami - Startup Entrepreneurship Consultant

Entrepreneurs, while truly deserving of the various descriptions accorded them, do not receive the recognition and rewards that come with the role they play in the family, in small communities, in their countries, or on a global scale. They are assets that should be nurtured, cultivated and rewarded for the innovation, creativity and change they bring. This is because they not only successfully create employment opportunities for themselves, but are also drivers of social and economic growth for the entire world. Entrepreneurship, by definition, is seen as the ability to develop, organize, and manage a business while accepting any risk involved in order to make a profit. Entrepreneurs, then, are people who are willing to take that risk; they are innovators and creators of new ideas in already saturated markets. Entrepreneurship is rightly the engine of the economy, and entrepreneurs are its drivers, but the myriad obstacles entrepreneurs face cannot be ignored. If getting the proverbial foot in the door is difficult in economically stable countries that have easier access to the resources they need, one can only imagine the challenges that developing countries like Iraq face.

POPULATION PROJECTIONS AND EMPLOYMENT IN IRAQ

Iraq’s population is one of the youngest in the world, with an average age of 21. Nearly two-thirds of Iraqis are under the age of 25, and many are internally displaced or refugees from neighboring countries. Employment opportunities are scarce in this hemorrhaging economy, with an unemployment rate of 35.66% in 2020, of which 25.17% is accounted for by youth alone. According to current projections, Iraq’s population will exceed 100 million by the end of 2085, with an estimated 107.33 million people by the end of the century. With little hope of economic recovery, entrepreneurship is no longer a choice, but a purely survival requirement. In the past, not much emphasis was placed on driving Iraqi private sector growth, as much of the working population preferred the security and safety net of the public sector, which drains the Iraqi budget to pay bloated salaries. In addition, the impact of COVID-19 led to a massive drop in oil demand, which prompted OPEC to reach an agreement to cut oil production. This led to a decline in oil prices and ultimately Iraq’s national budget, and prompted the Iraqi government to find solutions. As a result, emphasis was placed on promoting and strengthening the private sector to support recovery and reconstruction. Various entrepreneurship programs were launched by local and international private companies, donor agencies, local non-governmental organizations, and even by corporate social responsibility departments in Iraq to support and cultivate young entrepreneurs and equip them with important skills to turn ideas into action.

BENEFITS OF ENTREPRENEURSHIP FOR THE STABILITY OF IRAQ

It is a given that entrepreneurship creates employment opportunities. However, the first and most important impact of entrepreneurship in Iraq is its contribution to the country’s stability, which was especially evident during the October 2019 demonstrations that took place due to a lack of employment opportunities and increased poverty rates. Not to mention the large role entrepreneurs play in fostering innovation and technological change.

THEY DRIVE ECONOMIC GROWTH.

Economies are driven by innovation, much of which comes from people with the ability, skill and drive to turn an idea into action. These are the people who transform industries and create new markets. These are the entrepreneurs, and their role in Iraq’s economic growth is explicitly pivotal. Entrepreneurs positively impact their communities by introducing unique goods and services, reducing dependence on external systems. This is a viable solution to salvage the Iraqi economy and diversify income opportunities while reducing dependence on unreliable oil exports.

SOCIAL IMPACT - IMPROVING THE QUALITY OF LIFE.

Community development is enhanced by investing in local community projects, creating even greater opportunities and boosting morale. In addition, the successful innovations of entrepreneurs have the power to provide solutions to the country’s most pressing problems and turn challenges into opportunities, with the overall goal of improving living standards and creating wealth.

IMPACT ON THE ENVIRONMENT

Entrepreneurs can provide solutions to the countries’ and the world’s environmental challenges by addressing issues such as pollution and climate change, thereby addressing one of the United Nations’ key Millennium Development Goals. Many actors, including innovation centers like The Station in Baghdad, are stepping up efforts to support entrepreneurs and provide tools to effectively work toward sustainable climate and environmental protection. This is quite an eye-opener in a country like Iraq with limited access to resources; it is clear that while the opportunity exists, resources are scarce and success in entrepreneurship is quite underappreciated. Entrepreneurs are undoubtedly the unsung heroes of economic freedom, and it is through them that Iraq can achieve stability and contribute to sustainability. them that Iraq can achieve stability and contribute to sustainability.