EMPOWERING ENTREPRENEURS: EXPLORING THE ROLE OF ECOSYSTEM FACTORS IN DRIVING GROWTH INTENTIONS IN NEPAL

Abstract

Developing new businesses and expanding existing ones are crucial for a country's economic growth, as these activities lead to job creation and the opening of new markets. Growth, in business world, is often viewed as a desirable objective. It serves as important indicator of a company's success and plays major role in the job creation, prosperity, and global economic progression. A supportive ecosystem, comprising elements like individuals, organizations, governments, and support systems, is necessary to foster the entrepreneurship. These work synergistically to promote business creation and growth. This study aimed to determine influence of entrepreneurship ecosystem factors on entrepreneurs' growth intentions. Target population for the study comprised entrepreneurs who have already established their ventures. A total of 158 responses were collected using survey methods. The study used Smart PLS software, revealing positive association between socio-economic factors and entrepreneurs' growth intentions. Based on this positive association, we recommend enhancing the support systems within entrepreneurship ecosystem in Nepal. Strategic focus on education, networking opportunities, and financial support systems can significantly enhance entrepreneurship ecosystem, fostering the growth and success of businesses in Nepal.