FOSTERING COMPETITIVE ENVIRONMENTS FOR ENTREPRENEURS: INSIGHTS AND BEST PRACTICES

Abstract

Today, it is critical fostering competitive environments in nurturing entrepreneurial success. In an era characterized by dynamic market landscapes, this study delves into key insights and best practices that contribute to creating an ecosystem conducive to the growth and sustainability of entrepreneurial ventures. This research investigates the challenges and perspectives in fostering a competitive environment for entrepreneurship, focusing on individual and institutional barriers faced by entrepreneurs. Drawing on a combination of qualitative data from semi-structured interviews and insights from existing literature, the study identifies key constraints such as regulatory barriers, legal uncertainties, financial challenges, human resource management issues, and inner fears and insecurities among entrepreneurs. Through a systematic analysis, the research proposes recommendations for policymakers and stakeholders to address these constraints and create a conducive environment for entrepreneurial activity. These recommendations include simplifying regulatory procedures, enhancing financial support mechanisms, improving talent development programs, fostering a supportive organizational culture, and combating corruption effectively. The study emphasizes the importance of a holistic approach that addresses both individual and institutional barriers to entrepreneurship, highlighting the need for collaboration between the public and private sectors. By implementing these recommendations, countries can unlock entrepreneurial potential, drive innovation, and achieve sustainable economic development. Keywords: entrepreneurial activity, competitive environment, challenges, solution, Kazakhstan.