Abstract
SMMEs provide an indispensable framework for addressing unemployment, poverty and boosting the economy of a country. This report was impelled by the need to create and sustain enterprises within the hotels and restaurant sub-sector of the tourism industry in Libreville, Gabon. A quantitative methodology was embraced to disperse seventy self-administered questionnaires to owners and managers of hotels and restaurants. The results demonstrate that the key components which lead to the failure or non-sustainability of businesses include: limited access to start-up finance required to cover start-up and growth cost, the low return on investment, as well as the mismanagement of businesses. Given that job creation remains a dependable method for diminishing unemployment and poverty, establishing and sustaining businesses in Libreville would be a step in the right direction in Gabon. Keywords: venture creation, enterprise development, entrepreneurship challenges, Libreville. JEL Classification: M13, L26, L83
Highlights
Notwithstanding the numerous years of extraordinary economic advances for countless people around the world, unemployment, poverty and inequality linger as a critical hurdle to sustainable development and global stability
A relatively high level of poverty and unemployment have pushed many people into starting SMMEs. Given their absolute numbers and inclination to fail, one may contend that ensuring that these businesses are selfsustaining, would be the right stride towards guaranteeing economic sustainability in any economy
Perhaps it was on these grounds that the Gabonese government embarked on promoting SMMEs via support initiatives
Summary
Notwithstanding the numerous years of extraordinary economic advances for countless people around the world, unemployment, poverty and inequality linger as a critical hurdle to sustainable development and global stability. Though multinational companies have created supply chains spanning the globe, there is a pervasive opinion that the benefits are not mutually shared by the host, producer countries and communities (ILO, 2014). There is an urgency to improve on the quality and number of jobs created in most countries if social cohesion, broad-based wellbeing and reduce poverty is to be achieved and maintained (ILO, 2014). Entrepreneurial activities are universally recognized as one of the best initiatives to accomplish the preceding objective. This aside, the support that entrepreneurship development enjoys today, depends on the context. In Gabon, small, medium and micro size enterprises (SMMEs) are recognized for their capacity to create jobs in the private sector and contribution to the GDP and economy of Gabon (Boudiala Boudiala, 2011)
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