Fostering Entrepreneurship in Armenia

A dynamic and vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, improving productivity, and promoting growth. Entrepreneurial activity is pivotal to the continued dynamism of the private sector,...

Full description

Bibliographic Details
Main Author:	Kuriakose, Smita
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2013
Subjects:	ACCESS TO CREDIT ACCESS TO FINANCE ACCOUNTING ACCOUNTING SERVICES ADB ADVANCED TECHNOLOGIES ANGEL INVESTORS AVAILABILITY OF FINANCE BANK LOAN BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY LEGISLATION BANKS BUSINESS ENTRY BUSINESS ENVIRONMENT BUSINESS OPPORTUNITIES BUSINESS OWNERS BUSINESS OWNERSHIP BUSINESS PLAN BUSINESS STARTUPS BUYERS CAPITAL FORMATION CC CHEMICAL INDUSTRY COLLATERAL COMMUNICATION TECHNOLOGY COMPANY COMPETITION LAW COMPETITIVE ADVANTAGE COMPETITIVENESS COMPETITORS CONCEPTUAL FRAMEWORK CORRUPTION COST OF CREDIT CREDIT DECISION CREDIT LINE CREDITOR CREDITORS CUSTOMER BASE CUSTOMS DEBT DEVELOPMENT BANK DIVIDENDS E-GOVERNMENT E-GOVERNMENT INITIATIVES E-MAIL ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC CONDITIONS ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMICS EDUCATION LEVEL EDUCATION LEVELS EDUCATION SYSTEM EDUCATIONAL ATTAINMENT EMERGING MARKETS EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPLOYMENT GROWTH ENDANGERED SPECIES ENTERPRISE SURVEY ENTERPRISE SURVEYS ENTREPRENEUR ENTREPRENEURIAL ABILITY ENTREPRENEURIAL ACTIVITIES ENTREPRENEURIAL ACTIVITY ENTREPRENEURIAL CAPACITY ENTREPRENEURIAL CULTURE ENTREPRENEURS ENTREPRENEURSHIP ENTREPRENEURSHIP DEVELOPMENT ENVIRONMENTAL ENVIRONMENTAL PROBLEMS ENVIRONMENTAL REGULATIONS EQUIPMENT EQUITY INVESTMENT EXCISE TAXES EXPANSION EXPORT MARKETS EXTERNAL FUNDS EXTERNAL SHOCKS FARMS FINANCES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SUPPORT FINANCING INSTRUMENTS FIRM SIZE FIRM SIZES FIRMS FISH FISHING FIXED CAPITAL FOREIGN COMPANIES FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN MARKETS FORESTRY FORMAL CREDIT FORMAL FINANCIAL INSTITUTION GENDER GLOBAL MARKETS GOVERNMENT POLICIES GREATER ACCESS GREENHOUSE EFFECT HIGH UNEMPLOYMENT HIGH-RISK INVESTMENTS HOUSEHOLDS HUMAN CAPITAL HUMAN RESOURCE MANAGEMENT HUMAN RESOURCES IMMOVABLE PROPERTY INCOME STATEMENTS INEQUALITY INFORMATION TECHNOLOGY INITIAL INVESTMENT INNOVATION INNOVATIONS INTELLECTUAL PROPERTY INTERNATIONAL BANK INTERNATIONAL MARKET INTERNATIONAL MARKETS JOB CREATION LABOR FORCE LABOR MARKET LABOR MARKET LEGISLATION LABOR MARKETS LABOR PRODUCTIVITY LEGISLATION LEVEL OF ASSETS LICENSE LICENSES LICENSING LOAN LOCAL INDUSTRY MARKET RESEARCH MARKETING MATERIAL MEDIUM ENTERPRISE MEDIUM ENTERPRISES MEN ENTREPRENEURS NATURAL RESOURCE BASE NETWORKS NEW BUSINESS NEW BUSINESSES NEW ENTRANTS NEW MARKETS NEW TECHNOLOGIES OIL OPERATING COSTS OUTSTANDING LOAN PARENT COMPANY PATENTS PERSONAL BANKRUPTCY PHOTO POLICY MAKERS PRIVATE ENTERPRISE PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PRIVATE SECTOR PRODUCTIVITY PRODUCERS PRODUCT INNOVATION PRODUCTION CAPACITY PRODUCTION TECHNOLOGY PRODUCTIVITY GROWTH PROMOTION ACTIVITIES PROPERTY MARKETS PROPERTY RIGHTS PROTOTYPE PUBLIC POLICY QUERIES R&AMP;D RATES OF ENTREPRENEURSHIP RECESSION RED TAPE REGISTRY REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REMITTANCES REORGANIZATION RESOURCE MANAGEMENT RESULTS RISK TAKING SALES GROWTH SAVINGS SCIENCE FOUNDATION SEES SELF-EMPLOYMENT SHOP SHOPS SMALL BUSINESS SMALL BUSINESSES SMALL FIRMS SME SME DEVELOPMENT SME SUPPORT PROGRAMS SPINOFFS STORES SUBSISTENCE HOUSEHOLD TAX ADMINISTRATION TAX RATES TAXATION TECHNICAL SKILLS TECHNOLOGICAL CHANGE TECHNOLOGICAL PROGRESS TECHNOLOGY DIFFUSION TECHNOLOGY TRANSFER TELEPHONE TIME PERIODS TRADE FLOWS TRAINING CENTER TRANSITION ECONOMIES TRANSLATION TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATES UNION URBAN AREAS USES VENTURE CAPITAL VENTURE CAPITALISTS WOMEN ENTREPRENEURS WORKING CAPITAL
Online Access:	http://documents.worldbank.org/curated/en/2013/08/18165122/fostering-entrepreneurship-armenia http://hdl.handle.net/10986/15783

Description
Summary:	A dynamic and vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, improving productivity, and promoting growth. Entrepreneurial activity is pivotal to the continued dynamism of the private sector, with the generation of new businesses fostering competition and economic growth. This study uses data from the new 2012 World Bank entrepreneurship survey conducted to gauge new firm growth in the formal sector in Armenia and data from World Bank enterprise surveys to analyze innovative activity in existing firms. Armenia has by far the highest level of entrepreneurial activity among the three South Caucuses countries that were studied. Armenia's entrepreneurial culture is built largely on the very strong math and science foundation established during the Soviet era. However, several factors hinder business growth and entrepreneurship. The government could remove bottlenecks from the general business environment that impede able entrepreneurs with good ideas from starting a new venture and creating jobs. This would include strengthening the business environment to allow failure and company exit as a necessary part of entrepreneurial learning, company incentives that favor entrepreneurs with good ideas, instruments that enable entrepreneurs to access capital for startups, and flexible labor market policies that enable firms to expand by attracting the best talent from outside the firm or the country. The ease of paying taxes index and other business surveys continue to cite weaknesses in the country's tax administration, and arbitrary, corrupt behavior by tax officials is a major impediment to the formation and success of Small and Medium Enterprises (SMEs). The Armenian law on bankruptcy prohibits a bankrupt natural person from starting or partnering in a new business for five years, thus hampering the fresh start that should be the goal of a personal insolvency regime. Further, it requires the bankrupt debtor and 'affiliated persons' to submit property and income statements for three years, according to a regulation to be issued, which can serve as a disincentive to follow through with an insolvency proceeding.

Fostering Entrepreneurship in Armenia

Similar Items