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RURAL ENTREPRENEURSHIP DEVELOPMENT AND SUCCESS: THEORETICAL AND EMPIRICAL LITERATURE REVIEW [Abstract ID: 0307-04]
The goals of supporting rural development are equitable access to arable land, more equitable distribution of income, widespread empowerment in health, nutrition and housing, broadened opportunities for all individuals to realize their full potentials through education, and strong voice for all rural people in shaping the decisions and actions that affect their lives. In light of this, the purpose of this article is to systematically review scholarly articles on the development and challenges of rural entrepreneurship, on contemporary theories on the subject and on the determinants for the success of rural entrepreneurship. The findings of the review are that the major problems faced by rural entrepreneurs are lack or absence of education or any formal training, financial factors, marketing hurdles, management and human resource problems, insufficient technical and conceptual ability. The problems faced by rural entrepreneurs are multi-dimensional and serious but nevertheless seem easier to solve than those of urban entrepreneurs. Further, both internal and external factors that are determinants of small business success also apply to rural small businesses. However, the external factors are more important than the internal in contributing to small business success in rural areas. The support needed to boost the development and success of rural entrepreneurship is thus: a continuing active and pivotal government role; skills training, since most rural businesses are labour intensive and require skills and creativity; strengthening business competencies through more rigorous training; investment in infrastructure and facilities for a conducive local business environment; and effective market support services in terms of product promotion, market accessibility and networking.