Fostering Entrepreneurship in Azerbaijan

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,...

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Bibliographic Details
Main Author:	Kuriakose, Smita
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2013
Subjects:	ACCESS TO FINANCE ACCESS TO INFORMATION ACCOUNTING ADOPTION OF TECHNOLOGIES ADVERTISING AUTOMOBILE BANKING SECTOR BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY LEGISLATION BANKS BORROWER BRANCHES BUSINESS DEVELOPMENT BUSINESS DEVELOPMENT SERVICES BUSINESS ENTERPRISE BUSINESS ENTRY BUSINESS ENVIRONMENT BUSINESS MANAGERS BUSINESS MODEL BUSINESS MODELS BUSINESS OPPORTUNITIES BUSINESS OWNERS BUSINESS OWNERSHIP BUSINESS PARTNERS BUSINESS REGISTRATION BUSINESS RELATIONS BUSINESSES BUYER BUYERS CAPABILITIES CAPABILITY CAPITAL GOODS CAPITAL INVESTMENTS CASH FLOW CC CHEMICAL INDUSTRY COMMODITIES COMMODITY COMPANY COMPETITION LAW COMPETITIVE ADVANTAGE COMPETITIVE ADVANTAGES COMPETITIVENESS COMPETITORS CONCEPTUAL FRAMEWORK COPYRIGHT CORPORATION CORRUPTION CUSTOMER BASE CUSTOMS DATA COVERAGE DIVERSIFICATION DOMAINS E-MAIL E-SERVICES ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC INCENTIVES ECONOMICS EDUCATION LEVEL EDUCATION LEVELS EMERGING MARKETS EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPLOYMENT GROWTH ENABLING ENVIRONMENT ENTERPRISE RESOURCE PLANNING ENTERPRISE SECTOR ENTERPRISE SURVEY ENTERPRISE SURVEYS ENTREPRENEUR ENTREPRENEURIAL ACTIVITY ENTREPRENEURIALISM ENTREPRENEURS ENTREPRENEURSHIP ENTREPRENEURSHIP DEVELOPMENT ENVIRONMENTAL ENVIRONMENTAL PROBLEMS ENVIRONMENTAL REGULATIONS EQUIPMENT EQUITY INVESTMENTS EXPANSION EXPENDITURES EXPORT MARKETS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SYSTEM FINANCIAL SYSTEMS FIRM SIZE FIRM SIZES FIRMS FISHING FOREIGN DIRECT INVESTMENT FORESTRY FRONT OFFICE GENDER GLOBAL MARKET GLOBAL MARKETS GLOBAL STANDARDS GLOBALIZATION GOVERNMENT POLICIES HIGH INTEREST RATES HUMAN CAPITAL HUMAN RESOURCE HUMAN RESOURCE MANAGEMENT IMAGE INDIVIDUAL ENTREPRENEURSHIP INDUSTRIAL PRODUCTION INFORMATION GAPS INFORMATION TECHNOLOGY INITIAL INVESTMENT INNOVATION INNOVATIONS INSPECTION INSPECTIONS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL BEST PRACTICES INTERNATIONAL FINANCE INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL STANDARDS INTERNATIONAL TRADE JOB CREATION KNOWLEDGE MANAGEMENT LABOR FORCE LABOR PRODUCTIVITY LAWS LEGAL ASSISTANCE LEGAL FRAMEWORK LEGISLATION LEVEL PLAYING FIELD LICENSE LICENSES LICENSING LOAN LOCAL ENTREPRENEURS LOCAL INDUSTRY MANAGEMENT SYSTEMS MANUFACTURING MARKET DEMAND MARKET RESEARCH MARKET SEGMENT MARKET VALUE MARKETING MATCHING GRANTS MEDIUM ENTERPRISE MEDIUM ENTERPRISES METALS MULTINATIONAL NATURAL RESOURCE NATURAL RESOURCES NETWORKS NEW BUSINESS NEW BUSINESSES NEW ENTRANTS NEW MARKET NEW MARKETS NEW TECHNOLOGIES NICHE MARKET OIL OIL SECTOR ONE-STOP SHOP OUTDATED TECHNOLOGY PATENTS PERFORMANCES PERSONAL SAVINGS PHOTOS POLICY INSTRUMENTS POLICY MAKERS PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PRIVATE SECTOR FIRMS PROCUREMENT PRODUCT INNOVATION PRODUCTION TECHNOLOGY PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC POLICY PUBLIC SERVICES QUALITY STANDARDS QUERIES R&AMP;D REGISTRIES REGISTRY REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY REQUIREMENTS RESOURCE MANAGEMENT RESULT RESULTS RETAIL TRADE RETAINED EARNINGS RISK TAKING SALES GROWTH SCIENTIFIC RESEARCH SECURITIES SEES SHOP SITES SMALL BUSINESS SMALL FIRMS SME SME SECTOR START-UP STORE SUPPLIER SUPPLIERS SUPPLY CHAIN TAX RATES TAXATION TECHNOLOGICAL CHANGE TECHNOLOGICAL PROGRESS TECHNOLOGY DIFFUSION TECHNOLOGY SPECIALISTS TECHNOLOGY TRANSFER TELEPHONE TIME PERIODS TRADE FLOWS TRADE STRUCTURE TRANSITION ECONOMIES TRANSLATION TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATES UNFAIR COMPETITION USERS USES VENTURE CAPITAL
Online Access:	http://documents.worldbank.org/curated/en/2013/09/18257647/fostering-entrepreneurship-azerbaijan http://hdl.handle.net/10986/15781

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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, as the generation of new businesses fosters competition and economic growth. This is particularly relevant for Azerbaijan, whose government faces a central challenge to create conditions that will facilitate growth in nonoil tradable sectors. The core objectives of Azerbaijan's development strategy are to diversify the economy away from the oil sector and sustain high employment and growth. Encouraging high-growth entrepreneurship can help Azerbaijan achieve these goals as it moves toward new opportunities in value added and tradable sectors. This study shows that high-growth entrepreneurialism is low in Azerbaijan and that innovative activity among firms is very low. Several factors hinder business growth and entrepreneurship: lack of competition, especially among smaller firms; financial systems that are not conducive to business development. Companies cite high interest rates and risk-averse lending policies as substantial hindrances to expansion. In addition, risk capital is in short supply; and lack of industry-relevant skills. The government could play an important role by removing bottlenecks that impede entrepreneurialism in the general business environment as well as by designing new financial policy instruments that foster entrepreneurship and innovation. In doing so, the government needs to exercise care that the design and management of these instruments prevent capture or corruption and promote efficiency. Lack of competition is an issue in Azerbaijan, particularly for Small and Medium Enterprises (SMEs), which face uneven treatment within the enterprise sector.

Fostering Entrepreneurship in Azerbaijan

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