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South Korea's phenomenal growth and development through Entrepreneurship: A cue for Sub-Saharan Africa (SSA)

  • Received : 2017.07.24
  • Accepted : 2017.08.17
  • Published : 2017.08.31

Abstract

The model of success in South Korea from a pariah state coming from the ruins of the Korean War into a member of the Organization for Economic Cooperation and Development (OECD) with a trillion dollar economy is encouraging. The Korean economic experience in terms of entrepreneurship and poverty reduction is an intriguing jig saw puzzle to researchers. This paper looks at Korean entrepreneurship history from the 1960s and how it shaped the contemporary sustainable economic development success of the Korean economy. Using a qualitative approach, the study used the Korean case study in comparison with Sub Saharan Africa to explore five powerful lessons on how the region can replicate the Korean entrepreneurship experience. The study shows that entrepreneurship was key to the radical transformation of its economy and government was instrumental in latent nurturing of Korean entrepreneurial spirit.

Keywords

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