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Research Paper | Economics | India | Volume 12 Issue 11, November 2023 | Popularity: 5.2 / 10

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Business Management and the Challenges Faced by Developing Countries

Suhani Kedia

Abstract: This comprehensive essay delves into the critical role of business management in the economic development of developing countries, highlighting the unique challenges encountered in these environments. It emphasizes how businesses act as catalysts for economic growth, job creation, and poverty reduction, while also addressing the myriad difficulties they face, including political instability, regulatory hurdles, limited access to finance, and infrastructural deficits. The essay further explores the impact of technological limitations, skills gaps, and the phenomenon of brain drain on business productivity and competitiveness. Additionally, it discusses the importance of navigating international trade complexities, competition with multinational corporations, and the imperative of sustainable and socially responsible practices. Access to information, data security, and the influence of government policies are also examined as critical factors in shaping the business landscape. The conclusion underscores the significance of effective business management and collaborative efforts among governments, businesses, and other stakeholders in overcoming these challenges, paving the way for sustainable development and enhanced living standards in the developing world.

Keywords: Business Management, Economic Development, Developing Countries, Challenges, Sustainable Practices

Edition: Volume 12 Issue 11, November 2023

Pages: 1763 - 1764

DOI: https://www.doi.org/10.21275/SR231124190052

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