Understanding the challenges of entrepreneurship in emerging economies: a grey systems-based study with entrepreneurs in Brazil

Purpose - This research aims to understand the primary challenges encountered by entrepreneurs operating in emerging economies, where entrepreneurship plays a vital role. The study places a particular emphasis on entrepreneurs in Brazil. Design/methodology/approach - The research methodology involved the analysis of data obtained from interviews, using both content analysis and Grey Relational Analysis techniques. Findings - The analysis revealed several prominent difficulties that entrepreneurs face in these domains. These challenges encompassed issues such as grappling with intricate taxation systems and the associated tax burden, navigating government bureaucracy, securing access to essential financing and initial investments, contending with the absence of supportive government programs and addressing the dynamic nature of market conditions. The findings on the most critical barriers reveal potential pathways for entrepreneurs, policymakers and universities to act in developing the entrepreneurial ecosystem in emerging economies. Originality/value - The insights garnered from this research have the potential to inform the formulation of robust public policies aimed at fostering entrepreneurship and innovation in emerging countries. Furthermore, these findings can serve as a valuable resource for planning initiatives designed to train engineers to become successful entrepreneurs.