Exploring Challenges Influencing the Development of Entrepreneurial New Venture Creation in An Emerging Economy, Myanmar

This research investigates the key barriers that influence the creation of new entrepreneurial ventures in Myanmar and examines the challenges entrepreneurs face in this context. Amidst the global economic shift, Myanmar urgently needs a more comprehensive policy framework to support small and medium enterprises (SMEs) and foster entrepreneurship for economic growth. The study draws upon Penrose’s (1959) Resource-Based View (RBV) and Scott’s (2008) Institutional Theory to conceptualise six major barriers: political, socioeconomic, resource accessibility, financial, internationalisation, and cultural challenges. A mixed-method research design was employed, integrating both quantitative and qualitative methods. In phase one, quantitative data were collected through a purposive survey of 310 respondents to assess the influence of the six identified barriers on new venture creation. In phase two, qualitative data were gathered through semi-structured, face-to-face interviews with key stakeholders, including the Myanmar Young Entrepreneurs Association (MYEA), the Directorate of Investment and Company Administration (DICA), and independent entrepreneurs. This qualitative phase provided deeper insights into the barriers identified in the quantitative phase, highlighting the contextual challenges unique to Myanmar's entrepreneurial environment. Findings indicate that political instability, internationalisation challenges, and cultural barriers are the most significant obstacles to entrepreneurial success in Myanmar. Although socioeconomic conditions, access to resources, and financial factors also impact entrepreneurship, they play a secondary role. These interdependent barriers form a complex framework within which Myanmar entrepreneurs must operate. The study also reveals that adaptability and business diversification are key strategies for overcoming these obstacles. The research makes significant theoretical and managerial contributions. Theoretically, it extends RBV and institutional theory to the context of a developing economy, offering a comprehensive framework to understand the barriers to entrepreneurial new venture creation in Myanmar. Managerially, it provides actionable recommendations for policymakers, stakeholders, organisational leaders (such as those in MYEA and DICA), and entrepreneurs. These recommendations focus on establishing a supportive political, social, and economic environment to facilitate sustainable entrepreneurship and economic growth in Myanmar. Practical implications include strategies for stabilising the political landscape, improving legal and financial support systems, promoting internationalisation, and addressing cultural barriers to entrepreneurship.