Get premium membership and access questions with answers, video lessons as well as revision papers.

Explain the economic, social and political factors affecting entrepreneurial development

      

Explain the economic, social and political factors affecting entrepreneurial development

  

Answers


Lydia
Economic, Social and Political Factors Affecting Entrepreneurial Development
1. High taxation levels. For business and personal incomes
-Which in effect reduce profits earned making it un attractive to engage in business
-Taxation of raw materials and other inputs raise production costs.
2. Corruption and official harassment
-Occurs where entrepreneurs are forced to bribe officials in various government departments to allow operation or start up.
3. Unregulated competition from the outside world due.
-Liberalization which opened importation competing locally produced goods.
4. Declining personal incomes of people due to
-Over-increasing cost of living
-Arise in unemployment
5. The high cost of finance
-The cost of borrowing is high
-Business collapses because they lack ability to repay loans.
6. Lack of necessary skills and knowledge due to
-Lack of training opportunities
-High education costs
7. Poor transport and communication network
- making business difficult
- Inconveniencing consumers
- High energy costs
- Lack of entrepreneurial culture

lydiajane74 answered the question on May 8, 2018 at 01:34


Next: Outline how the government of Kenya has planned to promote entrepreneurship
Previous: What is the Importance of Entrepreneurship Culture?

View More Business Studies Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions