Question

Discuss, using outside resources to support your assertions, how compliance burdens directly impact entrepreneurship.   Do you see a trend regarding what legal and regulatory climates foster entrepreneurship? Why might this matter? If you were a policy maker, what would you recommend to attract the entrepreneurial-minded?

Answer 1

There are several ways in which the government can promote entrepreneurship and promote wealth creation, and the biggest concern is the level of stringent rules that discourage business creation and the government can also start by reducing tax rates and strict business regulation with comes to corporate and corporate management, compliance refers to the company that obeys all laws and legal regulations about how the company operates, its staff and the treatment of its consumers, However, The concept of compliance is to ensure that companies act responsibly and The most obvious consequence of compliance is that it reduces the risk of fines, work interruptions, lawsuits or the closure of your business and Hire a compliance specialist to understand all your legal obligations and how to meet them and the program will focus on maintaining policies and procedures that prevent the organization and employees from violating laws and regulations and by ensuring that all areas of your organization work together and maintain standards, corporate compliance can help prevent disasters and major failures and The American government gives power over trade between states and with foreign countries and these policies initiates trade and fair competition and restricts anti-competitive business practice, However, The economic factors that affect entrepreneurship growth are capital. Capital is one of the most important factors of production for establishing a business, labor and The easy availability of the right kind of workers also affects entrepreneurship, raw materials, the market, and infrastructure, However, The government may offer state loans to small businesses, new businesses or entrepreneurs and These are incentives that initiate entrepreneurship within the ecosystem, However, It is important for governments to continually reform their tax policies to promote the growth of small businesses, However, ups and down is common in entrepreneurship and The most obvious advantage is that the opportunity to be your own boss and being in charge and making important business decisions can be satisfying, but it can also be challenging and As a policymaker, my recommendation would be passion, ingenuity, a willingness to improvise and listening to others, and a strong determination to succeed is what makes an entrepreneur successful and this is what you must also consider if you wish to become a successful entrepreneur.