Question

C. In your opinion what are the factors that can limit the opportunity for entrepreneurship

Answer 1

Entrepreneurship is the experiment and innovation in business by the entrepreneur. He always wants to explore something new or with a different point of view. These innovation and creativity are always welcome in society as it may help to increase living standards. Although some business and entrepreneur fails because of the unclear vision and their greedy dreams of becoming rich sooner.  The new startup always starts with risk and uncertainty. Those risks can be internal factors or external factors. Few factors that can act as a barrier for entrepreneurship are-

1. Culture- If an entrepreneur wants a startup in Saudi Arabia, he needs to follow their religious beliefs and cannot implement his business until and unless it is according to their rules and policies set under the cultural belief.
2. Environmental regulations- The government is concerning some environmental protection laws, in which flora and fauna, and animals should not be disturb.
3. Government rules and regulations- The export and import duties are imposed, Some laws are made to control the business activities like consumption of energy and water is limited.
4. Taxes- Taxes are imposed according to the size of the firm like it is a small scale or large scale firm.
5. Technological- The advancement or lacking behind in technological advancement can be an issue in entrepreneurship as no proper planning can be mapped out.
6. Unskilled labor and education- Issue of unskilled labor, lacking in training, insufficient education if any technical knowledge is required.
7. Economic development- Many countries and industries may suffer an economic breakdown and in that, if an entrepreneur wants to invest he cannot because it won't be any profitable time.
8. Location- The business success has one main aspect where the business needs to start, it should be favorable place. Coffeehouses outside the city won't attract customers.

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