External Factors In Entrepreneurial Development
Today Entrepreneurial development has become very important in view of its being a key to economic development. The industrial development objectives includes employment generation based on the regional growth of entrepreneurship and its development and regional growth. An enterprise is created by an entrepreneur and this process is known as “Entrepreneurship”.
1.1.2 Definition of Entrepreneur
The capacity and willingness is to develop manage and organise a business venture along with any of its risks in order to make profit. Beginning of new business is the most obvious example of entrepreneurship that is also the basic quality of any business owner. Entrepreneurship, in economics combined with land, natural resources, land and capital can
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Some of the factors like business reputation, creditworthiness and image are a result of the way you run your business. Other factors including management of the organisation’s structure and staffing and the business physical décor are based on your business decisions and there is a chance to change them as can be seen them fit. The factors which are changing internally factors involves some indirect costs such as lost productivity while several new employees are trained in some direct costs like penalty for terminating a lease before it expires or some combination of the …show more content…
Making the list of pros and cons in a traditional way or simple return-on-investment analysis can add clarity to virtually any decision in business. Sorting of the factors based on how immensely each and every factor will have impact on the enterprise and how likely each factor is to take place can help you discern that factors need the immediate attention of entrepreneurs and the ones that can simmer on the back-burner for a while.
The best way to guard against a catastrophe such as new regulation that is not prepared to comply with is regularly reviewing the factors that affect your small business. A formal quarterly or monthly review of businesses internal operations will helps discern subtle trends and issues that is needed to address. Blogs, newsletters and trade publications are some of the major resources that can help business owners keep informed about the factors that affect the business
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