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 Economic Laws


Rules and regulations in the realm of economics influence the growth of entrepreneurs.

The rules and laws that are in force include Monopolies which restrict trading, Acts of Labour Law commercial law, industrial laws and other laws that relate to various taxes, such as income taxes, sales tax and wealth taxes, and numerous laws and regulations.

The government helps in boosting economic activity through creating efficient and practical rules and laws.

They also offer protection for entrepreneurs in relation to their wealth, business or real property.

Together with the law, order and the rule of law have to remain in the hands of the government to ensure Industrial Development.

The government can also be able to increase the efficiency of regulations and laws to improve their effectiveness in the development of industries.

It is therefore essential that a conducive legal environment is created to encourage the development of entrepreneurs.

Scientific and Technological Development

Innovations in technology, technological advances and research into the technical areas within the country lead to technological and scientific advances that can affect the business environment.

factors influencing entrepreneurship development

factors influencing entrepreneurship development

Science-related discoveries are constantly being made and technological advances aid in industrial and agricultural development.

With the help of various creative production techniques It is now possible to boost production throughout the nation. Because production costs are lower making it possible to create new products is possible and searching of new raw material and markets is now a breeze.

All of this affects the growth of entrepreneurs.

If the government pays enough focus on the technological advancements happening within the country, the growth of entrepreneurs can be rapid and substantial.

Political and Administrative System

The administrative system and the political system in the country can also influence the growth in ventures which are entrepreneurial.

Many factors and circumstances such as that of the State’s (communist or dictatorial) policies on Justice and social welfare, as along with donations, gifts to government officials and politicians from corporations in the form of stability of the political environment, defense strategies to protect the nation , foreign policy, the law of bureaucracy as well as the policy of government, as in addition to laws regulations and laws, the national Prestige and much more.

Establish administrative and political structures that are both political and administrative.

For instance, the policy that is liberal with the clear guidelines for the establishment of industries will help to encourage the development of entrepreneurs.

If the policies and regulations are complicated and unclear it’s impossible entrepreneurs to make suggestions for the beginning of their business.

Additionally when there is corruption within the bureaucracy corruption is a major issue and the development of new concepts won’t be possible. Ovik Mkrtchyan

 Attitude of Big Entrepreneurs

How you conduct yourself could have a significant impact either directly or indirectly in the development of entrepreneurs.

Positive attitudes of large-scale entrepreneurs are an excellent motivator, but negative attitudes are a deterrent for small-scale entrepreneurs.

If the proprietor of a big business makes use of many facilities including semi-finished goods raw materials, tools and machinery Finance Management Assistance, and so on. Small-scale entrepreneurs will likely to be supported.

They can also assist in resolving the issues that small-scale entrepreneurs face.

This kind of attitude promotes the growth of entrepreneurialism, but it discourages small-scale entrepreneurs.

Infrastructural Facilities

The government provides a broad array of infrastructure services to help in the development of entrepreneurship.

This includes the provision of raw materials, communications electric power and roads as well as water supply for and the development of an Industrial Area and energy supply sources for insurance Godowns, and godowns as well for financial services, such as.

Mechanism of Identifying and Developing Entrepreneurs

In every society, potential entrepreneurs always exist.

The society that is skilled in recognizing the potential of the entrepreneurial spirit of its youth will be able to develop their entrepreneurial abilities through engaging them in innovative activities.

However, it is the duty of the membership and society should not to be in any way a partial one.

The nation of India is in the hands of district industry centers to determine and to facilitate the growth of entrepreneurs are the responsibility of district industries centers.

Entrepreneurship Oriented Education System

The educational institutions assist in developing entrepreneurial skills for entrepreneurs.

This includes universities, schools, colleges, Technical Institutes, management centers and institutes of entrepreneurial development , as well as other. They offer a variety of courses on business entrepreneurship and the concept of entrepreneurship.

The classes are comprehensive and pertinent information on the importance of entrepreneurial ventures in the creation of businesses and their operation and management, and reporting for entrepreneurial projects and more.

Entrepreneurship can also be develop by the expansion and promotion of educational programs in technology and business in our country.

Variety of banks

A variety of banks and institutions were establish to support the development of an entrepreneurial spirit.

factors influencing entrepreneurship development

factors influencing entrepreneurship development

Entrepreneurial Development Institute, Entrepreneurship development boards National Research. And Development Corporation(NRDC), National Entrepreneurship and Small Business Development Institute. Commercial and Nationalised banks along with the state-owned financial institution. Played a crucial contribution to the development of entrepreneurship.

They also in their role as Financial Institutions encourages Entrepreneurship by offering loans. With a lower cost and by approving the plans of entrepreneurs rapidly. And granting credit facilities to studies and research, etc.

Not only that , but institutions and banks provide credit refinance to people who are sick . But also provide the assistance they need.

Training Facilities

Many institutions and organizations provide classes that build skills and business skills for individuals.

Through these programs, the exchange of ideas. Thoughts and experiences is conducted in conjunction with seminars, conference or other group gatherings.

That is why institutions for training in entrepreneurialism are crucial to the development of the concept of entrepreneurship.

Supporting Institutions

The government has set up a variety of types of support agencies, institutions and other organizations to support the development of entrepreneurs.

The primary function of these organizations is to assist entrepreneurs by providing management tools, for marketing and advertising, and also education, as well to modernizing exports as well as other fields.

They also provide Agencies offer services such as surveys, technical education, as well as business advice equipment, as also research and development, development as well as research and other types of service.

Through these activities it is possible to provide services.

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Research and Literature

Research institutions play a crucial roles in the growth of entrepreneurs, such as the National Investigation and Development Corporation.

The principal goal of The Institute is to encourage technological development.

It cooperates together with Technology Development Institutions and produces a variety of Made in (Country Name) technology. It comes from numerous research projects carried out by different Research and Development Institutes.

Furthermore, research institutions conduct studies and report their findings to towards boosting the productivity of entrepreneurs across the nation.

By studying and study of business issues, entrepreneurs can get information on how to establish their own company.

Young people are drawn towards the concept of being entrepreneurs.

Other Factors

In addition to the elements that influence the development of entrepreneurialism . There are other factors that may influence the development of entrepreneurialism.

They arise from an entrepreneurial mindset, co-operation of various institutions and organisations. As well as an entrepreneurial culture in society as well as the idea of materialism.



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