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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
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