Factors That Affect The Act Of Entrepreneurship

[Sodiq]

This is an interesting topic that some people tend to debate on and I also want us to really look into it. Nowadays, Been a successful entrepreneur or business owner especially in a developing country is difficult and complicated, especially at the beginning. Starting a business is associated with so many challenges and difficulties.

So, let’s take a closer look at some major factors that are affecting entrepreneurship.

STARTUP CAPITAL
Unavailability of cash is one of the main factor why entrepreneurs doesn't improved over many years and they tends to go bankrupt in a short period of time. A lot of business has failed due to lack of capital, and when there's no capital a business can not be run effectively.

INFRASTRUCTURE
As weird this may sounds, it's basically true in developing countries especially here in Africa, poor infrastructure is a major constraint for entrepreneurs and entrepreneurship development in general.

MARKETING STRATEGY

Many entrepreneurs do not have marketing strategy skills this might lead to low sales or make the business to crumble in short period of time.

What do you have to say about this topic? do you think these factor can effect an entrepreneur to be successful? What are your opinion on this topic?

 

[Jasz]

Anyone can be an entrepreneur, but what does it take to create a successful company?
There are many factors that affect the act of entrepreneurship. Most people consider characteristics such as adaptability, determination, Finance and leadership to be key traits of successful entrepreneurs. But there is much more to building a successful business than simply having these characteristics.

A good entrepreneur must also have an idea for a business that will be profitable and sustainable. They must have the ability to turn that idea into a reality by finding funding and other resources. And they must be able to lead others in achieving the goals of their organization.

There are many factors that also influence entrepreneurship. These include:

1. Opportunity recognition

2. Perceived control over the situation

3. Self-efficacy

4. Social capital

5. Innovation

6. Personal Traits of the Entrepreneur

7. Family Environment

8. The Role of Social Groups

9. Economic Conditions

10. Government Policy

11. Geographic location

13. Language barriers

14. Cultural differences in how business is conducted.

 

[blessingc]

Starting up a business requires alot, one can't just wake up to starting up a business, it take time not a thing of rush, there are things you need to out into consideration, you need to place things right before embarking on such a journey.

One of the challenges entrepreneurs face most times the availability of funds, the capital to start up a business, you can't start up a business without any possible capital to invest. It is like an investment, you need money to put in and expect profit. That's why when some people are really tied on creating their own businesses, they embark on collecting loans from banks or borrowing from people they know who h is overly risky because you do not know what profit the business can bring forth, it will take you sometime definitely to pay back.

Another issues entrepreneurs face is the availability of customers to patronize them, a business without customers is not a business, I wonder what it is. You bought or produce those goods to be bought by people, so, you need people to buy them to get back your capital and the profit. So, having customers brings challenges to business owners and make their business less yielding​

 

[btaliat]

Not everybody is qualified to be an entrepreneur. There should be some factors that we need to look inwards for before we certify ourselves as an entrepreneur. People always see entrepreneur from the rosy angle without even considering some stresses that they pass through. The following should be factored in before considering being an entrepreneur.

Ability to be solutions oriented: an entrepreneur must be able to observe problems and how to solve them. You are not an entrepreneur if at all you cannot decode a problem and know how to proffer solutions to those problems. Being an entrepreneur is much different from being just a trader which only involves selling and buying.

Start up capital: nothing can be done without money. There is need for an entrepreneur to find a way of sourcing for start up capital. This may be done in various ways. The more capital that we can source for may detemrine the size of our business most time.

Customer relationship: there are many customers that we come for patronage. Some are nice, and others are sassy. So we need to learn how to relate to those customes. An entrepreneur must not be too temperamental and notejr he needs to be too soft.

 

[Holicent]

People have been starting their own businesses for centuries. One of the most critical factors that can affect the act of entrepreneurship is the level of support entrepreneurs receive from those around them. Entrepreneurs are more likely to succeed when they have access to resources, encouragement from friends and family, and business mentors. It is important to note that while all entrepreneurs need to consider their personal goals and motivations in order to start a business, each entrepreneur will approach the process differently, which means a successful business plan will differ from one entrepreneur to another.

The above factors might look like they don't count, but they do in the success of every business.

 

[SuperNerd]

Environment can also have adverse effects on entrepreneurship. When you live in a not so good or not conducive environment, the odd of being successful in your business will be low.