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Jemshah
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Asked: 2023-01-01T13:45:16+00:00 In:

Explain three economic factors responsible for the growth of entrepreneurship in a country. (6 marks)June/July 2020

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Explain three economic factors responsible for the growth of entrepreneurship in a country. (6 marks)June/July 2020

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    1. Economic stability: A stable and growing economy can create a favorable environment for entrepreneurship, as it can provide the necessary resources and support for businesses to thrive.
    2. Market demand: High levels of market demand for goods and services can create opportunities for entrepreneurs to start and grow their businesses.
    3. Access to capital: Access to financing, such as loans and investment capital, can be a key factor in enabling entrepreneurs to start and grow their businesses.
    4. Infrastructure: Adequate infrastructure, such as transportation, communication, and energy systems, can make it easier for entrepreneurs to start and grow their businesses.
    5. Legal and regulatory environment: A favorable legal and regulatory environment, such as clear and predictable regulations and a strong intellectual property regime, can create a supportive environment for entrepreneurship.
    6. Education and skills: An educated and skilled workforce can provide the necessary talent and expertise to support the growth of entrepreneurship in a country.
    7. Innovation: A culture of innovation and a supportive ecosystem for research and development can encourage entrepreneurship and drive economic growth.
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