Critical analysis of entreprenuership triggers

Entrepreneurship triggers are classified under economic, technological, psychological and social triggers. The government is the leading causative trigger that may affect the development of entrepreneurship. The monetary strategies of the legislature and other budgetary foundations and the open doors accessible to a general public as a consequence of such arrangements assume a significant part in applying direct impact on entrepreneurship. In the perspective of the indiscriminate improvement of monetary factors, the government is urging the business entrepreneurship to build up their business by reducing taxes and lowering loan interest rates (Webster 408). It is also another strategy by the government to reduce relocation of individuals from the rural settlements to urban areas and advocate for more private ownership of businesses (Henderson and Robertson 280). The government is giving so as to enhance such advancement motivating triggers of entrepreneurship like assessment occasions, sponsored power tax, crude materials, and transportation cost. Another economic trigger that affects development of entrepreneurship is the availability of capital. In any new inventions, there is a requirement of capital as the fundamental factor of production.

Regarding social triggers, one of the aspects that may hinder one from venturing into entrepreneurial activities is education. Education is a social factor that is basic in the contemporary society for cognitive development, gaining of knowledge and skills that are necessary for one to engage in activities that will lead to financial dependence.  The term entrepreneurship in most cases is attributed to creativity and innovation (Barret 77). The two aspects are mostly gained through learning in school, implying that the school is a social trigger of entrepreneurship.  The family is the other social trigger that influences most of the people to join the entrepreneurship specialty. The family houses successful people who rose to fame due to engaging in private business hence they act as a role model to the new individuals. There are other cultural, social and religious triggers that impact an individual into engaging in entrepreneurial activities.  In certain cultures, risk taking is a strange phenomenon, and yet entrepreneurship is associated with high risks for higher returns (Cacciotti and Hayton 108). Cultural barriers regarding taking risks may hinder one from taking up entrepreneurship as a career while in cultures where risk taking for higher returns are engrained, it becomes an entrepreneurship trigger. Otherwise, a negative conviction restrains the development of entrepreneurial skills. In some developing nations, the business persons are looked upon with suspicion.            

Psychological triggers are the triggers that come from within an individual leading to a burning desire to becoming an entrepreneur….

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