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Which of the following is NOT an external factor acting as a barrier to entrepreneurship?

Which of the following is NOT an external factor acting as a barrier to entrepreneurship? Correct Answer Experience

Business Environment:

  • The term ‘business environment’ means the sum total of all individuals, institutions, and other forces that are outside the control of a business enterprise but that may affect its performance. The economic, social, political, technological, and other forces, which operate outside the business enterprise are part of its environment.
  • It is important for business organizations to understand their environment because of the following reasons:
    • It Helps the Firm to Identify Threats and Early Warning Signals 
    • It Helps in Coping with Rapid Changes
    • It Helps in Assisting in Planning and Policy Formulation

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  • Internal environmental factors
    • It can be defined as the tangible and intangible factors that are under the direct control of the organization in question.
    • Internal factors are further grouped as weaknesses and strengths.
    • When you’re starting a business there are many internal factors that will be weaknesses but as you gain your legs, they can be transformed into strengths.
  • External environmental factors
    • It can be defined as tangible and intangible factors that are not under the direct control of an organization. For example, government policy is outside the control of most organizations.
    • External factors are important because even if all of your internal factors are moving smoothly, an external environmental factor can derail you in an instant.
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Except Option 3 all the factors act as a barrier to entrepreneurship as business environment. Therefore Option 3 is the correct answer.

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