Geography & History Notes | KCSE, NECTA, ZIMSEC & GCSE

 HERE ARE 12 ECONOMIC FACTORS INFLUENCING THE ENTREPRENEURIAL ATTITUDES AND OPPORTUNITIES 1. Economic policy This defines the market systems established by the government, market structure and the extent to which all the firms compete under fair games rules. An open market system that leaves forces of demand and supply to control the distribution of resources allows entrepreneurship to flourish since it has more rewards for innovators. This allows opportunity identification arising from free entry into national and regional markets. 2. Administrative issues These include the procedural requirements for registration, licensing, taxes and financial reporting which may either facilitate or hinder entrepreneurial activities. Excessive number of rules and procedures discourage entrepreneurs from starting businesses, for instance, most small businesses consider paperwork as time consuming or cumbersome. 3. Infrastructure The availability of infrastructure and utilities such as good roads...

 HERE ARE 6 CHALLENGES OF SELF EMPLOYMENT 1. Long and irregular working hours lead to fatigue and exhaustion. 2. There is uncertainty of income. The person is not sure of his income as it varies with the business performance. 3. It leads to low life style due to too much work. 4. A self-employed person bears all the risks of losses. 5. There is uncertainty of the future. This is because income upon which planning can be done is uncertain. 6. A self-employed person may not have definite tasks and responsibilities i.e incase he/she is alone in business he/she does all the business activities e.g purchasing, selling, accounting e.t.c.

ROLE OF SMALL AND MEDIUM ENTERPRISES IN DEVELOPMENT  1. Provision of social services, for instance, health units, schools, e.t.c 2. Development of infrastructure, for instance the transport network. 3. Providing government revenue through payment of taxes. 4. Provision of goods and services/products to meet society needs. 5. Providing a centre for training and developing local man power. 6. Provision of market for the society’s products. 7. Provision/creation of employment opportunities to society. 8. Participation in community development programs, for instance providing assistance to charities, welfare facilities, e.t.c. 9. Improvement of food security through processing agricultural products. 10. Providing information for research and study purposes to students and researchers. 11. Recycling waste that would have harmful effects hence cleaning the environment. 12. Improving the environment through planting trees. 13. Utilizing idle resources such as land, labour, e.t.c. 14. Spon...