There are several factors which might affect an entrepreneurship. Following are the various factors:
- Economic factor: Basic resources like land, capital, labour, market,etc are required to establish any entrepreneurship. But all these will be affordable if we have cash in hand. Capital or finance is the most important factor. It will not only establish a startup but also stabilise it.
- Socio-economic factor: Society plays a very important role in a market. We, the public, have the purchasing power. But an entrepreneur needs to analyse whether his or her idea will work out in a certain society, whether it will help them in their daily lives or is it already existing. Also, whether they can purchase the products. Ofcourse you can't expect to sell your Gucci in a slum area, rather they will be happy if you start up a school in their locality or a subsidised medicine shop.
- Personal factors: An entrepreneur is the soul of his or her company. His or her decisions will definitely affect the future of the company. Inner desire, tolerance, patience, education, and past experiences affect the personality of a human being. These inturn will affect his or her work-life as well.
- Political factors: One needs to always consider the political situation of the country. An entrepreneur cannot work until and unless the political environment and its policies let the person do its work freely and without any hindrances. Also, in many countries, the government has the full authority of the selling/purchasing. These might hinder the procedure.