Answer to Question #251247 in Economics of Enterprise for olga

Question

a) Using your entrepreneurship knowledge, identify some entrepreneurial opportunities that have been created by COVID 19 pandemic (b) Assess the benefits of Entrepreneurship to your economy (c) Discuss the current limitations to entrepreneurship in your country.

Answer 1

Solution:

a.). Some entrepreneurial opportunities that have been created by COVID 19 pandemic include the following:

·        Social media marketing.

·        Delivery and errand services.

·        Commercial cleaning services.

·        Educational toys and games.

·        Virtual training and classes.

·        Freelance writing.

·        Homecare services.

 

b.). The benefits of Entrepreneurship to the economy include the following:

·        Enhancing the standard of living.

·        Creates businesses and job opportunities for people.

·        Developing the economy as a whole.

·        Reduction in the rate of unemployment levels and increased earnings.

·        Enhances innovation and growth in the society.

 

c.). The current limitations to entrepreneurship in the country include the following:

·        Cash flow management – Many entrepreneurs struggle to manage their cash flows hence difficulties in covering bills, which ultimately lead to their collapse.

·        Lack of basic skills – It is vital for an entrepreneur to possess some basic skills in order to run the business successfully, failure of which can adversely affect business operations.

·        Lack of capital – Many entrepreneurs lack enough capital to keep the business growth which is not good for long-time operations.

·        Decision making – Many entrepreneurs are overwhelmed by the many decisions they have to make regarding the business operations on a daily basis resulting in wrong decisions being made.