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macro economic factors are the factors which are beyond the control of any person. a good entrepreneur can minimize these factors by icluding the percentage of risk while planning and forescasting the revenue.
My dear
Dont get frustrated, neither a doubt about your capabilities
It may be a matter of distance or Visa complication
The internal business environment comprises of factors within the company which impact the success and approach of operations. Unlike the external environment, the company has control over these factors. It is important to recognize potential opportunities and threats outside company operations. However, managing the strengths of internal operations is the key to business success
MY FIRST APPROACH TO POLITICAL INSTABILTY IS TO ALLOW LOCAL PATISEPATION IN THE OPERATION OF THE BUSSINESS BY FLOATING SHARES IN THE LOCAL STOKE EXCHAGE.AGAIN NEGOTIATION CAN BE DONE WITH THE HOST GOVERNMENT TO ACQURE AN INTEREST IN THE ORGANIZATION AND ON THE LAST RESORT TO RELOCATE TO A MORE STABLE ENVIRONMENT.
IN A PERIOD OF ECONOMIC STAGNATION AS AN ENTREPRENUER I WILL FOCUS ON RETAINING M Y EXITING CUSTOMERS,AGAIN BY PROVIDING OUTSTANDING CUSTOMER SERVICES YOU THE SURVIVE .YOU HAVE TO ALSO CUT YOU COST BY CONCENTRATING ON ONLY THE CORE BUSINESS.AND MORE IMPORTANLY AVOID BORROWING.
My approach as an entrepreneur would be to focus on a service/commodity, demand of which is inelastic. An underdeveloped society poses many hurdles for a small startup in terms of different costs associated with setting up a business which otherwise wouldn't have been an issue elsewhere. However, assuming little to non-existent competition in this environment, an effective choice of product can prove to be successful.
In my opinion, finding that niche in the market is what is going to define if you can survive in such hostile business environment.
First look into the macro factors whether it is long run oriented or short run. Then accordingly adopt the policies to run the business. The present Global Economic conditions every country faces this problem. If these factors affect the fundamental financial operations, quit and start a new venture. History witnessed this conditions for small farmers at the time of introduction of Globalization measures in India.Many entrepreneurs closed their business and started other mode of business. Mostly it is concerned with the management, assets and the objective of the firm.
These factors are obviously out of the business' immediate control.There's little that the business can do.However the following actions may help survive.
Exit.The entrepereuner may consider an exit strategy in order to waive the adverse effects of macroeconomic factors to the business.They may choose to leave a county,region or even a continent.
Activisim.This invoves formation of entrepreneural groups and forums that echo the need for government to lay strategies that curb the negative impact of macroeconomic factors to business.
Wait.An entrepreneur may choose to wait for the economic,Political or infrastructural development.This will depend on positive speculation by economic experts.E.g Economic experts may speculate for regions economic development or infrastucture.However if the speculations are negative, the entrepreneur may have to exit.
Thanks for invitation,
I do believe in that situation, the entrepreneur has to concentrate on satisfying some simple and basic needs for the population.
Best is to stay awy from trying to achieve political stability in any format, since this is one of the biggest risk one can take, if fased with a no option situation then the automatic understanding of continous support to what ever regime if the survival of the business demands this.
These factors have a high influence on the business. So being entrepreneur if we want to survive in these situations, then our business must be the core or basic need of population/custmers. otherwise we can't survive . Thanks
