Starting a Business in a Transitional Economy

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Starting a Business in a Transitional Economy What are some of the factors that determine if a new business is a feasible venture in a transition economy such as the Czech Republic. There are three that stand out, the environment or economic climate of the country, the personal traits or experience of the founder, and the strategic position of the business in the marketplace (Gartner, 1985). A framework for how the Fleet Sheet adds up as a new business enterprise will be explored within this discussion. Environment By the last decade of the 20th century socialists republics were experiencing its last days all across Europe. The buildup of private enterprise was also happening in several countries in the region as well. One of these was Czechoslovakia. The opportunities for new business was wide open to entrepreneurs due to the redistribution of property and breakup of larger business conglomerates. Other factors related to economic feasibility include the political climate and accessibility of investors and target consumer or customer markets. Personal Characteristics Personal characteristics that can contribute to the success of a new business are education, experience and even age as reported by Cooper & Dunkelberg (1981). The Psychological traits that which can influence success are leadership, drive, decision making abilities, and ability to motivate and inspire others (Kaish and Gilad, 1991). The work ethic and background experience are also considered important
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