Essay ENEL4EE – Identify the Factors that Constrain the Likelihood of Small Business Success – Business Assignment Help

Assignment Task

ENGINEERING ENTREPRENEURSHIP

THE TASK
Critically discuss the feasibility and desirability of recommendations such as those made by Adeyanju.
Identify the factors that constrain the likelihood of small business success, and start-up success.
Without undertaking any “costing” exercise, speculate whether it seems reasonable to anticipate that governments should redirect tax revenue from alternatives, to assisting private nosiness establishment.
Speculate whether this support needs to be financial, or whether it should be limited to establishing a supportive environment for increase start-up activity.
Identify what other factors must
be in place (as “conditions’, one could say) for small business start-ups to increase in number, and in probability of longer-term success.

Tax compliance – In agreement with the words of one of the young entrepreneurs who benefited from his Foundation in 2019, Tony Elumelu during the 21st Annual Tax Conference of the Chartered Institute of Taxation of Nigeria held in Abuja in April 2019 stated that: “The average business owner in Nigeria is a local government authority on his own because he caters for his basic amenities including power, water and waste disposal. The least the government could do is make his life easier by creating favourable tax policies which support SMEs”. In response to this, many African countries have put in place tax incentives which encourage SMEs and startups. Few countries including Nigeria, Tunisia and Senegal have incorporated tax regimes which exempt small business owners from paying income tax in their first year of operation. In 2009, South Africa introduced a Turnover Tax regime which enables small business owners to meet their tax obligations and at the same time reduce their compliance costs. In a nutshell, building a strong economy requires a collective effort between entrepreneurs and policymakers. In the emergence of entrepreneurship, policymakers must play their role in nurturing a large mass of skilled and successful young entrepreneurs who would drive economic growth and development in Africa.