Many have shown how entrepreneurs are dependent on institutions. What do institutions signify in this context?
A) the authorities and public organizations which impact entrepreneurship
B) the rules of the game which society expresses in the form of systems of rewards, conventions, laws, traditions and values
C) supporting organizations or institutions which assist entrepreneurs in the startup phase
D) theories pertaining to entrepreneurship and business ownership

Question

Quizplus · Accepted Answer

Institutions in this context refer to the rules of the game that society expresses in the form of systems of rewards, conventions, laws, traditions, and values. These rules can either enable or constrain entrepreneurship, making institutions a vital factor in the success of entrepreneurs. A and C are partly correct but do not encompass the full meaning of institutions in this context. D is incorrect as it pertains to theories, which are not institutions.

Many Have Shown How Entrepreneurs Are Dependent on Institutions