Both formal and informal institutional constraints,as rules of the game,affect entrepreneurship.

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Formal institutional constraints include laws, regulations, and policies that affect businesses and entrepreneurship, while informal institutional constraints refer to social norms, cultural values, and attitudes that influence entrepreneurial behavior. Both types of constraints affect the environment in which entrepreneurship operates and can either promote or hinder entrepreneurial activity.

Both Formal and Informal Institutional Constraints,as Rules of the Game,affect