Understanding the legal and operational differences between sole proprietorships, partnerships, cooperative societies, and limited liability companies.
Key traits such as risk management, seeing change as an opportunity, and maintaining an internal locus of control.
Mastery of land, labor, capital, and the entrepreneur (the fourth and most critical factor).
Use it as:
Political, legal, technological, and demographic factors.
: Identifying the unique tasks, risks, and hazards inherent in starting a new venture.