Question

35 years old Greg got laid off from his restaurant job 2 months ago where he worked as a sous chef. He has worked in the food industry for 10 years since graduating from the culinary institute. He is married and his wife works as an accountant. He has also recently inherited a substantial amount of money from a close relative. Given what you have learned in this class, what do you think the PEI government should do to promote entrepreneurship? Or if you think the government shouldn't do anything, please explain why.

Answer 1

The PEI government can and should do a number of things to promote entrepreneurship. Firstly, it can provide training and support to new entrepreneurs in the initial stages of a start-up. Secondly, it should simplify the process of starting a new business. New entrepreneurs should not be demotivated to start a business by the obstacles of the legal and regulatory environment. Thirdly, easy credit should be made available for entrepreneurs to start a business and meet the expenses. Fourthly, there should be sufficient technological as well as physical infrastructure to create an environment of entrepreneurship. Fifthly, commercial laws should be revisited to make them more supporting to a culture of entrepreneurship.