Final answer:
Barriers to entry for entrepreneurs include owning another business, obtaining proper licensing, economic downturns, and past failed businesses.
Step-by-step explanation:
Barriers to entry are the legal, technological, or market forces that discourage or prevent potential competitors from entering a market.
They can range from simple and easily surmountable factors such as the cost of renting retail space to more restrictive ones.
Examples of barriers to entry for entrepreneurs include:
The entrepreneur already owning another business: If the entrepreneur is already occupied with another business, it may be a barrier to entry for starting a new venture.
Obtaining proper licensing to start the business: If there are strict licensing requirements or regulations to start a specific business, it can act as a barrier to entry.
A possible economic downturn in the future: Economic downturns can create challenges for entrepreneurs and hinder their ability to enter certain markets.
A past failed business by the entrepreneur: Previous failures can make it difficult for an entrepreneur to secure funding or gain trust from investors, which can act as a barrier to entry.