FACTORS THAT ENCOURAGE THE GROWTH OF A BUSINESS 2
6. DEVELOPMENT OF MEANS OF TRANSPORTATION: Improvement and development of the means of transporting goods and people from place to place greatly affect a business positively, goods and people can now be moved through aeroplane,ship or train.
7. DEVELOPMENT OF MODERN FORM OF PRODUCTION: The introduction of modern techniques in production has brought about the enjoyment of economics of large scale production.
8. GOVERNMENT PARTICIPATION: Government has also contributed to growth by providing conducive and enabling environment for business operation and investment. They also provide loan and other incentives to merchant.
9. DEVELOPMENT OF INSURANCE: Which helps to reduce or spread risk involved in trade has also help to promote the growth of commercial activities.
10. POPULATION GROWTH: Increase in world population has also increased commercial activities also change in the consumption pattern of people have also facilitate growth in business.
11. Emergence of scientific method of grading and research have reduced the problem of buying and selling.