The socioeconomic environment of a company refers to the economic, political, social and cultural conditions in which the company operates. The role of the socioeconomic environment in the growth of entrepreneurship is fundamental, since a favorable environment can stimulate the creation of new companies and the growth of existing ones. Businesses can contribute to the economic growth of a country, and during economic difficulties, entrepreneurs are more likely to solve consumer problems, thus continuing the circular flow of income in a country. Small businesses are the backbone of the economy and have generated a large number of jobs and business activity in many countries. Entrepreneurship can also be a strategy for competitiveness and economic development, and can have a very important effect on socioeconomic development. The process of creating new productive entities has a very important effect on socioeconomic development, evolving both to supply and demand. In addition, when generating new productive entities, changes are produced in the structure and production. The success of the company depends on the development and success of the employees and vice versa. Fostering the entrepreneurial spirit implies the creation of a favorable environment for the generation, growth and transmission of new ideas and business projects. when generating new productive entities, changes in the structure and production take place. The success of the company depends on the development and success of the employees and vice versa. Fostering the entrepreneurial spirit implies the creation of a favorable environment for the generation, growth and transmission of new ideas and business projects. when generating new productive entities, changes in the structure and production take place. The success of the company depends on the development and success of the employees and vice versa. Fostering the entrepreneurial spirit implies the creation of a favorable environment for the generation, growth and transmission of new ideas and business projects.

Dr Mitzi Lourdes del Carmen Linares-Vizcarra thank you for your contribution to the discussion

Socioeconomic Environment” is refers to the combination of external social and economic condition that influence the operation and performance of an organization. The socioeconomic environment is part of the overall business environment”. The social environment of business includes social forces like customs and traditions, values, social trends, society's expectations from business, etc. Social and economic factors include factors such as income, education, employment, community safety and social support. The choices that are available in a community are impacted by social and economic factors. These choices include our abilities to afford medical care and housing and to manage stress. The social environment of an entrepreneur refers to the cultural, demographic, and societal factors that can impact the success of a business. These factors can include things like the values, beliefs, and customs of the community, the demographics of the population, and the level of social inequality in the area. A business is subject to an external social environment and also its own internal social environment. The external social environment provides both risks and opportunities for a business. Businesses that fail to adapt to social preferences related to their goods and services will fail. These systems and structures impact the distribution of resources, money and power in a community and around the world. This distribution, known as the socioeconomic environment, shapes how communities and individuals can gain the resources needed to meet their basic human needs. One of the most important factors affecting entrepreneurship is economic environment. It exercises the most direct and immediate influence on entrepreneurship. Economic environment is usually complex, rapidly changing, uncertain and not easily controllable. Hence its study becomes all the more important. The economic factors are such as capital, infrastructure, raw material, labour, and market. Without these economic factors a business can't grow and earn profit. The non-economic factors are largely influenced by the society and country where the entrepreneur resides. Entrepreneurship can hardly survive under any given circumstances. It can flourish only under right environment. The social factors, culture, government policies, political system, technology, economic conditions, laws, etc influence the growth of entrepreneurship.