The article explores how the rules and characteristics of a country's business environment influence how new businesses get their money. It looks at data from 42 countries between 1998 and 2003 to see how things like property rights and informal finance affect where entrepreneurs get their money from. The study finds that the legal system in a country has a big impact on how much money start-ups can get and where they get it from. It also shows that some financial restrictions can actually make entrepreneurs more likely to seek external funds. Overall, the research suggests that the way start-ups get their money is influenced by both the country's rules and the personal traits of the entrepreneurs.