Friday, June 10, 2011

What factors are there behind the entrepreneurial role? Discuss.

The factors that have impact on the entrepreneurial role are so many. But there are some basic factors that are considered to be mostly influential. The factors that affect entrepreneurial growth have been figured out below:-
Factors that are behind the entrepreneurial role:
The factors that remain behind the entrepreneurial role are shortly described below:- 
Psychological Factors:
  • Need for affiliation: Need for affiliation refers to needs to establish and maintain friendly and warm relations with others.
  • Need for power: These mean the one's desire to dominate and influence others by using physical objects and actions.
  • Need for achievement: These refer to one's desire to accomplish something with own efforts.
Economic Factors:
  • Capital: Availability of capital lets the entrepreneurs to bring together the land, machine and raw material to combine them to produce goods. Therefore, Capital is regarded as lubricant  to the process of production.
  • Labor: The quality rather quantity of labor is another factor which influences the appearence of entrepreneurship. There are two factors that are related to the labor that if the labor is cheap it is oten immobile. 
  • Raw materials: In case of the insuffiency of the raw material neither the enterprise can be established nor the entrepreneur can come forward.
  • Market: The fact that relates all the above procedures including hte capital, labor and raw materials is the production. But the market is a facto to be emphasized as the producct needs to be consumed.
Political Factors:
The political parties also influence the entrepreneurial growth of a country. If the political condition is favorable then an entrepreneur can run his enterprise swiftly, but if the political condition is unfavorable then it becomes an obstacle for the entrepreneur to carry on his business.

Socio-cultural Factors:
  • Caste system: The caste system often restricts the potential entrepreneurs to come out of the boundary of the social status which sometimes leads to entrepreneurial activities too.
  • Educational system: The talented youngsters who prepare to get high class jobs but being attracted towards other facilities they do not take initiatives themselves.
  • Family background: The people sometimes can not deny the family business as a result this leads them far away from the entrepreneurial activities.
  • Religious attitude: Teh religious views of  different people also facts in case of the entrepreneurial development.
Motivational Factors:
  • Internal Factors: The internal factors behind the entrepreneurial role are:
  1. Desire to do something new.
  2. Educational background
  3. Occupational background or experiences
  4. Family background
  • External Factors: The external factors behind the entrepreneurial role are:
  1. Governemt assitance and support
  2. Availability of labor and raw material
  3. Encouragement from big business houses
  4. Promising demand for the product

Source: Here

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Dream With MeJustin Bieber: Never Say Never 

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