Entrepreneurship

An entrepreneur is someone who has the capacity and drive to build,

manage, and succeed in a startup enterprise, as well as the risk that
comes with it, in order to generate money. The beginning of a new
business venture is the best example of entrepreneurship.
Entrepreneurship is defined as the capacity and willingness to create,
organize, and run a firm, including all of its risks, in order to make a
profit. The most visible form of entrepreneurship is the establishment of
new firms.
Some backgrounds and experience that
hinders and fosters entrepreneurship:
Family background:
Family involvement in a person's choice to establish a business can have a beneficial or
negative impact, depending on whether they endorse and support the decision or try to
discourage the potential entrepreneur.
Education:
By combining multiple information and value systems, education is a vital means for
entrepreneurs to gain resources, increase innovative ability and personality, and develop
multi-level learning channels for entrepreneurs.
Personal factors:
Entrepreneurs with vast imaginations, maturity, optimism, foresight, risk-taking ability,
efficiency, self-confidence, leadership ability, dynamic thinking, hard effort, honesty, and
other attributes are certain to succeed.
Social and cultural factors:
Social organizations, traditions, educational levels, personal behavior, situational
conditions, caste or class system, familial training, and another ethical level of society are
examples of social and cultural elements that influence entrepreneurship or entrepreneurial
development.
Experience:
In order to access and execute a great business idea, individual must have prior
experience. An entrepreneur's experience makes them aware of the situations they can
confront in the market while running their business.
Entrepreneurial characteristics and influence of
personal background and experience to successful
entrepreneurs :

Since entrepreneurs are rapid learners, their knowledge and experiences

have assisted them in resolving more workplace-related issues and
achieving more sustainability. Entrepreneurs' experiences can assist them in
facilitating greater innovation and taking risks. It has been noticed that if a
child comes from an entrepreneurial household, they learn more abilities
that would enable them to maintain profitable businesses (Cassell et al.
2012).
 Background and experiences that influence
entrepreneur positively and negatively:
Motivational factors:
It is a powerful internal urge and energy that motivates entrepreneurs to pursue
entrepreneurial endeavors and urges him to attain his objectives.
Entrepreneurial skills:
For success, an entrepreneur needs a variety of abilities, including personal, business,
management, and technical.
Entrepreneurial knowledge:
Entrepreneurial education is also a key aspect in determining the success of a business.
Such knowledge aids individuals in formulating industry-related strategies that make
advantage of their abilities.
Normative Behaviour:
Risk-taking, family expectations and demands, self-reliance, and work
culture, among other things, are all parts of normative conduct.
Socialization:
In schools, religious organizations, political parties, and educational
institutions, commitment to achievement is taught formally or informally. The
ability to embrace challenges and grow as an entrepreneur is far higher and
faster.
Government policies and incentives:
Various government economic and commercial policies, such as industrial
policy, licensing policy, farm policy, monetary and fiscal policy, labor policy,
export-import policy, and so on, all have an impact on the development of
entrepreneurship.
 References:

Factors affecting Entrepreneurship Development. relivingmbadays. (2021). Retrieved 16 June 2021, from
https://relivingmbadays.wordpress.com/2012/12/26/factors-affecting-entrepreneurship-development/.

(2021). Retrieved 16 June 2021, from https://

www.futurelearn.com/info/courses/perspectives-entrepreneurship/0/steps/152668.

19 Key Factors Influencing Entrepreneurship Development - Googlesir. Googlesir. (2021). Retrieved 16 June 2021,
from https://www.googlesir.com/factors-influencing-entrepreneurship-development/.

Family background. FutureLearn. (2021). Retrieved 16 June 2021, from

https://www.futurelearn.com/info/courses/perspectives-entrepreneurship/0/steps/152668.