Key Factors Influencing Entrepreneurship

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Why we want individuals to create new companies or even to grow products and ideas within an existing company is beyond the scope of this paper be we are going to assume that over all the outcome of this behavior is good for the organization, community, or country. There is little dispute that the United States was known for this behavior over the last two hundred years and it may be something that we are starting to lose. At least it is a behavior that we want to continue to foster.

Some key factors that plays an important role in different entrepreneurship rates around the world are national per capita income, entrepreneurs’ opportunity costs, and how much cultural and political environment supports entrepreneurs. I believe entrepreneurship will continue to grow worldwide because there’s always going to be that one person who has dreams he or she wants to accomplish.

There are different factors that can influence the success of a business. For each entrepreneur, the factors might be different depending on their knowledge, skills, and personal traits. However, I will mention a few key points that I consider are relevant and every entrepreneur should take into account in order to succeed. The most critical factors are execution, knowledge and skill, honesty and integrity, passion, hard work, and persistence (Sutevski, n.d). An entrepreneur needs to execute his or her ideas. Only actions lead to success, it doesn’t matter how great the ideas or plans are if there is no action there

(3) Moreover, to obtain his information, a questionnaire was developed which included mixtures of scaled, dichotomous, multiple choice, open ended and rank-order questions. (3) Hisrich findings were divided into four areas; the demographic composition and background of the entrepreneurs, the nature of their business ventures, the skills, and personalities of the entrepreneurs as well as the problems confronted in starting and operating a new venture. (3) In the sample entrepreneurs were between the ages of thirty-five and forty-five; in which sixty percent were married and had children. (3) Forty-two percent were first-born children in their families, and the majority grew up in lower or middle class environments.

Entrepreneurship involves entrepreneurial skills to develop, organize and manage a business venture by focussing on opportunities along with any of its risks in order to make a profit. Entrepreneurship is also an approach to management that can be applied in start-up situations as well as within established businesses. (Business Management: a contemporary compilation)

Entrepreneurial experience involves two main factors, which are one’s entrepreneurial education and a venture’s growth cycle. A growth cycle is the cycle of success and failures that provide entrepreneurs with the necessary knowledge to create businesses that have qualities that prevent failure and promote success. This experience is highly valued to investors and imperative to business success. An entrepreneurial education is categorized as either indirect or hands-on, hands-on education being the most effective of the two as it focuses on “practice” business experience. Indirect entrepreneurial education typically involves learning from books, courses, and other business models. The specific type of entrepreneurial education determines efficacy when dealing with both youth

In a country like India starting an entrepreneurship is not an easy task. There are many factors which influence the initial stage of the start up. When someone starts a new enterprise or tries to get into entrepreneurship they face many problems like finance, land permissions, environmental clearance, foreign investment proposals, family support, team, marketing strategy, legal aspect, resource allocation, censorship, accurate advice and information, fear of failure.

The entrepreneurial environment in Egypt has its strengths and weaknesses. Beginning to analyze the strengths, Egypt's young population is one of the greatest entrepreneurial strengths in Egypt, as a large young and educated population is the country’s potentially most valuable resource that could be a driving force for a much-needed economic expansion and new innovative ideas. As characteristics of today's youth can be a competitive advantage for the entrepreneurial environment such as their computer skills, their ability to respond and cope with new economic trends, and their efficiency in promoting innovation to increase competition in the market place (Hattab, GEM Egypt 2012 Report, 2013). Even more, another entrepreneurial strength in Egypt is its open market as the favourable changes that has

My research spans over three main themes, gender, personality and, success and failure. Throughout my research I found these three themes to be quite common when looking at why entrepreneurs start their own business. I also honed into how these themes effect different people around the world and, how cultural and societal values alter the way individuals take out entrepreneurship activities.

Over the years, especially around the year 2000 till date, entrepreneurial education has taken different approaches in ensuring the effectiveness of the education system (Gibb & Price, 2014). These different approaches taken is to ensure the effectiveness and efficiencies of the outcome of entrepreneurial education in achieving its argued importance (Fayolle, 2007). Over time, continuous arguments had arisen among scholars pertaining to the contribution of entrepreneurial education towards influencing students to become entrepreneurs. For instance, the studies of Adelaja (2015), Lourenço, Jones, and Jayawarna (2015) and Elmuti, Khoury and Omran (2012) conclude positive influence of entrepreneurial education on intention to become entrepreneurs among students. While the conclusions from studies such as and St-Jean and Mathieu (2015), Bilić, et al. (2011) and Lorz (2011) conclude that entrepreneurial education has no significant relationship with the intention of students to become entrepreneurs.

Entrepreneurs are good business people. They are visionaries who take the time to plan, and the time to participate in the day to day activities needed to achieve long term objectives, and who are passionate about an idea; all of these lead to a successful entrepreneur. Research shows the reasons for success in new ventures are attributed to: 1. Positive response to challenges and mistakes, 2. Personal initiative, and 3. Perseverance, all of which a successful entrepreneur embodies. Most necessary is an entrepreneur’s full commitment to his ideas and efforts in order to survive the constant pressures that they face, from the start up stage, to staying alive in business, through the growth stage.

Entrepreneurship, or as the French call it “Entrepende” means to undertake. Entrepreneurs take full responsibility of operating a business at profit. They are considered innovators and by this they create more cash flow for

1. In my humble opinion, for being a successful entrepreneur you should have, without any doubts, at least a basic knowledge of the economic world; without that you can’t run a business, an enterprise or any kind of economic project. Second personal trait that an entrepreneur should have is a really strong personality, good ideas and an open mind, to be able to see everything in many different ways. Last but not least, I want to mention are romantic relationships; if an entrepreneur has some kind of romantic relationship, in my humble opinion he could not be able, totally, to run a good enterprise

He further states that it always has to do with bringing about a different use of resources in that they are withdrawn from their traditional employ and subjected to new combinations. Schumpeter relates entrepreneurship to be influenced by entrepreneurs who are innovative and these people have to be extra-ordinary as they have to come up with extra-ordinary events. They come up with new technological possibilities hence are able to establish large businesses from these. Carland etal. (1984) confirms that an entrepreneur is someone innovative and further says that he or she employs strategic management practices in the business. Timmons (2000) believes entrepreneurship as the process of creating and seizing an opportunity and pursuing it, regardless of resources currently controlled. Nieman and Nieuwenhuizen (2009) define an entrepreneur as the person who sees an opportunity in the market, gathers resources and creates and grows a business venture to meet these needs. They also further states that he or she bears risk of the venture and is rewarded with profit if it succeed. With different definitions of entrepreneurship defined by different authors through the way they define an entrepreneur, the researcher generally defines entrepreneurship as the act of being an entrepreneur who establishes business through the organisation of resources taking risk with the aim of realising profit.

ENTREPRENEURSHIP may be defined as a process of organizing any enterprise, a commercial or social venture, managing it with considerable initiative, innovation and risk.