Entrepreneurship for Economies of Urbanized Countries

Question:

Describe about the Entrepreneurship for Economies of Urbanized Countries.

Answer:

Introduction

Entrepreneurship has become a fundamental force in the economies of urbanized countries. However, there is little harmony about what constitutes consumerist activity. The ubiquitous and convincing views of entrepreneurship center on the discrimination of new economic opportunities and the consequent of opening of new thoughts in the marketplace. Entrepreneurship is about change and entrepreneurs are the agents of change. Organization of Economic Co-operation and Development clearly stated, “Entrepreneurs are the agents of transform and growth in a market economy[1]. Those entrepreneurs are capable to accelerate generation, distribution and can apply innovative ideas. Entrepreneurs will not only look for potentially profitable economic opportunities but also will take risks to figure out whether their hunches are right or not.” On the other hand, Entrepreneurship is also described in a simpler manner that defines it as a process of designing, launching and running a new business. It normally begins with a small business for example start up organization. He also mentioned that, an entrepreneur will be able to develop, manage and run a business scheme along with any of its risks in order to gain revenue.

Entrepreneurship is simply known as a skill that fosters innovation in an organization. It sound simple; however, such minimalism also masks substantial difficulty. Entrepreneurship is cloaked with complexity for at least two major reasons. The first reason states that entrepreneurship is an action that crosses manifold managerial forms[2]. Now the question is, Does entrepreneurship means the alter inducing behavior of individual, groups such as networks, projects, outline of industry and even a whole business or even for geographic units of surveillance, such as agglomerations, clusters and areas? Besides, another part of the complexity involved with entrepreneurship is that it involves all of these types of organizational forms. As a result, none of the organizational forms can claim a monopoly on entrepreneurship[3].

The next source of difficulty comes from the notion of alter that is related to a number of benchmark. What may be seen as a change to a personage or association may not contain any novel practice for the business. Besides, it might include a change for home business but not for worldwide business.

Industry Review for Entrepreneurship

Entrepreneurship can be described and utilized using several theories of entrepreneurship, which are emotional, or individuality traits, sociological models and socio-economic factors. All these factors influence the success of small businesses. Those factors are hereby described below.

Psychological theories of Entrepreneurship

This theory of entrepreneurship speaks about some positive attitudinal and emotional characteristics that can distinguish entrepreneurs from non-entrepreneurs and triumphant entrepreneurs from ineffective entrepreneurs. These theories include Need for achievement (n-ach) powered by McClelland, 1961, Locus of Control writer by Rotter in 1966, Psychodynamic model powered by Kets de Vries and Risk taking tendency[4].

Need of achievement model– This theory states that public want to attain something for their inner feeling of achievement. However, several scholars have criticized this theory for different reasons. However, it is also true that, this theory is contradictory and has limited amount of evidence. It can be used in some cases; however, in other cases it cannot be used and utilized. This theory will gain popularity only in western culture as people from that region put more emphasis on personal achievement.

Locus of Control: This theory describes there is a quantity to which one believes that he is in direct control of one’s luck. This can be interior or exterior. In case of internal believe, whatever happens is a result of interior labors whether it is good or bad. On the other hand, in case of externals, it is believed that whatever takes place is a result of external factors, does not matter good or bad. This theory summarizes that internals are more successful and efficient for the purpose of business than externals.

This theory is also criticized as only limited amount of research exist to support this theory. Some people are considered as internals but they do not run businesses such as Presidents of countries and Priests. In case of culture and belief system, some societies believe that GOD will do everything for them that make them more external than internal. On the other hand, it is also seen that being internal is not always better as one cannot be in-charge of everything such as weather and behavior of other people[5].

Psychodynamic model

This model was introduced by Kets de vries who believes that people be apt to be self-employed in order to become triumphant because of anxious infancy. In case of troubled childhood, children tend to lacking, low self-esteem and lack of confidence. That is why; growing in such an environment forces some people to repress wishes towards those in control[6].

This type of condition takes place when is brought up in situation where they loss one or both of their parents, faced extreme poverty or abuse and experienced broken marriage of parents. These children when grown up, exercise “innovative rebelliousness” and look to start their own organizations. Due to their rebellious characteristics, they cannot fit in any organization, as they will not like structural atmosphere. In these conditions, those kids will not obey commands and will try to stay away from of anybody. This theory is also criticized, as some people with similar backgrounds might not show innovative rebelliousness. Some will turn into a criminal, drug addict or alcoholic.

Risk taking propensity

This theory states one’s enthusiasm to understand risk. People who can accept risk and can take probability are more likely of being self-employed than others. People only takes calculated risk and never do gambles. Successful business personnel are seen to take moderate amount of risk. This theory is however criticized by saying that risk can cause major financial loss and loss of affiliation with additional people in the civilization[7].

Sociological theories of Entrepreneurship

According to this theory, entrepreneurial behavior is known as a function a person’s communication with the society. The models of sociological theories have gained significant empirical support. Those models are hereby described below,

Social marginality model– This theory states that one person who perceive a strapping level of incongruence among their individual attributes and the role they hold in the public will be encouraged to change their social reality. Some people can renovate their reality by changing careers or employers. On the other hand, some people choose self-employment. Marginal men are referred as people who are less incorporated in their society. Those people are not completely part of the society; therefore, they can work freely without any restrictions that are imposed by the value system. This condition allows them to develop some unconventional patterns of behavior that will increase their propensity to become entrepreneurs.

While criticizing this theory, it is stated that being marginal is not an adequate explanation for the over-representation of certain people in entrepreneurship career. For example, Hispanics and Africans are underrepresented in entrepreneurship in spite of being insignificant[8].  

Ethnicity

Ethnic origin of a person is known to influence choices between paid employment and self-employment as well as performance and self-employment. It is found that members of Chagg and Ibo who stayed in their homelands are extremely active in entrepreneurship. Therefore, it can be said that their cultures must have influenced their behaviors related to entrepreneurship.

Factors affecting entrepreneurial ability

From the industrial overview, it is found that entrepreneurship is affected by some major factors. Those factors are,

Cultural factors

Here culture refers to the habitual practices and beliefs. These beliefs can put serious impact on the values, behaviors and perceptions of people. Culture and entrepreneurship arbitrate in several ways such as,

People who are usually engaged in business have a pro business attitude and contempt working as employees[9].

Many people stay outside of the establishment and remain inappropriate for the traditional job market because of a strong culture of independence of others.

Students of commerce school come under the disciple passion of the teachers who urge them to turn out to be entrepreneurs even if the occasion cost is extremely high.

The consumerism society where people wish substantial merchandise encourages entrepreneurship with in the region as income from a trade become more than returns from a job.

People who are betrothed in jobs and supplementary services, puts stress on their family to find secure job and compress their entrepreneurship skills at a very early stage[10].

Another culture where people waste less and save for a rainy day discourages entrepreneurship inside the domestic society. In this situation, business becomes less attractive compared to jobs and services.

In some cultures, where people does not like to take risks and do not attach much importance to hard work and persistence are not conductive to entrepreneurship.

Political factors

Political factors also put some critical influence on entrepreneurship. Specifically, in unstable political conditions, where the policies implemented by the government discourage businesses, investors fear for the security of their investment. When a government supports economic development of a country or region through infrastructure establishment and facilitation, it motivates entrepreneurship. Taxes implemented by governments also play a major role in entrepreneurship. High taxes that cut into the returns are bound remove motivation from entrepreneurs. However, it tax holidays are provided, entrepreneurs feel motivated to initiate start-ups. If political power in a country is stable, then infrastructure and utilities such as electricity, interaction facilities and transportation facilities will be available. This will obviously encourage entrepreneurship. In a government is economic freedom is provided in the form of favorable legislation, then starting up a new business will contain fewer hurdles which will encourage entrepreneurship. Most of the businesses like to accept laws related to safeguard of labor rights and environment. However, in some countries retrograde laws make conformity very difficult and time consuming. These legal hurdles create a barrier to entrepreneurship[11].

Economic factors

The nature of economy of a country or region is another major factor that influences entrepreneurship. Some of major economic factors that put impact on entrepreneurship are mentioned below,

Income levels and economic prosperity of the region influence purchasing power of the people of a country. This purchasing power and economic prosperity is a key factor that motivates entrepreneurship skills.

If economy of a country slows down because of recession or any other reason, then purchasing power will come down. As a result, people become unenthusiastic to invest that affect entrepreneurship.

In a continuation economy, most of the people remain engaged in agriculture hat consumes most of their output. The chances of entrepreneurial opportunities are few in such scenarios[12].

Availability of resources

Within all critical factors that influence entrepreneurship, availability of resources such as capital, infrastructure, human assets and raw materials also plays a major role in motivating entrepreneurship. Entrepreneurs can easily collect important factors and use them to produce goods and services, if capital is available. On the other hand, performance of an organization entirely depends on the performance of employees. No organization can achieve success without a skilled and committed workforce even in a lean organization. That is why; human asset is also important that cannot be underestimated. On the other hand, raw materials also play major role on which existence of a business entirely depends. If raw materials are not easily available in a region, then entrepreneurs will have to spend more money in their transportation system to gather raw materials from other countries or regions, which will demotivate them[13].

Other factors

Some other factors that put positive impact on entrepreneurs are hard work and determination, capability to manage any kind of risk and skill to draw up a comprehensive business plan including a readymade contingency plan.

Recently, in most of the countries, trade barriers are collapsing which is providing better opportunities for entrepreneurs[14].

Successful elements of entrepreneurship

Several elements can make an entrepreneurship successful. However, it is evident that an entrepreneur cannot become successful depending on some particular elements. Debates among the scholars exist to decide what the most effective elements of entrepreneurship are. Some other six elements that can make an entrepreneurship a successful one are mentioned below,

Motivation and commitment: It is highly important to get the basic ingredient of start-up right, which is motivation and commitment. If an entrepreneur is committed towards the business that he is going to start, he will do several right things to give his business a competitive edge. First, he will be able to put human resources into action. A motivated entrepreneur will share its motivation with the employees, which will ensure best possible utilization of resources. If employees are motivated then their efficiency level will increase which in turn will increase overall productivity. Besides, a motivated and committed entrepreneur is the only person who is capable of implementing teamwork in the organizational culture[15].

How motivation and commitment of an entrepreneur can affect a business?

Motivation of an entrepreneur is actually driven by their types which are,

The Craftsman entrepreneurs are one type of people who puts more emphasis on quality of life. Therefore, they seek to satisfy only one two types of customers.  

The Classical entrepreneurs are another type where entrepreneurs are driven by profits. Their main motto is to maximize returns from the market place.

This third area is “Manager” entrepreneurs who are powerfully oriented and have a personal need to prove their worth through success of their respective businesses. They like to compete and grow in a mature market, as customers in these markets know the products or services; therefore, they do not need to be educated about[16].

Abilities and skill: The second important element of entrepreneurship is ability and skill of the person. The individual, who is willing to build a start-up, must have skills that are appropriate to the kind of business they are proposing to run. If that person does not have such skills, then he must hire a person who has them. It is possible that one person known how to run a business from perspectives of operations and management and another person has the technical skills to establish product and services.

Resource: Resource is the third essential element, which is purely not about money and equipments. It entirely depends on intellectual capability. In a start up business, it is important to have the skill to convince others. While collecting resources, entrepreneurs will have to use their negotiation skills to take out favorable deals against the odds[17].

Skills to identify resources for your business

An entrepreneur, in order to identify the resources needed for his business will have to know what should be his starting point.

Once an entrepreneur is motivated and committed, then resources are the next issue that he will have to encounter. An entrepreneur will have to think through how his business will operate. It will help him to walk through the business easily. It will also help them to identify the type of people he will need in his organization, services that are going to be undertaken, accessories, customers and other resources. After that, an entrepreneur will have to use those resources in a perfect manner, which will maximize the returns from the business. Networks and contacts will be developed in order to enable access to the appropriate resources at the right time[18].

Strategy and vision: An entrepreneur is the person who will decide how the business will look like after four or five years. Therefore, he will be responsible for developing proper strategy and visions for his business. After deciding a plan for his organization, he will develop an action plan to achieve that goal.

Planning and organizing: It is paramount that an entrepreneur must have planning and organizing skills. Without planning and organizing capabilities along with coordination and administration skills, products will not get to the market, not it will satisfy the needs of the employees. An entrepreneur will have to think about systems, quality issues and job roles. If these things are handled perfectly, it will ensure that customer satisfaction by delivering goods on time and to the right place.

Which type of planning and organization is needed at the time of staring up a business?

Planning and organizing a business is similar to painting a house. It will require 80% preparation and 20% application. It is almost impossible to have ample amount of time to plan and organize your business while you are already running it. Therefore, an entrepreneur must do his preparation at the beginning[19].

An entrepreneur must answer some question before he can initiate a new business such as which type of business is he going to run? Will the organization be a sole trader, a partnership or a limited company? What should be the required workforce? Which type of systems will be required?

Developing a proper tax structure is also an important part in which an entrepreneur will decide whether the business will be registered or VAT or not. Some other questions that should be answered during a whole series of development in the organization are, how will the conciliation take place with the suppliers? What will be legal requirements while dealing with the customers? What are the expense dates and terms? How organized is the organization’s bank account?[20]

Scheme in relation to the market: This is the sixth element that asks an entrepreneur whether the products, services and organization’s ideas are customer focused or not. It will also ensure that individuals are satisfied in their requirements[21].

However, some other successful elements are there that are much more important for an entrepreneur if he wants to become successful in his start-up. Those elements are,

Altruism: In this part, it is required to mention some necessary elements of successful entrepreneurship and these have been mentioned here in details. It has been stated that the first element of every entrepreneurs is altruism. Philanthropy and some other related activities depended on altruism have significantly played a major role in the human society and this is most probably from the beginning. It can be stated that the successful entrepreneurs are always highly willing to share the secrets to their success. They do this because they feel the overwhelming need to share with others, so that others do not have to suffer from the common mistakes. However, it can be stated that the need to share the tips and tricks to the successful entrepreneurship also benefits the entrepreneur as much as their audience. They give them the opportunity to really look at and reverse engineer the procedures and the paths to their success, so that they can share it[22].

Passion: Besides altruism, it is required for the entrepreneurs to have high passion. It has been stated in his research paper that have anyone even seen an entrepreneur who lack in passion? The answer is always yes, as the entrepreneurs are always so passionate that they try them to talk regarding something other than their causes. In case of most the entrepreneurs, the word why is impossible and thus it can be stated that passion is the second major element of successful entrepreneurship. It has been opined that strong desire is that major factor, which keeps an entrepreneur going. It can be stated that passion is their major driving force and most importantly, this passion is something other than money. It can be found from their stories that to them, money is the measure of their success but this is not the only reason they look after. However, it is sad but true that those who have said that money are their passion, they most often fall. Therefore, it can be stated that all the entrepreneurs must have strong passion; otherwise they would not be able to start their new business[23].

Mentorship: In order to become a successful entrepreneur, it is important to have a mentor or coach for every area of their life. It will help them to play at the top of their game in all areas of their life including the business. That is why; mentorship is important, as it will guide you along the path to success using established formula, which they have already tried and tested. In many aspects, this is the mutual side of Altruism element[24].

Belief: Entrepreneurs seem to have a marvelous ability to stay in no result for longer amount of time. It is important for entrepreneurs to believe in what they are trying to gain. This belief must be so strong that it will give them moral support even when nothing is working and results are only negative[25].

Time: A trend in entrepreneurship shows that most of the new entrepreneurs experience success among 3 to 4 years of the start-up. Therefore, if the plans are not working and positive results are not coming through, an entrepreneur must not give up. He should implement new plans and strategies and should wait[26].

Along with these elements, some other elements that can help an entrepreneur to gain success in their business are,

Including real life content

Test books are the only place where business concepts are practiced separately. In reality, cash flow tends to affect risk taking, risk-taking affects growth, growth affects decision and decisions affect stress level. Some recommendations to ensure real life contexts are,

It is vital that instructional attitude uses simulation and other processes that help an entrepreneur with the tools to understand interconnections between concepts[27].

Adult-learning methods must be implemented which will help the entrepreneurs to keep the content relevant. As a result, entrepreneurs can engage in several learning experiences.

Emotional issues: Entrepreneurs must design their programming in order to meet emotional issues and develop a supportive ecosystem around him. Women entrepreneurs face challenges in their business while balancing childbearing and childcare with business needs[28].

Work on the business not in the business

A common error done by the entrepreneurs is to expect that he will be performing all important tasks such as book-keeping, operations, marketing, resource allocation and recruiting. It is not possible that a person can handle all the functions.

Present “just-in-time” information: Entrepreneurs are willing to learn methods, which will help them to understand when they need information to solve a problem or gain an opportunity that is in front of them. They must understand how their programming can respond to their demands[29].

Entrepreneurship programs: Entrepreneurs of each level needs a package of services that sometimes demands classroom based teaching, mentorship and networking. It is incumbent on the entrepreneur to ask for additional directions; however, the programmer must deliberately provide that support.

Planned and Unplanned business

It is known that in the organizational setting, planned changes are intentional and on the contrary, unplanned changes are spontaneous. Therefore, it can be stated that the results of the planned changed are expected from the beginning, while the unplanned changes tend to bring some unexpected results. It has been stated that many organizations are ready for dealing with the challenges of the planned changes, as the unplanned changes are often chaotic. It can be stated that one of the major differentiating traits of planned and the unplanned changes is the source of the change[30]. In most of the cases, planned changes emanates from within the organization, generally from the management, while the unplanned changes are influenced by the external factors outside of the control of the organization. It is regardless to mention that planned changes take place when the management makes a conscious decision to implement several new ideas in the organization. However, it can be stated that the economic and the market fluctuations, changes in weather condition, several political changes as well as competition can lead to the unplanned changes as can internal issues like sudden resignations and the machine failure[31].

It has been observed that in many organizations, the management deals with planned and unplanned changes in several other ways. In case of planned changes, mostly the organizations anticipate any challenges that might take place and have a list of solutions to address them carefully. It can be stated that if any planned changes take place, the organizations must improvise and devise the solutions and often this is within a short time. From many research works, it has been already found that it might take longer for any of the organizations to deal with the effects of the unplanned changes rather than the planned changes. It is required to mention here that the organizational changes are the alteration or adjustment of the company’s present business operations[32].

However, it can be stated that the business owners as well as the managers might need to direct unplanned or the planned changes. From this, it can be stated that differentiating between these two change-procedures might assist the owners and the managers to understand both the internal and the external forces that affect the organization. The most common point in this regard is that the planned changes particularly have an expected result that tends to enhance some portions of the business. On the other hand, it can be opined that the unplanned modifications tend to be chaotic in most of the times and this lead to an unknown result[33].

It has been demonstrated in his research paper that there are two components of expenditure, i.e. plan and non-plan. Of these, the plan expenditures are estimated after the discussions between each of the ministries concerned and the Planning Commission. It has been explained in his research work that the present day’s business environment is increasingly becoming complex, interconnected, unpredictable and competitive. Within this specific context, the responsible decision makers struggle a lot to find out some stability among all uncertainties through planned change methods while being aware of the requirements for flexibility and agility to leverage emergent changes and survive. In the research paper of many researchers, it has been mentioned that in case of businesses, unplanned growth is what happens while the organization is busy in planning for growth. In fact, some new research works have revealed the fact that unplanned growth is one of the common yet one of the serious issues for most of the organizations[34].

A global survey conducted by MORAR consulting firm has showed that only 11% of those who have experienced success and huge growth in business had gone entirely as per the plan. On the other hand to this situation, it has been found that 89% had experienced growth that really did not go entirely as per the plan. However, it is required to mention that at the initial level, unplanned growth might sound like a problem to have, though growth is what most of the businesses are aiming in the overall process. It has been stated in the research paper that due to spikes in demand, the unplanned growth might become detrimental when it surprises the concerned organization with some steep challenges, which are genuinely not prepared for or properly supported to handle. In this case, the challenges are overwhelmed operations, slowed service, poor quality of the products, burnout of the staffs along with damaged customer services[35].

These challenges often cripple a business and are entirely responsible for the fall of the business. Therefore, it can be stated that when the organizations plan to have growth in the entire process, they are require to be prepared in such a way that the growth they are expecting might not be the same. At this point, it can be stated that in order to manage all the complexities and unpredictability of the growth, the management of the company is required to have a flexible approach and be always ready to alter the plans as well as the processes quickly. This means that the IT systems that largely support those processes require to be agile enough and easily scalable in regards to facilitate the all the changes that occur[36].

From several research papers, it has been found that the organizations and the organizational fields continues to experience several transformations of several kinds like less hierarchy, shifting logics, more teaming along with less co-located interactions and innovative practices. In this queue, there are innovative technologies, greater reliance on the structure of the network as well as the process organization. However, it can be stated that all these create the requirements for the renewed understandings of all the changes along with its consequences for the companies and the organizational actors. Several research papers have stated that changes in the organizations are mainly about the people and their interactions. However, it can be mentioned that people have several difficulties with some properties of change, especially uncertainty and instability[37].

Planned business:

Entrepreneurs are engaged in two types of businesses, which are organized business or planned business and unorganized business or unplanned business. Some elements of planned business are,

Planned product development:

In case of planed business, product development stays on track with the scheduled launch date. Each employee works towards a same goal in a planned business organization[38].

Organized projects and teams: It is expected that the primary team of a startup organization will be scattered across a wide area. That is why; the chances of misunderstanding will great. Therefore, in organized businesses, most of the organizations use tool like Wrike. This online organizational tool will provide several options to track performance and time in projects and will help to set controls to keep some groups focused on a particular project.

Organized business strategy: Planned businesses always contain organized business strategy where entrepreneurs address their target audience and communicate directly with them. Some organized businesses take help from Searchmetrics that help them with advanced analytics that evaluates who is most likely to buy their products or services. It also provides options using which they can communicate with the customers. This not helps to increase effectiveness but also helps to gain a greater presence to engage with those key aspects[39].

Organized inventory

In planned businesses, entrepreneurs keep a tight rein on inventory that helps to keep overhead costs as low as possible. Automating processes are used for greater accuracy that allows tracking everything through barcode technology. In this way, they can eliminate theft and can receive alerts when inventory is low. They can also track down how materials are used for more successful ordering and cost management. The received data from this inventory tracking system also helps to appreciate how sales and output among the employees are distressing the cost of inventory. This will in turn help to make changes in other areas o the company to further increase the amount of efficiency[40].

Social media present: This tool is seen only in planned organizations. It helps to connect with the huge customer base and communicate with them in order to improve their brand value. Social Oomph is a tool that helps an entrepreneur to streamline his social media tasks by taking the manual labor out for updating Twitter and Facebook. In case of Facebook, the updating will include profiles, groups and pages; for LinkedIn containing company pages, groups and profiles. Besides, it also helps to provide RSS feed, Plurk, blogs and App.net.

Organizing information: The major issue that entrepreneurs face is balancing professional and personal lives. The secret of a organized and planned business is its entrepreneurs who can stay well organized with their flow at work and home. Tools such as OmniFocus are used in this types of organization that can keep it together for you and create a structural task management system. This will help an entrepreneur to guide his daily decisions. As a result, they will stay away from distractions by overloaded information[41].

Unplanned business:

Unplanned businesses include several organizational problems in company’s hiring process, scheduling, customer service and on boarding process. Some negative impacts of unplanned business are,

Stifles efficiency:

In unplanned organizations, employees do not have ample knowledge and sense about the objective and mission of the organization. As a result, they cannot carry out their responsibilities properly[42].

Decreases employee motivation

Employees in an unplanned organization have lack or morale because of mismanagement. Most of the times, employees have no idea about what is going on in the company. In employees do not have any understanding with their senior personnel and the management then they will not be able to motivate themselves[43].

Troubles client relation

People never conduct business with an unplanned organization. For example, you went to a restaurant and had to wait for 5 minutes before someone came and greeted you. Then, no waiter came to take your order for another 5 minutes. After placing your order waiting for hours, the waiter serves the wrong food. Will you return to that restaurant in the future? The same thing is applicable for companies. Clients and customers will notice if an organization is unplanned and will give a red flag to it immediately. The process of running your business will show the customers that you will handle their order in the same way. Therefore, if your company is unorganized, then it will send a wrong negative message to the customers[44].

Destroys brand

Lack of planning can damage reputation of an organization that in turn will destroy its brand image in the market. Especially today, people do not feel shy to leave a negative comment on a company through internet review websites. Employees can and most likely will use these sites such as Glass door to rate your organization and will leave feedback for others who are thinking to join that organization in the future. If a business is unplanned, then through the comments of employees and customers other will know it. This destroy brand image of your organization. As a result, number if interested job candidates for your organization will decrease along with the number of customers[45].

Employee turnover rate

If a business is unplanned and unorganized, then best employees will leave and employee turnover rate will increase. No one wants to work for an organization where everything is unorganized. Employees in an unorganized company start to feel pressure of workload because of mismanagement. Therefore, it is not possible that those employees will do their jobs by putting up more efforts that is why; talented employees look for better opportunities and quit their jobs[46].

Conclusion

After analysis entrepreneurship based on the reviews from industries, it is clear that it is not possible to evaluate a proper skill set for entrepreneurship. Several scholars have their own opinions about it and have described entrepreneurship from their own prospective. Establishment of entrepreneurship is not always impulsive. Most of the times it is affected by several environmental factors such as social, psychological, legal, cultural and political. However, these factors might have both negative and positive effects on entrepreneurs. In some countries, educational systems are designed in way that more entrepreneurs can be created. However, in some countries, education system is extremely poor and students are taught to look for jobs. On the other hand, it is also seen that entrepreneurship is motivated by some other factors such as economic environment, family background, type of political conditions, availability of supporting facilities and government policies.

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