In the entrepreneurial process the environment plays a vital role because all the opportunities exist in the environment and the entrepreneur is a part of it. A conducive environment throws up more entrepreneurs than an inhibiting environment. An environment where all these factors are available to the entrepreneurs will naturally support and promote entrepreneurship.
- Self-esteem is a very important motive for personality development in the path of an entrepreneur.
- All successful entrepreneurs are highly motivated and their drive to achieve becomes their engine of accomplishment.
- Adequate quality or quantity all of these factors access to capital for setting up his/ her new enterprise.
- Availability of cheap labour of high productivity promotes entrepreneurship. Labour includes skilled, unskilled and technical workforce.
- Availability of raw materials in desired quantity and quality, infrastructure to transport them to the factories and an easily accessible market for the finished goods are some pre-requisites for economic development.
- Every society has developed its own cultural value. If the culture of a society is conducive for creativity, risk-taking and adventurous spirit, in such a cultural milieu entrepreneurship will thrive.
- A conducive political environment that encourages and rewards personal endeavour and hard work and that does not penalize the entrepreneur.
- Toughness and perseverance are certain emotional qualities that are required to boost the level of motivation.
- Sustained motivation is an important asset for an entrepreneur.
- Some political policies can help the growth of entrepreneurial ventures in a country.
- Counselling and support services.
- Government procurement programs for small businesses.
- Restrictions on imports and exports.
- All successful entrepreneurs are highly motivated and their drive to achieve becomes
their engine of accomplishment.
- In some societies it can be seen even now that businessmen do not command a high social status. Rather, business is considered a profession of lower hierarchy.
All these above mentioned factors are interlinked and support entrepreneurship. An entrepreneur must understand and analyse social, cultural, economic technological, continuous change in demand of people, so that he can easily overcome the hurdles during the course of entrepreneurship.
