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Assignment Entrepreneurship

In: Business and Management

Submitted By isti2050
Words 2496
Pages 10
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Myth 5: Entrepreneurs Must Fit the "Profile"

Entrepreneurs and Entrepreneurship: An Introduction
It is not easy to give a particular answer to the question: Why do people want to start and run independent businesses? Different answers may come from different people. Some people may start a business just because they love independence and hate to tolerate bossing in the jobs. Some may not have the capability and qualification to do a job and as job is not available to them, they go for independent businesses in order to survive. Some may have some special skills and love challenges to run an independent business. Several motivational factors like need for affiliation, need for power and need for achievement (McClelland, 1961) are also responsible for going for an independent business. Murthy, et al (1986) found that entrepreneurs are motivated to start a business because of the factors like ambitious factors, compelling factors and facilitating factors. Whatever may be the reason, it can be said that in most of the times of the history of human civilization, there were entrepreneurs who did independent businesses and this trend of history still continues. For the last few decades in all over the world, entrepreneurs are regarded as value adding people to the society. Holt (1992) says, “The term entrepreneur may be properly applied to those who incubate new ideas, start enterprises based on those ideas, and provide added value to society based on their independent initiatives.” These people are considered as value adding persons because as a result of their own initiatives jobs are created in the society, capital formation is promoted, country’s export trade is increased, concentration of economic power is reduced, balanced regional development becomes possible, forward and backward linkages among the industries…...

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