Entrepreneurial Culture

Introduction to culture

At the beginning of human civilization it can be seen that man has been working with different parties of the society as well as with the various cultures in satisfying their needs and wants. The values of a culture shape the people. Culture can be explained as beliefs, values, attitudes, behavior patterns, different ideas, customs and norms that exist among people of a society which are unique to them. Depending on the characteristics of these cultural elements, the behavior of the people will be decided.

Introduction to entrepreneurial culture

Entrepreneurial culture is a collection of elements like special behaviors, attitudes, beliefs, ideas, behavior patterns, rites, rituals, and customs which are unique to entrepreneurs.

A person living in the entrepreneurial society inherits entrepreneurial traits. That is the person who thinks positively, accepts risks creatively and does innovations. Moreover, such people are dissatisfied with the status quo and try to change the prevailing condition. Further those people are very sensitive to the environment and owing to that sensitivity they have the capability of identifying the opportunities and chasing them. As soon as the opportunities are identified, they exploit them.

Need for the creation of an entrepreneurial culture

Most of the countries in the world have developed due to the influence of cultural and social forces.

A Solution to unemployment
Achievement of economic growth
Availability of unused resources
Need for new job creators
Need to minimize the inconsistencies in income distribution

Social and economic factors conducive for the emergence of an entrepreneurial culture

There are many social and economic factors favorable for the emergence of an entrepreneurial culture. Some of them are given below.

# Existence of a favorable economic environment
To start and run new businesses, there should be a favourable economic environment for entrepreneurs. Economic factors should be in favour of business activities. This include factors such as low interest rates, increase in income level and favourable foreign exchange rates.

# Stable political condition
Having a political authority which makes favourable rules and regulations and policies for the identification of solutions to economic and social problems giving prominence to entrepreneurship while securing it will be very helpful for the emergence of an entrepreneurial culture. Further the political authority should have understood the rewards of entrepreneurship.

# Incentives given by government and other organizations
Government and public sector organizations can immensely support the upliftment of entrepreneurship. Entrepreneurial culture can be developed by giving financial and non-financial aids.

Examples :-
Giving tax relief
Giving loans under concessionary conditions
Giving training and advice
Giving aids
Facilitating the meetings of local and foreign buyers
Organizing workshops and exhibitions

# Having a family background which encourages entrepreneurship
A family background which encourages entrepreneurship will positively affect the creation of an entrepreneurial culture. Creation of an environment within the family which encourages the development of entrepreneurial capabilities will help the generation of successful entrepreneurs in the future. There is a greater tendency for new generations to choose entrepreneurial activities when their families have family businesses which have existed continuously. This too is a favorable factor which help the emergence of an entrepreneurial culture.

# Encouragement given by large businesses
Large businesses often get the help of small and medium scale businesses when conducting their businesses. Hence large businesses always provide different aids to small and medium scale businesses.

Examples :- Obtaining raw materials and parts required by large companies from small businesses. Transferring some production activities to small businesses (sub contracting).

# Ability of obtaining resources
Availability of ample resources and ability to use them for production are factors which encourage entrepreneurship.

# Role models
Ability to witness role models of successful entrepreneurs in the society is a major factor which influences the creation of an entrepreneurial culture. Such a guidance will help the entrepreneurs to understand the way they should proceed.

# Encouragement given by different parties
Encouragement given by the members of the family, school, different societies and friends, makes a favourable impact for the creation of an entrepreneurial culture. At present, newspapers and electronic media can play a big role in this regard.


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