Social factors which obstruct entrepreneurship

There are many personal rewards of being an entrepreneur. Further, entrepreneurs generate higher rewards for the economy as well. One of the mechanisms of the development of a country is entrepreneurship. Yet many are reluctant to be entrepreneurs.

1. High recognition given to salaried jobs

The dream of everyone is to do a highly paid job. The reason for this is the tendency of the society to judge the success and the recognition of a person from his or her job. Owing to this attitude, many are used to wait expecting a job by suppressing their entrepreneurial skills.

2. Reluctance to accept risks and challenges

A main characteristic of an entrepreneur is the readiness to accept manageable risks. They should accept the challenge of making their innovations successful. Therefore, the unwillingness of people to accept risk and challenges is another barrier to the entrepreneurship.

3. Lack of encouragement from education

The present traditional education system does not support the generation of people who can see the world with a creative mind, change the status quo and accept risks and challenges. This acts as a barrier for entrepreneurship.

4. Insufficient government support

Weaknesses of policies which are for the development of entrepreneurship in some countries in world and insufficiency of incentives given to promote entrepreneurs are barriers for entrepreneurship.

5. Dependent mentality

Most of the countries today have high expectations towards what they inherit from their parents and try to live by spending what they have inherited thereafter. Further, they expect subsidies given by the government. People are reluctant to earn what they need through their own effort. Such mentality acts as a negative factor which demotivates people from being entrepreneurs.


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