Summary Factors responsible to the Success of Entrepreneurship
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Module
Finance
Institution
Indian Institute Of Management
The success of entrepreneurship can be attributed to several key factors. These include:
1. **Vision and Innovation**: Successful entrepreneurs often have a clear vision for their business and are able to innovate to meet market needs and stay ahead of competition.
2. **Resilience and Perseve...
factors responsible to the success of entrepreneur
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Indian Institute Of Management
Finance
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Factors responsible to the Success of
Entrepreneurship
The success of entrepreneurship is dependent on certain important factors.
Some of the important factors are:
● Economic Factors: Capital is one of the most important prerequisites
to establish an enterprise. Availability of finance, labour, land,
accessibility of customers, suppliers are some of the factors that
contribute to the introduction, survival and growth of a business
enterprise.
● Socio-Economic Factors: The socio economic factors which
contribute towards the success of entrepreneurship are
● Cast/religion
● Family background
● Level of Education
● Level of perception
● Social Mobility
● Social Security
● Political Factors: Political environment prevalent in the country also
contributes towards the success of entrepreneurship. A sound and
stable political environment is very important for the growth of
entrepreneurship.
● Work Environment: The work environment in which the employees are
working, if it is not satisfactory then the unsatisfied personal needs for
growth and achievement in employment conditions results in successful
entrepreneurship.
● Government Incentives and Subsidies: Government policies with
regard to incentives and subsidies to the entrepreneurs also contribute
to the success of entrepreneurship in the economy.
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