SOCIAL-CULTURAL FACTORS INFLUENCING ENTREPRENEURIAL ATTTUDES AND OPPORTUNITIES

 1. Culture

This refers to the customary practices and beliefs that people uphold. Societies with a social system that places a high value on entrepreneurship have a high rate of entrepreneurship development. On the other hand, cultures where people are risk averse and do not attach much importance to hard work and persistence are not conducive to entrepreneurship.

2. Social financial support

Availability of capital creates favorable conditions for the entrepreneur. Therefore there will be more company formations when financial resources are available.

3. Social identification

This captures how individuals relate themselves to surrounding environment, particularly to the social environment when they perceive themselves as entrepreneurs.

In an environment where people are proud of entrepreneurship as a career, the chances of success are high.

4. Role models

These are individuals influencing an entrepreneur’s career or styles. When people/potential entrepreneurs come into contact with role models primarily in the home or at work they become inspired and develop motivation for entrepreneurship as opposed to a society where role models are lacking.

5. Religion

The decision of people in some societies to start a business depends on their religion. For instance, in India, religions such as Islam and Christianity are found to be conducive for entrepreneurship while others such as Hinduism inhibit entrepreneurship.

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