An entrepreneur is a person who instead of working as an employee, think about an idea and found some small business bearing all the risk and rewards of the firm. An entrepreneur can also be an innovator, a person with a good idea, business rules and one who can carry out the ideas to reality. Every entrepreneur plays a vital role in the growth of the economy of any nation. With current hard work, idea, and imagination of an entrepreneur, tomorrow can be shaped. Industries and business that gloom today and mark an irremovable sign on the economy of any nation were just an idea of an entrepreneur. We can never judge that how a seed was sown today can give fruit and shade to a great number of people. Same is with entrepreneurship; a small idea of today can result in a game-changing innovation tomorrow. Entrepreneurs who fearlessly and judiciously take risk of a startup to execute their plans get rewards like fame, profit and good flow of capital. But, not every entrepreneur gets to taste the sweet fruit of success. Sometimes, the plan does not work as expected and one loses everything plan, idea, investment and social reputation in the market. Failed entrepreneurs are no asset to the market.
Entrepreneurs who fearlessly and judiciously take risk of a startup to execute their plans get rewards like fame, profit and good flow of capital
So, we can say that there are various factors that affect an entrepreneur’s success and performance, let us discuss some of them -
Economic Factors
Economic factors play a very vital role in the economic growth of an entrepreneur. No matter what, for every in imagination to become an invention, you need capital flow. Every machinery or equipment that you need. It requires investment initially. If one does not get any capital from the government or own means, then the idea of an entrepreneur never get a shape.
Social Factors
It is not easy to not be part of the rat race of society. Entrepreneurs come up with their different idea that is not always readily accepted by society. There are many other factors related to the society that matters like education, awareness, research, and readiness to accept change and be part of the same.
Cultural Factors
There are many innovations that are not supported by the cultural front of a nation and that are why they can never be successful. There are many entrepreneurs who have to take another turn to match the cultural ethics along with the profit.
Overall Motivation
A sinking man gets hope even with a thin stick floating in water because something is always better than nothing. It is not easy to start up anything. Without self-motivation, one cannot get success in the same. Along with self-motivation all direction motivation like from society and loved ones of an entrepreneur is also very important. Motivation is the only thing that keeps everything going on, smoothly.
Availability of Resources
There are various resources that are must such as availability of technology, financial assistance, family support, and a space to work on the imagination as desired by the entrepreneur.
Family Support
No matter how hard you travel on your own, at a point you only need your family to hold your back. If the family is not supportive during the struggle of an entrepreneur then it results in shattered ideals. Moreover, family background also matters. An entrepreneur from a business family will readily support an idea of a startup while a middle-class service family will rethink about it many times.