BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Legitimacy of entrepreneurship
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Social status
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Need for achievement
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None of these
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Detailed explanation-1: -Psychological Factors :-Inspiration for achievement prepares an entrepreneur to set higher goals and achieve them. The important psychological factors influencing entrepreneurial growth may be outlined as below: (A) Need for Achievement:-Need for achievement means the drive to achieve a goal.
Detailed explanation-2: -Entrepreneurial growth requires proper motives like profit-making, acquisition of prestige and attainment of social status. Ambitious and talented men would take risks and innovate if these motives are strong. The strength of these motives depends upon the culture of the society.
Detailed explanation-3: -Psychological Factors-Intelligence, personality, attitude, interest, aptitude, motivation, emotions, and self-concept.
Detailed explanation-4: -The factors include: planning orientation, work orientation, personal efficacy, market orientation, location, business acumen, dynamism, service orientation, in-depth knowledge, achievement motivation, social networks, interest, internal control, marketing strategy and innovativeness.