Determinants of entrepreneurship: a framework for successful entrepreneurship

Entrepreneurship is important for any country, as a way of empowering people, to create employment, to create wealth for the country and to reduce the dependency on the welfare state. Individuals take up entrepreneurship as a means to create wealth and employment for themselves, relatives and others. Therefore, promoting entrepreneurship is welcome by both citizens and the country. Governments would like to see entrepreneurs play their part in entrepreneurship, whilst entrepreneurs would like to see governments doing their best to promote it. Hence, it is necessary for both entrepreneurs and governments to understand all the factors that promote or deter entrepreneurship. In promoting entrepreneurship, it is important to understand that it is a function of many aspects such as government related issues, financial factors, personal characteristic, cultural influences, economic features and training that interact together. It is the availability of all these factors, although to varying degrees that enable entrepreneurship to flourish.