Impact of Psychological and Sociological factors on Small Scale Entrepreneurs

Abstract

Today in this global world the success stories of entrepreneurs are inspiring our youth newlinevisionaries. Entrepreneurs are the key elements in developing economy like India, newlinethey are the individuals having ability of risk-taking, passion and high innovativeness. newlineTheir skills and initiative help in coordinating means of production and are bringing new products and services in the society. newlineIn entrepreneurship there are number of factors which decide one to be an newlineentrepreneur. These factors are economic, political, managerial, psychological and newlinesociological. The present study Impact of Psychological and Sociological Factors newlineon Small Scale Entrepreneurs is an attempt to find out how these factors inspires, newlinemotivates and encourage one to start business venture and is there any impact of newlinepsychological factor in running business successfully and do sociological factors newlineencourage/discourage entrepreneurs to run their business successfully. The study will newlinealso focus on the challenges and issues faced by small entrepreneurs in their newlineentrepreneurial journey. newlineThe statement of the problem is:- newlineWhile studying psychological and sociological factors the important questions arise, newlineAre these factors fulfilling the objectives of small entrepreneurs and contributing newlinetowards their success? We will get the answers of these questions by analysing the newlineanswers given by respondents in the structured questionnaire. The analysis of data collected from respondents and testing of hypothesis will help in fulfilling the newlineobjectives laid down in the present study. The study will help in finding out major newlinepsychological and sociological factors responsible for encouraging and running newlinebusiness successfully. The present study will also contribute in finding out the newlineimportant role and contribution of government, financial institutions and nongovernment agencies in development and upliftment of small scale entrepreneurs in newlinethe two districts (Kinnaur and Solan) of Himachal Pradesh.