Impact of Psychological Factors on Entrepreneurial Behaviour – An Empirical Study

Abstract

Entrepreneurship is bound to play a critical and pivotal role in the growth and development of the economy in the coming years. It has been acknowledged as one of the essential factors determining the growth and development of any country. Entrepreneurs and enterprises contribute to building a competitive and dynamic knowledge based economy capable of sustainable economic growth and greater social cohesion. Entrepreneurship is a broad term encompassing a set of skills that includes creativity, leadership and communication, taking risks, persistence, hard work, motivation and teamwork. Entrepreneurship is an activity, which leads to the creation and management of a new organization designed to pursue a unique and innovative opportunity. Hence the study has made an attempt to study the psychological factors and entrepreneurial behaviour.