The motivation that drives the entrepreneur can also lead to the success if the individual in his entrepreneurial role. The motivational elements include vision, growth goals and self.
“All three concepts have demonstrated significant empirical relationships with business performance and entrepreneurship theorists have pointed to the importance of vision, business goals, and self-efficacy for planning and venture performance” (Smith et al., 2001) Additionally, “entrepreneurship researchers have found that entrepreneurs’ self-efficacy (task-specific self-confidence in relation to their ability to start and “grow” their ventures is associated with venture performance.” (Smith et al., 2001)
The older theories depict that the personality and the traits of the entrepreneur are the only contributors towards their success, but as highlighted above the recent approaches have identified that additional factors like the environment conditions the stage and future outlook of the economy as well as the technology available to them also determine their success as entrepreneurs.
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