Impact of Religiosity on Entrepreneurial Success Essay

We will write a custom essay sample on
Impact of Religiosity on Entrepreneurial Success Essay
or any similar topic only for you
Order now

It is nem con established that the enviable rate of financial intensification calls for headlong outgrowth of battalion of endeavors in all walks of life. This requires the creative activity and care of an environment that is contributing to sustainable growing of bing endeavors and would assist to construct up wider base of population capable of successful entrepreneurial behavior. Entrepreneurship is an old but living construct. The kernel of entrepreneurship is the creative activity of new endeavors through invention of value based merchandise and services. Entrepreneurs virtually give birth of new endeavors. In recent times, the construct of civilization of entrepreneurship has received prominence and societal scientists have observed that an enterpriser is merchandise of the socio-cultural surroundings.

Many economic experts now discuss the function of non-economic factors in economic growing, including constructs developed in Sociology and Psychology ( Lipset, 20001 ). In the above context, thesis suggested by Weber ( 1958 ) 2 are that: Give the economic conditions for the outgrowth of system of rational capital accretion, whether or non such growing occurred in systematic manner would be determined by the values present. Structural conditions make development possible, while cultural factors determine whether the possibility becomes an actuality ( Lipset, 20003 ). This means that suited socio-cultural environment is an of import requirement for industrial or economic escalation of any part in peculiar and the state in general. The event of endeavor creative activity, the indispensable activity in entrepreneurship, can therefore, be seen as effect of congruity between environmental conditions and the entrepreneurial behavior of persons determined by their socio-cultural background.A

Inspired by Weber ‘s ( 1958 ) 4 proposition that faith, norms and values, behaviour, and economic development are all interconnected ; figure of experts reported their positions on this relationship. Mclelland ( 1961 ) 5, Bern( 1960 ) 6, and Fox ( 1969 ) 7 have besides related economic advancement with civilization. They tried to explicate the economic retardation of Indiby associating it with the Indian civilization. Some of these bookmans argued that the spirit of endeavor was inhibited among the autochthonal population of Indiby the spiritual doctrine of surrender embodied in the philosophy of karma. In India, there is an old expression that the Religion is the bosom of this hardhearted universe.

In the word of Tripathi ( 1992 ) 8, the Indian personality, by and big, remained ‘un-entrepreneurial ‘, if non ‘anti-entrepreneurial ‘. In position of McClelland and Winter ( 1969 ) 9, Indians lacked in Achievement Motivation due to the socio-cultural influences on them. On the contrary, few other bookmans like Saberwal ( 1976 ) 10, Chadh( 1986 ) 11, Streefkerk ( 1985 ) 12 have rejected Weber ‘s thesis. They were of the sentiment that structural conditions and non the cultural conditions determine whether entrepreneurship will boom in society or non. Therefore, as presented in the above treatment different research workers have arrived at contradictory decisions sing the function of socio-cultural factors in back uping and advancing entrepreneurship, peculiarly in India. At the same clip empirical grounds sing the function and the range for structural intercessions for act uponing the socio-cultural factors for publicity of entrepreneurship is besides unequal and hence inconclusive as good.

However, it can non be denied that there is turning demand in this state to make and keep an appropriate environment that is favorable to growing of bing endeavors and would assist construct up wider base of population capable of successful entrepreneurial behavior. Against this background it would be meaningful to through empirical observation analyze the possible links between growing of entrepreneurship and Religiosity, critical socio-cultural factor.

It is common cognition that the proportion of adult females in the entrepreneur population of Indiis minuscule. In this context it would be relevant to happen out whether there are any differences between Indian male and female enterprisers with regard to the degrees of success achieved by them. In instance if any differences are observed ; it would be interesting to happen out whether these differences are due to socio-cultural factor, peculiarly the religiosity.A

OBJECTIVES AND SIGNIFICANCE OF THE STUDY

The form of economic development of advanced Industrial Society suggests that the enterprisers, peculiarly, little endeavors owned by little enterprisers play dominant function in the national financial growing, e.g. successful little concerns are critical in keeping robust U.S. economic system. The statistical figures about speak for themselves ( Barreto, 200213 ) :

99 % of all American concerns are little ;

Small concerns provide about 75 % of the net new occupations added to the U.S economic system every twelvemonth ;

Small concerns represent 99.7 % of all employers ;

Small concerns employ 50.1 % of the private work force ;

Small concerns provide 40.9 % of private gross revenues in the state.

In labour-abundant and capital-scarce state like India, Small Scale Industries ( SSIs ) owned by little enterprisers have really of import function to play. In India, the Industrial Policy Resolution of 1956 favoured this sector with three statements, viz., one ] the employment statement ( i.e., it helps in just distribution of income and wealth among the people ), two ] the latent resource statement ( i.e., the little enterprisers are able to tap latent resources like entrepreneurial ability, hoarded wealth, etc. ) and three ] the decentalisation statement ( i.e., the dispersion of industries throughout the state helps in tapping local resources, avoiding unemployment, avoids the job of environment pollution in towns and large metropoliss ). These statements in favor of the SSI sector increased the duty of the authorities, Bankss and fiscal establishments in funding and advancing this sector. To accomplish this precious end, the authorities started the procedure with distinct industrial policies and established many entrepreneurship development establishments and consultative organic structures. The commercial Bankss are besides started patronizing the budding enterpriser. But statistics reveals that the entrepreneurial success rate is really much disappointing. In survey on Entrepreneurship Development Programmes in North Eastern States of India, it has been observed that the success rate in Tripuris merely 13.2 % ; which is lowest among the North Eastern States ( Mali, 199914 ).

Looking at the assorted jobs faced by little enterprisers like hold in loan countenance and expense, unequal recognition, sickness crawl in and terrible competition from multinationals and big industries, assorted surveies were conducted that focused chiefly on the impact of authorities programmes, factors impacting entrepreneurial growing and functions of Bankss, funding and promotional establishments in the entrepreneurship development. However, there is famine of comprehensive survey on the impact of religionism on entrepreneurial success. The present work is an effort to make full this spread.

Against this milieu an empirical survey has been conducted on the randomly selected sample enterprisers of Tripura, bantam north-eastern province of Indiwith position to detecting the impact of religionism on entrepreneurial success. Although the empirical survey has been conducted in the province of Tripura, its findings may hold equal relevancy to the other parts of Indiin peculiar and the other states of the universe in general.

Methodology

The present survey is new of its sort. It attempts to analyze the impact of religionism on entrepreneurial success. The information basically required for carry oning such survey is non readily available. As such, the present survey to great extent relies upon primary information collected through empirical attack. However, for contextualizing the job to be investigated every bit good as finding the size of the population to be covered and bordering the sample of the survey at that place from to be investigated, good figure of secondary information such as the list of enterprisers, their references and other relevant information have been required and all those information have been collected from the District Industry Centers ( DICs ) of Tripura.

For the intent of bordering sample, 120 enterprisers were indiscriminately selected from the length and comprehensiveness of Tripurwho have run their endeavors at least 5 old ages as on 31.03.2009. The sample consists of 80 Male enterprisers and 40 Female enterprisers. The primary information so required for the present survey has been collected from the indiscriminately selected enterprisers with the aid of semi-structured mail-clad questionnaire. In instance of any uncertainty in the primary information so gathered, elucidation has been made over telephone and/ or through direct interview.

Several measuring graduated tables have been used to measure the qualitative parametric quantities of the survey undertaken. The designs of the graduated tables are based on reappraisal of relevant literature. The graduated tables are described in the relevant topographic points of the present paper.

SUCCESS OF THE ENTREPRENEUR

Entrepreneurial success may be defined in different ways. Comparison of the degrees of success achieved by enterprisers is hard undertaking. One may utilize some quantified public presentation indexs like fiscal public presentation, awards won or intangible steps like felicity, satisfaction etc. that may be hard to quantify.On reappraisal of graduated tables used for measuring of entrepreneurial success by assorted Indian research workers ( Akhouri, 197915 ; Rao, 198616 ; Kumar, 199017 ), set of 3 ( three ) key variables has been selected for measuring of success of the respondents of this survey. These variables are: one ] Net Net income ( norm of last 5 old ages ), two ] Turnover growing rate ( norm of last 5 old ages ) and three ] Diversification degree of their endeavors.

Net Net income and Turnover growing were used in about all the above-named graduated tables and these are variables that are map of some of the other steps like labor productiveness, natural stuff productiveness, etc. used in the graduated tables referred above. Diversification degree was included along with the other two fiscal variables because measuring of entrepreneurial success would stay uncomplete without measuring of the sum of invention and hazard pickings exhibited by the enterpriser, as these are two of import characteristic characteristics of entrepreneurship. This is as per really widely accepted definition of the term ‘Entrepreneur ‘, given by Hisrich & ; Brush ( 1986 ) 18. “ Entrepreneur is individual who creates something different with value by giving the necessary clip and attempt, presuming the attach toing fiscal, psychic and societal hazards, and having the ensuing wagess of pecuniary and personal satisfaction ”.Diversification determination of the enterpriser is suited index of innovativeness and hazard taking leaning of the enterpriser.

The findings sing comparative degrees of Net Net income, Turnover Growth and Diversification degree achieved by the respondents is presented in Table 1, 2 and 3. Male respondents have managed to gain comparatively higher degrees of net income and Turnover Growth as compared to the female respondents. There is no important difference in the degree of variegation achieved by the two groups. As presented in Table – 4, there is some difference between the male and female respondents sing their extent of overall Success in entrepreneurial venturing. Male enterprisers have been found to be more successful among the respondents. Hence, it may be inferred that entrepreneurial public presentation can be differentiated on the footing of gender.

The grounds for this difference may be due to differences in the Socio-cultural properties ( e.g. Religiosity, Caste, Family support, Education, etc. ) of the two sets of respondents, differences in their entrepreneurial traits or because of differences in entree to infrastructure support for male and female respondents. However, in the present paper, the empirical survey has been confined to the analysis of impact of Religiosity on entrepreneurial success among male and female enterprisers of Tripura.

Measurement of Success

The graduated table for Measurement of success was based on survey of graduated tables used by S. Ashok Kumar ( 1990 ) 19, Akhouri ( 1979 ) 20, and Rao ( 1986 ) 21. For measuring of success, three parametric quantities were used:

( ) Average per centum of net Net income per annum achieved during the last five old ages

( B ) Rate of Growth of Turnover during the last five old ages

( degree Celsius ) Degree of Diversification ( Diversification degree was included along with the other two fiscal variables because entrepreneurial success is reflected by the sum of invention and hazard pickings exhibited by the enterpriser, as these are two of import characteristic characteristics of entrepreneurship ).

The public presentation of the unit of each respondent was rated on each of these variables on 3- point graduated table as described below. group of academicians holding expertness in the field of Commerce, Business Management, Economics, and Statisticss was consulted for make up one’s minding the cut offs for the different degrees in the graduated tables.

Net income – Information sing Average per centum of Net net income per annum achieved during the last 5 old ages was obtained from each respondent. Tonss were assigned to each enterpriser as follows:

Above 25 % – High – 3 points

15 % – 25 % – Medium – 2 points

Less than 15 % – Low – 1 pointA

Turnover – Information sing Average rate of growing of Turnover achieved during the last 5 old ages was obtained through the mail-clad questionnaire. Tonss were assigned to each enterpriser as follows:

Above 15 % – High – 3 points

5 % – 15 % – Medium – 2 points

Less than 5 % – Low – 1 pointA

Diversification – Information sing Number of variegations made during the last 5 old ages was obtained through the said mail-clad questionnaire. Tonss were assigned to each enterpriser as follows:

1 every twelvemonth – High – 3 points

1 every 2 old ages – Medium – 2 points

1 every 3 old ages or more or no variegation at all – Low – 1 point

So, the entire tonss were runing from 3-9. Respondents were categorized as holding Low, Medium & ; High degree of success for tonss runing from 3 – 4, 5 – 7, 8 – 9 respectively.A

Table – 1

Net Net income

N=120

Gender

High

% age

Medium

% age

Low

% age

Entire

Males

37

46.25

29

36.25

14

17.50

80

Females

17

42.50

13

32.50

10

25.00

40

Entire

54

45.00

42

35.00

24

20.00

120

Source: Compiled personally from responses received vimail questionnaires and direct interviewA

Fig. 1: Comparative Status of Male and Female Entrepreneurs w.r.t. Net ProfitA

Table – 2

Employee turnover GROWTH

N=120

Gender

High

% age

Medium

% age

Low

% age

Entire

Males

41

51.25

24

30.00

15

18.75

80

Females

16

40.00

11

27.50

13

32.50

40

Entire

57

47.50

35

29.17

28

23.33

120

Source: Compiled personally from responses received vimail questionnaires and direct interview

Fig. 2: Comparative Status of Male and Female Entrepreneurs w.r.t. Turnover Growth

Table – 3

LEVEL OF DIVERSIFICATION

N=120

Gender

High

% age

Medium

% age

Low

% age

Entire

Males

20

25.00

28

35.00

32

40.00

80

Females

11

27.50

13

32.50

16

40.00

40

Entire

31

25.83

41

34.17

48

40.00

120

Source: Compiled personally from responses received vimail questionnaires and direct interview

Fig. 3: Comparative Status of Male and Female Entrepreneurs w.r.t. Degree of Diversification

Table – 4

GENDER-WISE OVERALL SUCCESS IN ENTREPRENEURIAL VENTURING

N=120

Gender

Very Successful

% age

Successful

% age

Less Successful

% age

Entire

Males

33

41.25

27

33.75

20

25.00

80

Females

15

37.50

12

30.00

13

32.50

40

Entire

48

40.00

39

32.50

33

27.50

120

Source: Compiled personally from responses received vimail questionnaires and direct interviewA

Fig. 4: Comparative Status of Male and Female Entrepreneurs w.r.t. Overall Success in Entrepreneurship

Innovativeness

The construct of invention and newness is an built-in portion of entrepreneurship. It was Schumpeter who associated innovativeness with entrepreneurship for the first clip. Harmonizing to him Innovativeness involves making something new. The newness can dwell of anything from new merchandise to new distribution system to developing new organisational construction ( Schumpeter, 193422 ).

There is batch of dissension sing the definition of invention. Kirzner suggests that the procedure of invention is really that of self-generated “ undeliberate acquisition ” ( Kirzner, 198523 ). Therefore, the necessary feature of an enterpriser is alertness, and no intrinsic skills-other than that of acknowledging chances, are necessary. Other economic experts of the invention school claim that enterprisers have particular accomplishments that enable them to take part in the procedure of invention. Leighton claims that the dominant, necessary feature of enterprisers is that they are gap-fillers: they have the ability to comprehend where the market fails and to develop new goods or processes that the market demands but which are non presently being supplied. ( Leighton, 196624 )

Peter Drucker referred to the procedure of invention as it occurs in developed states as, “ originative imitation of inventions made in the developed states. ” The term appears ab initio self-contradictory ; nevertheless, it is rather descriptive of the procedure of invention that really occurs in the underdeveloped states. Creative imitation takes topographic point when the impersonators better understand how an invention can be applied, used, or sold in their peculiar market niche ( viz. their ain states ) than do the people who really created or discovered the original invention ( Drucker, 198525 ).

In the context of the present survey, the innovativeness of the respondents was measured utilizing scale consisting of six indexs as elaborate below. The innovativeness degree was categorized every bit high, medium and low. Table – 5 nowadayss the Gender wise distribution of the respondents in the 3 classs of innovativeness degrees.

From the Figure – 5 one can detect that really low 18.75 % and 20 % each of male and female respondents are extremely advanced. Possibly, this is one of the grounds that why Indians are less successful in entrepreneurship.

Most of the respondents are demoing their trait of innovativeness by turn uping new ways to market their merchandises either by placing new market off from the province or by placing new types of channels. Some of the respondents identified new beginnings of natural stuffs, new ways of actuating their employees and new ways of maintaining records. Inventions in the signifier of developing new advanced merchandises or new ways of fabrication or offering new sort of service were really few.

Measurement of Innovativeness

set of 6 indexs was used to measure the degree of innovativeness of the respondents. Information on these indexs was obtained with the aid of the undermentioned inquiries ( through mailed questionnaire ). In instance of any uncertainty in the information so gathered, elucidation has been made over telephone and/ or through direct interview.

Questions:

During the last 5 yearsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦

1. Did you find new market/ new purchasers? Yes/ No

If Yes, Please give detailsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

2. Did you follow any new ways to pull off the endeavor? Yes/ No

If Yes, Please give detailsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

3. Did you turn up any new beginnings for supply of natural stuffs? Yes/ No

If Yes, Please give detailsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦.

4. Did you set up any new channels of distribution? Yes/ No

If Yes, Please give detailsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦.

5. Did you follow any new engineering method for manufacturing/ offering service/ trading? Yes/ No

If Yes, Please give detailsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

6. Did you launch/ bring forth new merchandise or service for an bing market? Yes/ No

If Yes, Please give detailsaˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

Each ‘Yes ‘ reply to inquiries 1 – 6 was given 1 point.The tonss were runing from 0 – 6.Again three degree graduated table was used for measuring of Innovativeness. The respondents were assigned to different degrees depending upon their tonss as follows:

0 – 2: Low, 3 – 4: Medium, 5 – 6: High

Table – 5

Innovativeness

N=120

A

High

% age

Moderate

% age

Low

% age

Entire

Males

15

18.75

39

48.75

26

32.50

80

Females

8

20.00

15

37.50

17

42.50

40

Entire

23

19.17

54

45.00

43

35.83

120

Fig. 5: Comparative Status of Male and Female Entrepreneurs w.r.t. InnovativenessA

Hazard Taking Leaning:

Taking determinations and moving on an uncertainness is understood as risk-taking activity. Hazard taking leaning is doubtless the most widely discussed entrepreneurial trait. Although it has non been through empirical observation established that Risk taking is separating feature of enterprisers, there is about cosmopolitan understanding on the fact that it is an indispensable trait found among enterprisers all over the Earth. ( Hisrich & ; Peters, 199826 ).

Risk taking, whether fiscal, societal, or psychological, is an built-in portion of the entrepreneurial procedure. All recent definitions of entrepreneurship reference risk-taking constituent. Cantillon, who was the first to officially specify the term ‘Entrepreneur ‘, explained that the enterpriser is specializer in taking on hazard. He “ insures ” workers by purchasing their merchandises ( or their labour services ) for resale before consumers have indicated how much they are willing to pay for them. The workers receive an assured income ( in the short tally, at least ), while the enterpriser bears the hazard caused by monetary value fluctuations in consumer markets ( Cantillon, 175527 ).

The U.S. economic expert Frank H. Knight refined this thought. To Knight, “ enterprisers bear the duty and the effects of doing determinations under conditions of uncertainness, that is, where the singularity of the state of affairs denies an aim, qualitatively determinate chance ” ( Knight, 192128 ). He distinguished between hazard, which is insurable, and uncertainness, which is non. Risk relates to repeating events whose comparative frequence is known from past experience, while uncertainness relates to alone events whose chance can merely be subjectively estimated. Changes impacting the selling of consumer merchandises by and large fall in the uncertainness class. Individual gustatory sensations, for illustration, are affected by group civilization, which, in bend, depends on manner tendencies that are basically alone. Insurance companies exploit the jurisprudence of big Numberss to cut down the overall load of hazards by “ pooling ” them. For case, no 1 knows whether any single, forty-year-old, will decease in the really following twelvemonth. But insurance companies do cognize with comparative certainty how many forty-year-olds in big group will decease within twelvemonth. Armed with this cognition, they know what monetary value to bear down for their life insurance, but they can non make the same when it comes to uncertainnesss. Knight observed that while the enterpriser can “ put off ” hazards much like insurance companies do, he is left to bear the uncertainnesss himself. He is content to make this because his net income compensates him for the psychological cost involved.

In the present survey to mensurate risk-taking leaning of respondents the Risk Attitudes Inventory designed by Gene Calvert ( 1993 ) 29 was used. Along with Kogan-Wallach CDQ and Jackson Personality Inventory ( JPI ) this is another popular tool for mensurating Risk Taking Propensity. The maximal Score was 15.The higher the entire mark the more is the Hazard taking Propensity. Therefore, all those who scored from 0 – 5 were categorized as holding Low Risk taking leaning, those with tonss between 6 – 10 as holding moderate Risk taking Ability and those with 11 – 15 as High Hazard Taking leaning.

The Hazard Taking Propensity of the Respondents is presented in the Table – 6. Overall it is observed that the major proportion of respondents ( 50.83 % ) have low degree of Risk Taking leaning. The Female respondents are much more stiff in taking hazard. This suggests that people in this part do non like to take high degrees of hazards for their ventures. Probably, this is the ground why the entrepreneurial profession is non much sought after one among people of this part.

It was observed that the bulk of the respondents are engaged in Non-manufacturing types of endeavors which signifies that the penchant of the respondents of this survey for Non-Manufacturing types of endeavors is because of low degree of hazard Taking Propensity among them because non-manufacturing concerns are perceived to be less hazardous as they require lower initial spending and have shorter breakeven period.

The above observation sing penchant for Non-manufacturing concerns is consistent with the findings of few other surveies conducted in assorted other parts of the state. Some of these research workers have explained the grounds for this observation by associating it with the traditional attack of the Indian business communities towards trade and commercialism. argument has ensued among research workers sing the penchant of Indian enterprisers for fabrication or non-manufacturing type of endeavors. For illustration, Harmonizing to Mario Rutten, surveies conducted on Indian enterprisers emphasized the specific commercial manner of Indian bargainers, which was said to stand in their manner of set uping modern concerns. These surveies argued that Indian usurers and bargainers consider the production procedure to be something fixed and inactive and are non prepared to put more than the absolute minimal sum of capital in installings and machines. This penchant for rapid net incomes closely parallels the traditional Vaishymoral principle. ( Rutten, 200230 ).

James Berna, argued that Indian enterprisers with background in trade are timeserving business communities with really short clip skylines, interested merely in fast turnover and speedy net incomes, wholly unconcerned with engineering, unwilling to put more than the bare lower limit in fixed capital, and still preoccupied far more with trade than with industry ( Berna, 196031 ).This was besides expressed by Leighton Hazlehurst, who concluded, on the footing of research among Banias in Punjab town, that rural bargainers invested their capital in productive endeavors merely really reluctantly ( Hazlehurst, 196632 ).Again Richard Fox, who studied Banias in another little North Indian town, besides argued that these business communities were more willing to accept smaller net incomes every bit long as they covered indispensable disbursals, instead than to put in more profitable long-run endeavors in which they risked losing their investing ( Fox, 196933 ).

At the same clip Rutten besides states that some surveies done in the 70s and 80s ( e.g. veen, 197634 ) argued that this short-run commercial orientation of Indian enterpriser does non hold societal beginning. Rather, it was response to structural factors such as imperfect markets or deficiency of an equal institutional model. These writers argued that, if the commercial clime is favourable — that is, there is an handiness of market inducements, governmental support, and sufficient banking and conveyance installations — industrial entrepreneurship is bound to develop.In this attack the development of entrepreneurship — that is, the employment of capital and other productive agencies for industrial production — was placed in broader political and economic frame.

There is grounds of Indians, both males and females, puting up host of fabrication endeavors wherever structural factors favored such concerns. To big extent this is true for the provinces of Delhi, Punjab and Gujarat that are few comparatively more industrially advanced provinces of India. This is shown in the survey by G.K. Chadha, who described how craftsmans consisting blacksmiths, Masons, and carpenters turned into good applied scientists who played critical function in the regeneration of the agro-industry in Punjab. They set up little industrial workshops, many of which in due class grew into fully fledged industrial endeavors ( Chadha, 198635 ).In his survey on small-scale industrialists in two little Gujarat towns, Hein Streefkerk besides showed that artisan caste members, viz. carpenters and blacksmiths, were the first to go actively involved in the passage to industrial production ( Streefkerk, 198536 ). Satish Saberwal described in item, how after 1930, carpenters and blacksmiths in metropolis of Punjab worked their manner up to go industrial enterprisers ( Saberwal, 197637 ).

Measurement of Risk Taking leaning

For Measurement of Risk Taking leaning an instrument called Risk Attitude Inventory, designed by Gene Calvert ( 1993 ) 38 was used. Along with Kogan-Wallach CDQ, this is another popular tool for mensurating Risk Taking Propensity. This tool consists of set of statements as presented below:

Answer Agree/Disagree

Taking direction hazards makes good sense merely in the absence of acceptable options.

I by and large prefer stimulation to security.

I have assurance on my ability to retrieve from my errors no affair how large.

I would advance person with limitless potency but limited experience to cardinal place over person with limited potency but more experience.

Anything deserving making is worth making less than absolutely.

I believe that chance by and large knocks merely one time.

It is better to inquire for permission than to inquire for forgiveness

Success in direction is every bit much affair of fortune as ability

I would take three 1000 rupees one-year rise over 10 thousand rupees bonus, when I had about one-in-three opportunity of winning the fillip.

I can manage large losingss and letdowns with small trouble.

If forced to take between them, I would take safety over accomplishment.

Failure is the long route to direction success.

I tolerate ambiguity and capriciousness good.

I would instead experience intense letdown than intense sorrow.

When confronting determination with unsure effects, my possible losingss are my greatest concern.

Marking:

One point for each of the undermentioned inquiries on which the respondent Agrees

2, 3, 4, 5, 10, 13, 14

One point for each of the undermentioned inquiries on which the respondent Disagrees

1, 6, 7, 8, 9, 11, 12, 15

The graduated table that was used for measuring of Risk taking Propensity consisted of three degrees – Low, Medium and High. The maximal possible mark is 15. The respondents were assigned to the three degrees as follows:

0 – 5: Low, 6 – 10: Medium, 11 – 15: High

Table – 6

Hazard TAKING PROPENSITY

N=120

High

% age

Moderate

% age

Low

% age

Entire

Males

15

18.75

29

36.25

36

45.00

80

Females

6

15.00

9

22.50

25

62.50

40

Entire

21

17.50

38

31.67

61

50.83

120

A

Fig. 6: Comparative Status of Male and Female Entrepreneurs w.r.t. Hazard Taking Propensity

RELIGIOSITYA

Religion is an built-in portion of cultural system. It is of import because it promotes societal solidarity and reinforces societal norms and values. Religion makes people portion common beliefs and therefore common value system.

Religiosity, in its broadest sense, is comprehensive sociological term used to mention to the legion facets of spiritual activity, dedication, and belief ( spiritual philosophy ) and in its narrowest sense, religionism trades more with how spiritual individual is, and less with how individual is spiritual ( in footings of practising certain rites, reciting certain myths, idolizing certain symbols, or accepting certain philosophies about divinities and hereafter ).

It is widely held by some western perceivers like Max Weber ( 1958 ) 39 that Indi‘s spiritualism, doctrine of repudiation ; fatalism and asceticism constitute unsurmountable obstructions to material advancement of the state ( Singer, 195640 ). Following this analysis of Weber few other research workers like DwijendrTripathi, 199241, have besides argued that, because of the spiritual doctrine of surrender embodied in the philosophy of ‘Karm‘ and the stiff societal organisation of the caste system the Indian personality remained mostly un-entrepreneurial if non anti-entrepreneurial. Similarly, McClelland was of the sentiment that the presence of specific motivational construction, the desire to accomplish strictly for the interest of accomplishment — i.e. the `achievement motive ‘ — is of critical importance to successful entrepreneurship and he said that Indian craftsmans lacked entrepreneurial values and motivations, decision he based on his experience with handloom weavers in Orissand craftsmans in Kakinadin south Indi( Mclelland and Winter, 196942 )

But these averments are contradicted at least on two counts. First, non all Hindu Bibles teach philosophies of self-denial or the surcease of desire in order to accomplish personal redemption. Second, the secular philosophy abounds in plants like Kautily‘s, “ Arthasastr”, the “ Rig-Ved” and “ Bhagavat Git” ( Rao, 198643 ).

Kunkel describes the logical thinking of western perceivers who find the dogmas of the Hindu faith as responsible for Indi‘s economic retardation in the undermentioned words, “ The sacred literature of Indicontains values which are internalized by the people who so act in conformity with these values, and therefore Indiis economically dead, and there is small hope of economic growing ” ( Kunkle, 196544 ). However, he besides points out that the above logical thinking is based on an premise for which there is no nonsubjective grounds.

Contrary to the western position, Singer, 195345, Srinivas, 196246 and others argue that Indian population by and big is every bit mercenary in its day-to-day life as its western opposite numbers. Singer states that, “ The Indian universe position encompasses both stuff and religious values, and these can be found in the behavior of the ordinary Indian bing side by side and in functional mutuality. Further he points out: society dominated by doctrine of repudiation need non be society of abstainers. In India, abstainers and holy-men have ne’er constituted more than bantam fraction of the population. There have ever been sufficient figure of homeowners willing and able to make the universe ‘s work. And while the ideals of asceticism may indirectly act upon the general population, non all of these influences oppose societal reform and economic development ” ( Singer, 195347 ).

On the footing of an empirical survey conducted by him in Madras, metropolitan metropolis of Indi; Milton Singer argued that Hindu industrialists in Madras compartmentalize their spiritual lives and their concern activities ( Singer, 197248 ).Timberg ( Timberg, 197849 ) and Saberwal ( Saberwal, 197650 ) had wholly rejected Weber ‘s thesis that faith, norms and values, behavior and economic development are all interconnected. They were of the position that Indi‘s economic retardation was due to certain structural conditions that were unsuitable for entrepreneurship and non because of societal or cultural systems predominating in the state.

While the above statements have been forwarded, nil conclusive has emerged. The positions of bookmans sing the influence of Indian religionism on economic success are conflicting. However, the fact remains that Indian economic system remained dead for centuries for which historically assorted accounts have been suggested of which faith is merely one. Foreign regulation extended over long period is another. Lack of modern educational installations and other structural installations for growing of entrepreneurship is one of the effects of foreign regulation. Social and political establishments, which were non contributing to economic development, are the 3rd and possibly the most conclusive account ( Rao ; 1986, p-1951 ).

As presented in the old subdivision, many bookmans consider faith as an of import socio-cultural property act uponing economic development. Although cause – consequence relation can non be tested between the two variables ; it would be appropriate to analyze the relation between religionism and success degrees achieved by the respondents of this survey in descriptive mode. The religionism of each respondent was measured by seeking information on his spiritual wonts. It was measured on three-point graduated table with classs of high, medium and low. The measurement graduated table is explained below.

The Table – 5 shows the respondents ‘ religionism and the extent of entrepreneurial success achieved by them. Over 85 % really successful and successful enterprisers are found to hold high religionism or Medium Religiosity. Merely little minority of 10 – 15 % are found to hold low religionism. Majority of the respondents said that they have faith in the power of God and about all the respondents agreed that their spiritual maps, norms, patterns and God ‘s power helps them to be disciplined and gives them the assurance to get the better of troubles. It may be concluded that faith is decidedly non barrier to entrepreneurial success in Indi; instead it is beginning of strength for enterpriser. This decision is valid for both Male every bit good as Female entrepreneurs.

Measurement of Religiosity

set of 6 indexs was used to mensurate Religiosity.Information sing the indexs were obtained from the respondents with the aid of the undermentioned inquiries:

Q. Do you:

Have faith in God? Yes/ No

Have topographic point of worship in Office? Yes/ No

Worship day-to-day? Yes/ No

Celebrate all of import festivals? Yes/ No

Visit the Temple/public topographic point of worship on regular basis? Yes/ No

Perform any other specific rites? Yes/ NoA

The respondents were given 1 point for each affirmatory reply. The graduated table that was used consisted of 3 degrees of Religiosity. The tonss were runing from 0-6. Therefore the respondents were assigned to the three degrees as follows:

0-2: Low

3-4: Medium

5-6: HighA

Table – 7

RELIGIOSITY AND SUCCESS

N=120

Success Level in Entrepreneurial Venturing

Religiosity

High

Medium

Low

Meter

% age

F

% age

Meter

% age

F

% age

Meter

% age

F

% age

Very Successful

18

50.00

8

44.44

11

42.31

5

38.46

4

22.22

2

22.22

Successful

12

33.33

7

38.89

10

38.46

4

30.77

5

27.78

1

11.11

Less Successful

6

16.67

3

16.67

5

19.23

4

30.77

9

50.00

6

66.67

Entire

36

100

18

100

26

100

13

100

18

100

9

100

Beginning: Compiled personally from responses received vimail questionnaires and direct interview

Abbreviations: M stands for Male and F stands for FemaleA

Fig. 7: Comparative Status of Male and Female Entrepreneurs w.r.t. Overall Success in Entrepreneurial venturing and their Religiosity

Decision

The findings of the present survey reveal that the degree of success in entrepreneurial venturing measured with regard to Net net income, Turnover growing, and Level of variegation ( sing both Innovativeness and Risk taking leaning ) are more among the male enterprisers in comparing to their female opposite numbers. Female enterprisers are much more dogged to be advanced in taking hazard sing the uncertainness of the environment. The ground for such retardation of female enterprisers may be their lacking in instruction and hapless support from their household as observed in their profile. However, the nucleus findings of the present survey suggest that there is positive co-relation between religionism of the enterprisers and the degree of success achieved by them. So, in Indithe religionism is decidedly non barrier to entrepreneurial success ; instead it is beginning of strength for the entrepreneurs.

×

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out