Theoretical Frameworks for Successful Entrepreneurship
Entrepreneurs have consistently faced challenges that hinder them from successfully pursuing their businesses and ensuring their survival. An entrepreneur cannot advance without conquering the obstacle that threatens to prevent them from seizing the immediate business opportunity. Depending on the situation, the person, and the location, these difficulties (factors) are experienced in various ways. The sociological, psychological, inventive, and need for high achievement aspects were among the variables from a variety of theoretical factors that were examined, and the results led to the establishment of the conceptual framework of entrepreneurial success and sustainability.
Entrepreneurship is a welfare-improving commercial activity that occurs in the context of effective institutions that direct creativity and initiatives into beneficial activities that let customers maximize their utility at a lower cost. As a result, these activities benefit both the entrepreneur and society as a whole. They also provide economic value that is based on creativity and the capacity to change in response to changing market conditions.
Entrepreneurship has been identified to be the best activity for generating economic growth in developing countries. Despite the significant contributions that entrepreneurs make to the economic growth and development of a nation’s economy, they encounter a number of obstacles that prevent them from engaging in successful entrepreneurship and sustainability. Thus, there is a need for a conceptual framework to help entrepreneurs enhance their performances, become more competitive, and increase the sustainability of their businesses in order to achieve successful entrepreneurship career.
It is a well-known fact that entrepreneurship plays a significant role in economic growth, but it is also true that entrepreneurs take on risk and operate in an uncertain environment. Therefore, mentorship can equip an entrepreneur to handle such problems, particularly by helping them understand the elements that affect their mindset and how to ensure that their business plans will be successful, leading these budding entrepreneurs towards their dream venture. Hence MIDAS School of Entrepreneurship takes it into account all seriousness in order to provide young entrepreneurs with a thorough understanding of these certain important theories:
1. Psychological Theory:
The concept and process of entrepreneurship are psychological in nature. This idea holds that the main driver of entrepreneurial development is psychological issues and power. There are good opportunities for the growth of entrepreneurship when there are enough people in the society who have the same psychological traits.
2. Sociological Theory:
Entrepreneurship is a sociological idea and process, according to the sociological theory. This idea holds that the secondary source of entrepreneurial development is sociocultural issues. As a result, societal factors including social attitudes, values, and institutions have a big impact on the availability of entrepreneurs in a society.
3. Economic Theory:
This notion contends that an entrepreneur always acts in the best interests of their business. This theory’s primary objective is profit motive.
All of these theories and a knowledge of how to implement them is important to have for any budding entrepreneur.
Therefore, we can say that mentoring and coaching are incredibly important in molding an entrepreneur’s perspective and preparing them for the worst so they can overcome any challenges that might occur. At MIDAS School of Entrepreneurship, offer and guide all our budding entrepreneurs toward their dream venture by exposing them to the practical aspects of entrepreneurship