ENTREPRENEURSHIP: Introduction: Entrepreneurship has uniformly positive connotations, implying initiative, innovation and opportunity recognition.

It also involves identification of opportunities, analysis of risk and rewards, strategic pursuit of resources and implementation of a plan of action. To some economists, the entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneurs role as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. The most obvious form of entrepreneurship is that of starting new businesses however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. Entrepreneurship appears in different sizes: it can be found in large corporations as well as in small retail shops. It can present itself under various forms. You may discover that its a motivating force behind a scientist who assigns economic meaning to his or her lab activity. It was also to be found in the old-time peddler who was particularly able as a salesperson just as today we can find it in the highly-educated manager who oversees a large corporation utilizing techniques learned in business school. And, of course, its what pushes the impetuous, instinctive type who is able to anticipate demand and to build an economic empire. Entrepreneurship can be a long, day-by-day accumulation or it might just present itself in a dramatic leap ahead. Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job and doesn't see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills. Some people are actually repulsed by the idea of working for someone else. They object to a system where reward is often based on seniority rather than accomplishment, or where they have to conform to a corporate culture. Other people decide to become entrepreneurs because they are disillusioned by the bureaucracy or politics involved in getting ahead in an established business or profession. Some are tired of trying to promote a product, service, or way of doing business that is outside the mainstream operations of a large company. In contrast, some people are attracted to entrepreneurship by the advantages of starting a business.

Creating a Business Plan A comprehensive business plan is crucial for a start-up business. It defines the entrepreneur's vision and serves as the firm's resume. There are many reasons for writing a business plan: To convince oneself that the new venture is worthwhile before making a significant financial and personal commitment. To assist management in goal-setting and long-range planning. To attract investors and get financing. To explain the business to other companies with which it would be useful to create an alliance or contract. To attract employees.

A business plan can help an entrepreneur to allocate resources appropriately, handle unexpected problems, and make good business decisions. A well-organized plan is an essential part of any loan application. It should specify how the business would repay any borrowed money. The entrepreneur also should take into account all startup expenses and potential risks so as not to appear naive. What Makes Someone an Entrepreneur? Who can become an entrepreneur? There is no one definitive profile. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and "smart. Creativity is the spark that drives the development of new products or services, or ways to do business. It is the push for innovation and improvement. It is continuous learning, questioning, and thinking outside of prescribed formulas.

Dedication is what motivates the entrepreneur to work hard, 12 hours a day or more, even seven days a week, especially in the beginning, to get the endeavor off the ground. Planning and ideas must be joined by hard work to succeed.

Determination is the extremely strong desire to achieve success. It includes persistence and the ability to bounce back after rough times. It persuades the entrepreneur to make the 10th phone call, after nine have yielded nothing. For the true entrepreneur, money is not the motivation. Success is the motivator; money is the reward.

Flexibility is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities. A story is told about an entrepreneur who started a fancy shop selling only French pastries. But customers wanted to buy muffins as well. Rather than risking the loss of these customers, the entrepreneur modified her vision to accommodate these needs.

Leadership is the ability to create rules and to set goals. It is the capacity to follow through to see that rules are followed and goals are accomplished. Passion is what gets

entrepreneurs started and keeps them there. It gives entrepreneurs the ability to convince others to believe in their vision. It can't substitute for planning, but it will help them to stay focused and to get others to look at their plans. Self-confidence comes from thorough planning, which reduces uncertainty and the level of risk. It also comes from expertise. Self-confidence gives the entrepreneur the ability to listen without being easily swayed or intimidated. "Smarts" is an American term that describes common sense joined with knowledge or experience in a related business or endeavor. The former gives a person good instincts, the latter, expertise. Many people have smarts they don't recognize. A person who successfully keeps a household on a budget has organizational and financial skills. Employment, education, and life experiences all contribute to smarts. arts."

Why Become an Entrepreneur? What leads a person to strike out on his own and start a business? Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job

and doesnt see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills. Some people are actually repulsed by the idea of working for someone else. They object to a system where reward is often based on seniority rather than accomplishment, or where they have to conform to a corporate culture. Other people decide to become entrepreneurs because they are disillusioned by the bureaucracy or politics involved in getting ahead in an established business or profession. Some are tired of trying to promote a product, service, or way of doing business that is outside the mainstream operations of a large company. In contrast, some people are attracted to entrepreneurship by the advantages of starting a business. These include: Entrepreneurs are their own bosses. They make the decisions. They choose whom to do business with and what work they will do. They decide what hours to work, as well as what to pay and whether to take vacations. Entrepreneurship offers a greater possibility of achieving significant financial rewards than working for someone else. It provides the ability to be involved in the total operation of the business, from concept to design and creation, from sales to business operations and customer response. It offers the prestige of being the person in charge. It gives an individual the opportunity to build equity, which can be kept, sold, or passed on to the next generation. Barriers to Entrepreneurship Structural and economic barriers: Structural barriers may exist due to conditions such as economies of scale and network effects. Sometimes it is possible to quantify these kinds of barriers because it is known in advance how much it will cost to build an efficient plant or to purchase necessary inputs. Strategic barriers, on the other hand, may arise from behavior such as exclusive dealing arrangements. It can be

substantially more difficult to measure the difficulties that such behavior can impose on potential

entrants. Structural barriers have more to do with basic industry conditions such as cost and demand than with tactical actions taken by incumbent firms. Structural barriers may exist due to conditions such as economies of scale and network effects. Sometimes it is possible to quantify these kinds of barriers because it is known in advance how much it will cost to build an efficient plant or to purchase necessary inputs. A barrier to entry is an advantage of established sellers in an industry over potential entrant sellers, which is reflected in the extent to which established sellers can persistently raise their prices above competitive levels without attracting new firms to enter the industry. Prices would settle down to their competitive levels if new firms were free to enter the industry. At their competitive levels, prices are equal to marginal cost. A barrier to entry is anything that allows incumbents to raise prices above marginal cost, which usually entails above-normal profits, without inducing entry of new firms. Organizational barriers: There are a number of barriers to change at the organizational level that, need to be addressed to allow change to be implemented with the least amount of resistance. These include: Undefined Goals and Objectives An organization should clarify continually the goals and objectives, outlining roles and specifying performance standards. Financial and Environmental Lack of working capital in an organization can prevent it from introducing change that is necessary to stay ahead of competitors or merely survive as a business. In these circumstances redundancies are almost inevitable. The lack of finance could be due to a variety of factors. Lack of Resources and Bad Resource Allocation Lack of resources is an onset of financial and/or environmental issues as discussed in the above paragraph. Bad resource allocation, occur when managers make bad decisions in allocating resources such as money, time, machinery and staff. Managers should use their imagination to avoid causing conflict situations.

Structural An organization that follows the traditional hierarchical structure tends to resist change more than that which has a more flat structure. Communication between head of departments and employees in traditional hierarchical structures are usually poor which causes a rift between Management and Employees. Insufficient Communication There are two branches of communication, which are communication internally, within the organization between Employees and Management and externally between the organization and suppliers and customers. In organizations where management keep employees in the dark with respect to change potentially face fierce resistance. Employees may interpret this as a conspiracy against them inevitably leading to an unfriendly atmosphere to work in. Lack of or Bad Leadership Strong leadership is required in order to direct the change management process in any organization. Bad leaders who merely provide are not doing enough to inspire the employees to march ahead. People want to be shown the way. Lack of Preparation for New Roles Organizations may lack in their planning phase. Failing to prepare and define the new roles that will need to be satisfied when change is implemented; shall give rise to resistance. Cultural Issues The culture of an organization is a set of unwritten rules. Management may have a set of protocols for employees to adhere to perform business processes. The way a task is actually carried out depends namely on the culture. The culture of the organization can strongly resist changing as employees become too familiar with the current way of doing things. Behavioral barriers: Behavior and attitudes can be described as entrepreneurial as opposed to managerial and that these patterns of entrepreneurial behavior are somewhat at conflict with the culture and expected

behaviors within established organizations. Behavioral barriers are sometimes referred to as social barriers because they are comprised of attitudes and beliefs which then act as barriers to action. For example, one particular group of barriers revolves around a lack of knowledge or understanding of the issues. In this instance the attitude is partly driven by the complexity of sustainability as an issue with its respective environmental and economic and social aspects. For example, the evaluation of a development might include considering the social benefits and disadvantages that accrue along with economic advantages and costs, as well as the environmental impacts. Other barriers (Difficulties) leading Entrepreneurship discouragement: There are also many barriers faced by graduates in order to become entrepreneurs. Thus, in order to formulate effective policies to curb graduate unemployment, we need to have a thorough understanding of the factors influencing entrepreneurial inclination and also the barriers to entrepreneurship. Understanding these barriers to entrepreneurship will also assist policymakers in formulating strategies to mitigate or remove these barriers in order to increase entrepreneurial activities. Research problem There are limited entrepreneurship studies covering developing countries. Barriers faced by budding entrepreneurs from developing countries may differ from those in developed countries. This is because developed countries may have more institutional support and an education system that is more advanced thus reducing potential barriers. Research objectives: The main objectives of this study are: . To determine postgraduate students overall perception of their entrepreneurial inclination. . To determine the impact of perceived barriers to entrepreneurship on entrepreneurial inclination. To determine the relationship between selected demographic and personal factors and entrepreneurial inclination.

Aversion to risk Low uncertainty avoidance encourages individuals to be ambitious and competitive, to strive for material success, and to take risk for material gain. Societies with high uncertainty avoidance expect the individuals to avoid risk-taking behavior for a material gain. Fear of failure Failure and entrepreneurship go hand-in-hand. According to the Global. Entrepreneurial Monitor, fear of failure is the top reason given worldwide by aspiring entrepreneurs for not starting their own businesses .The biggest reason that the majority of people do not go into business is the fear that they will fail. Fear of failure has negative influence on entrepreneurial inclination of postgraduate students.

Lack of social networking and resources While motivation may drive individuals to engage in the behavior necessary to start a business, entrepreneurship research demonstrates also that availability of resources is an important determinant of entrepreneurial process. Some of the critical resources that impact the success of start-ups include financial capital, access to markets and Availability of information. Social and organizational networks are also important for new start-ups. Social networks are a significant portion of an entrepreneurs social capital and also serve to enhance the return on human capital such as intellect and education. Lack of social networks has a negative influence on the entrepreneurial Inclination of postgraduate students. Lack of resources has a negative influence on the entrepreneurial inclination of postgraduate students. Aversion to stress and hard work It is evident that the process of entrepreneurship initiates the demand for work assignments, interpersonal relations and social obligations. Uncertain or unknown matters create anxiety which in turn causes stress in many people, as

opposed to the more universal feeling of fear caused by known or understood threats.

Demographic and personal factors as barriers to entrepreneurial intentions Gender, family, business experience and education level had significant influence on Intention to do business. Female were found to be less interested in entrepreneurship than males. Several studies found that higher education influences individuals to become entrepreneurs. Demographic and personal factors (such as age, income, educational level, gender, marital status, type of degree etc.) influence entrepreneurial inclination. Barriers for women Entrepreneurship in India Socio-cultural norms Socio-cultural norms in India restrict womens involvement in the market place, networking and limit their mobility. In addition, most of the women in India are deprived of using tools and technique. The findings of this study suggest that there is a definite relation between sociocultural attributes of entrepreneurs and the level of success achieved by them. It is observed that caste does not influence the success level that can be achieved but it does influence the supply of entrepreneurs and the survival of the enterprise in difficult situations. Time constraints and family As characterized in some of the studies in Asian countries, Mostly Indian females are engaged in regular family day today work activities of the family. Family and its support affect almost all of a womans decisions. The scenario is changing in a slow pace due to various reforms in the social policies existing in our country.

Female stereotyping Due to the framework existing in the social norms the females are discriminated in all area of life from her childhood. This creates a timid mindset among the women in general and can be seen in workplace or business.

The stereotyping lies in female or male jobs. The participation of female in Entrepreneurship is very less in India that is why promotion activity is very less. Despite of female enrolment in education program at higher level is very nominal females adopting for undertaking jobs in the sector. Career guidance Due to mentoring and guidance which can motivates the female to select job related field. Females at the senior school level dont know more about Entrepreneurship and the field related where they can develop their career to opt work in much better way in compared to tradition jobs. Due to the lack of awareness and counseling few women who are undertaking entrepreneurial business activity are rarely using tools and techniques in regular business which can actually generate income, making systematic procedures and develop networking.

Information and communication technology Access to the Information &communication technology tools and equipment are very rare among the females in India. Lack of sufficient access to ICT makes them retiring towards the ICT tool. Use of ICTs spreads we need to bring people together rather than divide them. By promoting eSkills we will be fighting the digital divide. This is true whether we are supporting more secure, connected and convenient futures for all women, or in opening up new career options for women who are passionate about working in the ICT sector. Information and Communication Technologies are for everyone and women have to be an equal beneficiary to the advantages offered by the technology, and the products and processes, which emerge from their use. The benefits accrued from the synergy of knowledge and ICT need not be restricted to the upper strata of the society but have to freely flow to all segments of the female population.

Motivation Motivation among the women in India is low and various factor of motivation are less as compared to other regions. Womens have less motivated toward self and accomplishing in work. This innate place character put in frame of restricting themselves to take initiative for doing entrepreneurial activity and build inbred dependency mechanism on the family members.

Other barriers restricting entrepreneurial development in India 1. Accessibility to support service 2. Conditions of work in economic activity 3. Consistently high level of activity and responsibility in home 4. Dependency on family 5. Family pressure 6. Forces into the field of community development. 7. Formal political rights for women 8. Formal socio cultural norms 9. Gender-based demands in ICT sector 10. Higher Education related to entrepreneurship and business

Entrepreneurial Intentions: Entrepreneurial intentions are an important area of study given the high regard in which entrepreneurship is held by society. To that end, the Gallup Organization polled high school students, members of the general public, and small business owners/managers regarding their opinions related to starting businesses, their knowledge of entrepreneurship and business, and their views related to education in entrepreneurship and business. All three groups expressed a stronger desire to be a small business owner than a manager in a large corporation. Entrepreneurial Education and Intentions Entrepreneurship education has been characterized as one of the most significant successes of the modern postsecondary educational system and a key factor in economic development and the creation of jobs. Most effective in the education of their students (in order of importance): (1) Business plans, (2) Entrepreneurs as guest speakers, (3) Case analysis (4)Class lectures

Entrepreneurship program consists of two courses: (1) An introductory course making use of case analysis, textbooks, and outside speakers (2) A business plan development course

In fact, entrepreneurs as guest speakers provide a vital exposure to entrepreneurship.

Entrepreneurship Course Enrollment and Entrepreneurial Intentions: Entrepreneurship courses are part of a concentration within the management major but are not required to earn the undergraduate degree. Thus, the criterion in this study is entrepreneurial intentions, and, consistent with these and the aforementioned Gallup study, we suggest the following: Entrepreneurial intentions will be higher for enrollees in an entrepreneurship course than for those not enrolled in such a course.

Support Factors and Entrepreneurial Intentions Beyond merely enrolling in an entrepreneurship course, a myriad of other factors are likely to predict entrepreneurial intentions. Support factors, for example, have been shown to relate to the career choice of entrepreneurs. Self-employed parents are more likely to start their own business due to the example of parents. Early exposure to entrepreneurship shapes attitudes and intentions toward selfemployment. The perception of support factors will be positively related to later entrepreneurial intentions.

Attitudes toward Entrepreneurship and Entrepreneurial Intentions The correlation between entrepreneurship education and favorable attitudes toward entrepreneurship is strong and positive. Attitudes toward entrepreneurship should be directly assessed, above and beyond enrollment in an entrepreneurship course. Entrepreneurial attitude is strongly linked with the intention to start a new venture.

Favorable attitudes toward entrepreneurship will be positively related to later entrepreneurial intentions.

Barriers to Entrepreneurship and Entrepreneurial Intentions The attractiveness or feasibility of an entrepreneurial or employment activity is strongly related to a persons intention to pursue it. Lack of money or overwhelming family responsibilities. Guest speakers, textbooks, and business plans are designed to provide students with the skills needed to overcome barriers. Perceptions of barriers to entrepreneurship will be negatively related to entrepreneurial intentions.

Challenges to Entrepreneurs and Entrepreneurial Intentions Barriers are closely related to challenges faced by entrepreneurs. Marksman states that choosing alternative courses of action and the best strategy to overcome a challenge can be made more difficult for entrepreneurs by the complexity and intricacy of knowledge required. Entrepreneurs must also be able to overcome the difficulties of obtaining capital, labor, raw materials, components, and technology, not to mention customers, in emerging and existing markets. Entrepreneurs must also be able to overcome the difficulties of obtaining capital, labor, raw materials, components, and technology, not to mention customers, in emerging and existing markets.

Characteristics of Entrepreneurship in India Based on are view both factor sequences and consequences associated with entrepreneurship and evidence from India, we challenge the assumption that entrepreneurship is not supported by Indian culture. Instead, these entrepreneurs work on bringing happiness and power to the grassroots level, with innovative business models. These models range from making all employees, including clerks, into millionaires by offering equity participation, to financing development initiatives in the rural areas, to developing worlds cheapest cars, and to providing high quality products at street prices to the masses.

Indian next generation paradigm: Indian entrepreneurs are taking control of their current generations physical and intellectual assets since Western firms are finding them costly to deploy. In this endeavor, the entrepreneurs are transforming the next generations assets by making them accessible to even the grass roots markets. As Indian entrepreneurs make assets accessible a variety of markets, they are also examining how grassroots can serve global markets. They are discovering how grass roots can use their unique culturally-embedded knowledge, which, until now, has been invisible.

Factor sequences: which is a theoretical list of personal traits that an entrepreneur ought to have Entrepreneurship rests on three core factor sequences or personal traits.

1) Risk taking propensity: The first factor sequence is risk taking propensity. Empirical studies of different Indian regions indicate that both male and female entrepreneurs in India score rather low on risk-taking propensity measures. This low risk-taking propensity serves as an explanation for the historical preference in India for service ventures - which have lower initial capital outlays and shorter breakeven periods compared them manufacturing ventures.

2) Achievement motivation: The second factor sequence in literature view is achievement motivation. McClelland in 1961 identified the need for achievement as key to entrepreneurship. He, particularly, noted that high achievers are motivated by an enduring desire to succeed and to exploit opportunities, to take advantage of favorable trade conditions; in short, to shape his own destiny.

3) Human capital: The third factor sequence is human capital. Many scholars note Technical, human, and conceptual skills as critical to entrepreneurship This low level among women entrepreneurs in India may be associated with a lack mentors and role models to associated with the acquisition of technical and conceptual skills.

Factor Consequences: Empirically, major consequences of entrepreneurship are innovativeness and growth. Many scholars have mistakenly cited In They believe the caste system in India inhibits social areas in Mobility and Hindu spiritualism inhibits pursuit of material growth .Many empirical studies also indicated a generally low level of innovativeness amongst both men and women entrepreneurs. Exemplified by the fact that most entrepreneurs in India were less likely to develop new products or new production methods dies religion as an impediment to innovativeness and growth.

Female and male entrepreneurship at the country level Increasingly, female entrepreneurs are considered important for economic development. Not only do they contribute to employment creation and economic growth through their increasing numbers, but they also make a contribution to the diversity of entrepreneurship in the economic process. Female and male entrepreneurs differ with respect to their personal and business profile:

They start and run businesses in different sectors Develop different products Pursue different goals and structure their businesses in a different fashion

Diversity in terms of products, processes, forms of organization and targeted markets is input for a selection process where customers are at liberty to choose according to their preferences and where entrepreneurs learn about what is viable from a technological and organizational perspective. This, in turn, may lead to a higher quality of entrepreneurship. Factors Determining Entrepreneurship distribution: Entrepreneurship categorized according to the following five groups: technological development; economic factors; demographic factors; institutional factors and government intervention; and cultural factors. Technological development New technologies have the potential to lead to the development of new products and services, creating opportunities for the start-up of new firms.

New information and communication technologies lead to diminished transaction costs and lower minimum efficient scales in many industries, enabling small firms to compete in both new and established industries.

Producing new products Making use of new production or communication techniques Technological development has a positive influence on entrepreneurial activity. Technological development has a larger influence on male than on female entrepreneurship.

Economic factors Some economic factors are here that determines entrepreneurship Per capita income: The influence of per capita income on entrepreneurship is complex as the development of a countrys income level can be an indicator for several economic phenomena. Economic development tends to be accompanied by rising real wages raising the opportunity costs of self-employment. A positive relationship between per capita income and entrepreneurship

Unemployment: The relationship between unemployment and self-employment has been shrouded with ambiguity. Three different effects of it. First, there is the (positive) push or refugee effect of unemployment. At the micro level (the risk of) unemployment is likely to have a positive effect on the level of entrepreneurship through reducing the opportunity costs of self-employment. Second, there is the (negative) Schumpeter effect of more entrepreneurship leading to a decrease in unemployment. Not only do entrepreneurs hire employees, they also stimulate incumbent competitors to perform better leading to increased economic performance at a higher aggregation level. Third, At the macro level a high rate of unemployment may be associated with a lower level of entrepreneurship as it may be an indication of a decrease in the number of business opportunities induced by a depressed economy.

Share of the service sector: The service sector is characterized by low initial capital requirements, leading to low barriers to entry and facilitating start-up. Most services are characterized by a relatively small average firm size. The share of service sector employment has a positive influence on entrepreneurial activity. The share of service sector employment has a larger influence on female than on male entrepreneurship. Informal sector: The informal sector (i.e. shadow or underground economy) has been referred to as economic activities that are not registered in the national accounts and are not subject to formal rules of contract, licensing, labour inspection, reporting and taxation. The size of the informal sector may negatively influence entrepreneurial activity as people operating in the informal sector absorb (entrepreneurial) opportunities otherwise available for starting a business in the formal sector. Female labour force participation: A higher share of women in the labour force is likely to be accompanied by a lower level of selfemployment (as a percentage of labour force), as women are less likely than men to become selfemployed. Demographicfactors Family situation: The role of the family within society has changed dramatically in the last decades with a lower marriage rate, postponed marriages, an increasing divorce rate and lower birth rates. Family situation (marriage and children) may have a differential effect on the entrepreneurship of women and men. Head of the household is responsible for maintaining the family

Institutional factors and government intervention the government can influence both the number and accessibility of entrepreneurial opportunities through investments in R&D, privatization, income policy (number), competition policy, (de)regulation, fiscal incentives, labour market regulation, and establishment and bankruptcy policy (accessibility).

The following institutional factors may have a differential impact on female and male entrepreneurship. Business licensing: Business licensing may be a barrier for (potential) entrepreneurs as it raises the costs of starting or running a business. These costs can take different forms. Associated with starting a business, hiring and firing, registering property, enforcing contracts, getting credit, protecting investors and business closure. Establishment legislation diminishes the costs involved in starting up a business and may stimulate people to start a firm Availability of capital: The availability of capital is important for entrepreneurship as it lays the foundation for the business Entrepreneurs engaged in new venture activity usually have little equity to finance their business with, while debt and (external) equity is difficult to acquire.

Child care and parental leave: Women are still responsible for the major part of child-rearing activities, therefore the availability and price of child-care facilities will influence female employment. If quality child-care is unavailable or costly, more women are likely to discontinue employment or refrain from re-entering the labour market when they become mothers. The availability of maternity leave schemes negatively influences entrepreneurship.

Cultural factors Cultural values play a role in shaping the institutions in a country. Values and beliefs shape behavior and, accordingly, may be assumed also to influence the decision to become selfemployed. The impact of human, family and financial capital on women and mens entry into entrepreneurship Entrepreneurship contributes to economic development in countries worldwide. Entrepreneurial activity is beneficial for both men and women, including those in developing countries.

However, men and women may not engage in entrepreneurship to the same extent because of differential access to (various forms of) capital. To encourage entrepreneurship in India, policymakers should emphasize access to human and financial capital. Furthermore, findings suggest that womens likelihood of becoming an entrepreneur will be especially encouraged if they have increased access to education, as well as the skills necessary to take advantage of their family capital. Entrepreneurship has come to be recognized as a major engine for job creation and economic development in countries around the world. The likelihood of becoming an entrepreneur and engaging in entrepreneurship is influenced in large part by the resources people have .According to the resource-based theory of entrepreneurship, peoples likelihood of becoming an entrepreneur is influenced by their access to valuable and unique resources. Resources refer to financial capital, as well as human and social forms of capital.

Human capital and entrepreneurial entry Human capital may be defined as the knowledge, skills, competencies and other attributes embodied in individuals that are relevant to economic activity. People possess skills, experience and knowledge that have economic value to them and their firms. Human capital theorists maintain that knowledge enhances peoples cognitive abilities, potentially leading to more productive and effective activities. Human capital refers to the productive capabilities of human beings.

Human capital has several important elements. First, skills and knowledge represent capital because they enhance productivity by providing people with the ability to perform future services and create value. Second, human capital is the result of a deliberate investment that carries both out-ofpocket and opportunity costs. Third, human capital commands a price on the market because it is valuable to other actors in the market, and is transferable.

When new economic opportunities exist, individuals with better human capital should have a higher likelihood of identifying and exploiting them. Formal education is an important component of human capital because it assists in the development of skills and articulable knowledge that may be useful for individuals interested in entering entrepreneurship. Formal education can affect the likelihood of engaging in entrepreneurial activity through the acquisition of skills such as critical thinking, Effective communication and sound decision-making.

Family social capital and entrepreneurial entry The idea of family social capital is predicated on the belief that the family is a key institution through which social capital is transmitted. Social capital refers to the the ability of actors to secure benefits by virtue of membership in social networks or other social structures .It focuses on characteristics of relationships that people have and norms that govern these relationships. Social capital inheres in the structure of relations between persons and among persons. Social capital enhances the likelihood of several individual outcomes including expressive ones, such as higher life satisfaction and better mental health, and instrumental ones, such as better jobs and faster promotions. Family capital refers to the relations between children and parents (and, when families include other members, relationships with them as well). Family members commonly engage in social exchanges that give rise to mutual dependence and expectations based on routine tasks and responsibilities encompassing sexual, child-rearing and productive activities. Family members are generally more trustworthy in matters involving sensitive transactions where the risk of opportunism and malfeasance is high, such as in new businesses. Family social capital is positively related to the likelihood of becoming an entrepreneur in Turkey.

Gender effects Entrepreneurship scholars have observed that there is a wide discrepancy in the rate of entrepreneurial activity among men and women entrepreneurs. Although a number of factors may be responsible for this difference, some suggest that it may be attributed to variations in

resources between the two groups .These scholars suggest that social structures (workplace, family and organized social life) affect the status men and women occupy, which influences their access to resources such that women are usually denied the resources necessary to compete at the same level as men .The differences in resources lead to gender differences in the rate of entrepreneurial activity between men and women. In many countries, women continue to have lower intentions of starting and growing a new business compared to men. Developing countries present an interesting context for examining the influence of resource availability on men and women interested in entrepreneurship because findings from data collected from around the world reveal that despite a general resource-poor environment in these countries, the rate of entrepreneurship among women in these countries is usually higher than that in developed countries.