What Drives People Into Entrepreneurship?

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized empreendedorismo. This is evident in several available literatures compiled by scholars on the subject matter but a closer examination of those literatures show tilted emphasis and concentrations on some typically common areas associated with entrepreneurship.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in an increasing fascination with studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, entrepreneurship, have played and can play more of the positive roles, is no easy vocation as it does not always guarantee 100 per cent triumph. There are several critical areas of knowledge and factors that must be acquired and put in position allow entrepreneurs achieve a way of measuring business success and consequently adding to national development.

Several researches have now been conducted in aspects of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success have a tendency to unquestionably argue that many entrepreneurial fiascos are essentially because of inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have undoubtedly influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of financial resources to business units for the only real purpose of boosting and sustaining entrepreneurial development for rapid national development.

The aforementioned, policy strategy unfortunately has generated the continuous negligence on the the main government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally plays a part in successful entrepreneurship, business success and national development.

Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We will be duelling on our discussion more on these entrepreneurial competences to observe they individually donate to successful entrepreneurship, business success and national development.

As said earlier in the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the variety of jobs created, the amount of wealth generated and the rate of indigenous entrepreneurship promoted in many countries across the world.

There's undoubtedly that government of the planet have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or else through various agencies and under different terms and conditions, this fact prompt someone to ask a concern of high concern.

Why is there still high rate of business failure all over the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures may be said to be and are largely attributed to insufficient entrepreneurial competence.

The majority of the businesses failed unknowingly even before you can find started because of insufficient among the required competence; project evaluation and management. This does not therefore; ensure it is surprising while entrepreneurship competence has often been identified because the missing link for successful entrepreneurship, business failure and consequently crawling national development and in certain instances stalled economy. What then is entrepreneurship competence?

Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning in which it is employed in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.