Entrepreneurship In Sri Lanka

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Chapter one provides a short description of the study and the issues to be identified. It describes different aspects related to entrepreneurship and existing policy environment around which entrepreneurship strategies are laid globally and in a Sri Lankan perspective. It draws from previous studies and concepts related to the subject, which are critically reviewed. The research problem to be addressed in the study is how socio cultural factors associate with effectiveness of female entrepreneurship in Sri Lanka. Research Background In a market economy, being a female entrepreneur means accepting the risks involved in selling either goods or services to make a profit. Entrepreneurs run their own business; pay taxes and either work alone…show more content…
But still the number of female entrepreneurs is relatively low. However, the situation has now changed and there is evidence to prove that Sri Lankan women significantly contribute in every economic, political and social aspect of the country (Hemalatha, 2005). In fact they seemed to be competing on an equal footing with men, in such fields. Especially in the business sector of Sri Lanka, it is conspicuous that women have shown significant progress over the men during the last few decades. A large number of women have started their own businesses and most of them have been able to meet with success. Some of them now compete at international…show more content…
As a process, entrepreneurship is governed by social and cultural factors that are characterized by continuous changes which evolve in an economic system, the entrepreneurship environment and the underlying social and cultural attributes of the people in that particular area (Gamini de Alwis and Senathiraja, 2003:4). Traditional literature in the field of entrepreneurship has laid great emphasis on the psychological attributes of the individual as the underlying factor for engaging in entrepreneurial activities (Buame, 1996:17). However, there are other important attributes which may influence the success or failure in entrepreneurship. These include the specific background of individuals in the society, the culture in which their activities are embedded and their life experiences. These attributes are said to be helpful in differentiating entrepreneurs from non-entrepreneurs, in terms of their behaviour and common conduct in the society and the way they undertake the entrepreneurial activities and their lives in general (Fayolle, 2005). The individual psychological attributes, such as personal motivation and initiative, entrepreneurship orientation, innovativeness and risk taking, may affect the success or failure of the entrepreneurship development but they may not decide how

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