Idiosyncratic psychological aspects in entrepreneurship

Entrepreneurship is having the courage to transform an idea in reality and with it achieve personal, financial and recognition satisfaction. The psychological ability to handle failure has proven essential in success. Goal: Analyse the importance of idiosyncratic psychological aspects in the success of entrepreneurs. Method: Observational study, using a case study, a group of 20 entrepreneurs from the idea presentation phase to company incorporation during a period of two months. Results: During the observation period 4 distinct psychological phases of the entrepreneurs were observed, being it possible to describe them as follows: absorption of information and knowledge; application of the gathered knowledge to their specific cases; frustration generated by criticism, namely from investors who don’t recognize the value of their projects; realism and implementation of the project. Having passed more than 6 months after the analysis period, one can verify the entrepreneurs who have travelled the 4 phases and specially reached the realism of Phase 4, are today developing their projects being that the remaining ones, majority of which weren’t able to overcome Phase 3, are in a similar situation as at the end of the initial two months. Conclusion: The ability to cope with frustration and rejection is a determinant factor in the success of the entrepreneur. The ability to learn from rejection, more than resilience help the entrepreneur to proceed. Therefore, based on the observations, entrepreneurship has a lot to gain if besides technical assistance also coaching assistance is provided.

Idiosyncratic psychological aspects in entrepreneurship

Entrepreneurship is having the courage to transform an idea in reality and with it achieve personal, nancial and recognition satisfaction. The psychological ability to handle failure has proven essential in success. We analysed the importance of idiosyncratic psychological aspects in the success of entrepreneurs through an observational study accompanying 20 entrepreneurs from the idea presentation phase to company incorporation. During the observation period 4 distinct psychological phases of the entrepreneurs were observed, being it possible to describe them as follows: absorption of information and knowledge; application of the gathered knowledge to their speci c cases; frustration generated by criticism, namely from investors who didn’t recognise the value of their projects; realism and implementation of the project. Having passed more than 6 months after the analysis period, one can verify that the entrepreneurs who have travelled the 4 phases are today developing their projects being that the remaining ones are in a similar situation as at the end of the initial two months. Conclusion: The ability to cope with frustration and rejection is a determinant factor in the success of the entrepreneur. The ability to learn from rejection, more than resilience help the entrepreneur to proceed.

Factors that influence entrepreneurship activity by gender in the European Union

This research work aims to discuss the gender issue concerning entrepreneurship in European Union countries in a period of nine years, from 2007 to 2015, identifying the factors which drive individuals to be entrepreneurs. The study mainly concentrates on identifying and quantifying the personal, social, political and economic features which are motivating individuals, especially women, to be entrepreneurs, as well as the main difficulties they feel during the process of business creation. In order to explore the entrepreneurial activity across a set of developed countries the econometric methodology of panel data (in particular the fixed effects and random effects models) is applied to a data set of entrepreneurial statistical indicators calculated and made available by the Global Entrepreneurship Monitor. The results show that the knowledge of other start-up entrepreneurs, a desired career choice, the governmental support and the existence of public policies that promote entrepreneurship (specially within the framework of small and medium sized firms) and the transfer of R&D are factors influencing negatively on the rate of female entrepreneurship. None of the observed variables are barriers for male entrepreneurs. The perceived capabilities and opportunities, the entrepreneurial intention, the policies to lower taxes and bureaucracy and the social and cultural norms are identified drives for women for engaging in a process of running their own ventures. These findings offer a set of valid knowledge to understand which measures could be implemented or should be changed and improved at a political and managerial level for stimulating entrepreneurship, especially for women.

Female entrepreneurship in belarus

Nowadays entrepreneurship is one of the main key objects in internal policy of each country. More and more women start doing their own business and thus become integral participants of entrepreneurial activities. However, despite of the abundance of various scientific publications, female entrepreneurship is poorly understood phenomenon, which is needed to be carefully scrutinized. The general purpose of this work is to describe and analyse such phenomenon as female entrepreneurship generally in the world and separately and mainly in Belarus. Indeed, it intends to determine the factors that drive women's entrepreneurship in Belarus. The findings are supported by literature, gathered from different scientific researches and actual statistical data. The data used in the empirical part was collected from World Bank Enterprise Surveys and comprises the responses of representatives of 360 companies selected randomly from the population of the Belarus companies. With the help of descriptive statistics and the application of logistic regression simple models to determine which economic, social, fiscal and legal environmental factors impact on female entrepreneurial activity was possible to understand the female involvement in business activities and society of the country.