The Entrepreneurial Mind: Unraveling Psychological Drivers

Abstract

Entrepreneurship is important for economic growth of any nation as it contributes to job and enterprise creation which drives
the engine of economic development. Skill development is a precursor to entrepreneurship development. Studies suggest that
all those who possess/acquire skills may not necessarily use it for economic gains. Entrepreneurship occurs when acquired
skills are used for innovative and economically gainful activities. Research on entrepreneurship indicate that there are certain
external and internal factors that are responsible for translation of entrepreneurial skills into entrepreneurial behaviour. This
study was conducted with the objective to identify the important psychological factors that act as determinants for
entrepreneurial behaviour. An extensive review of literature found that entrepreneurial orientation, entrepreneurial image,
entrepreneurial self-perception, and entrepreneurial intention are important factors that influence the entrepreneurial process.
This implies that mere skill development may not ensure entrepreneurial behaviour. It is essential to concentrate on these
psychological elements in order to foster entrepreneurship.