Financial Benefits of Talent Management
There are pros and cons of every management philosophy and the associated processes. Talent management is no exception to it. While many organizations simply decline to have it under their umbrella because it costs the exchequer, still others approve of it equally strongly as an effective people management process. Before we discuss the financial benefits […]
Relationship Building at Workplace – An Overview
Let me first ask you all a question. Where do individuals spend the major part of their day? Yes, it is their respective organizations – a place where people work to earn their bread and butter. Do you think you can afford to have enemies at a place where you spend eight to nine hours […]
The Truth About Pyramid Schemes
Entrepreneurship has become fashionable. A lot of people want to become entrepreneurs and are in need of ideas and resources which they can use to create the business of their dreams. This tendency has been exploited by many firms in the past century. A new type of scam called the “pyramid schemes” has come into […]
Role of HR Consulting Firm in Employee Motivation
The most valuable asset of any organization is its personnel and the most crucial driving force for any person is his or her level of morale and motivation. A highly motivated person carries the energy and enthusiasm required to push the projects ahead and reach the pre-determined goals. For any organization, if talented employees are […]
The Problem with ESOP’s
Employee Stock Option Plans (ESOP’s) are one of the most popular ways in which modern startup companies reward their early employees. In Silicon Valley, many companies such as Google and Facebook have used Employee Stock Option Plans (ESOP’s) to lure the best talent from the market. Since these companies have become very successful, there are […]
Building Your Entrepreneurship everywhere is the necessity of all nations. There is recognition of the fact that the soft power of the future is in the country’s youth and moulding them is important to ensure overall progress of the society. Youth unemployment and absence of Your Entrepreneurship developmental programs creates not only economic problems in the society but leads to several social problems too.
Understanding the background and the Your Entrepreneurship culture in any society is a very complex subject. Lot of research has gone into studying the influence of cultural attitudes of a community, a society or an ethnic group and the national political as well as economic environment and their mutual interactions affecting the attitude of the youth towards Youth Entrepreneurship.
The study of growth potential of Your Entrepreneurship with reference to the environment in the society alone does not give a complete picture. It is important to understand in detail about the issues, approaches, barriers and factors affecting or inhibiting Youth Entrepreneurship in the country, for any initiative to develop Your Entrepreneurship would start by removing the barriers to growth of Your Entrepreneurship.
One of the significant studies on Youth Entrepreneurship and the influence of culture at the workplace and development of values among the Youth has been put forth by Hofstede. He has proposed a four point model that influences the Youth Entrepreneurship in the local work environment. As per him the cultural elements of ‘Uncertainty Avoidance’, ‘Individualism’, ‘Masculinity’ and ‘Power Distance’ influence the attitude and thinking of the Youth with reference to their personal goals and careers.
It is seen that the youth’s behaviour and thinking pattern is shaped by these four factors.
An individual’s attitude and approach towards achievement and pursuit of his goals and what he wants to be in life, risk taking ability and approach, as well as the acceptance of personal, family and social duties are shaped in accordance with his understanding and reactions to these four factors.
In societies which are accepting uncertainties, the youth are more likely to be more risk taking and trying their hands at entrepreneurship and aim for higher achievement. History shows that American society is more open to risk taking and accepting un certainties as compared to Europeans who are averse to taking risks and facing uncertainties. They would prefer to have a stable and steady job than try their hand at new ventures.
It is said that Americans are afraid of failure and the culture is such that they are not likely to accept failure at any cost and will do anything to make their ventures a success.
A good example of power distance or hierarchies is evident amongst the Japanese, for it is embedded in all aspects of their culture.
In communistic countries the approach to entrepreneurship is a lot different compared to other cultures. The societies have grown with the belief in the State providing for their welfare and such attitude can inhibit a aggressive entrepreneurial drive.
The individual’s perception of what his family and friends think or opine about entrepreneurship has a crucial role to play in his views. Besides, the view of the family, their support and the society with regard to failure is also a very important factor playing upon the young minds and framing their opinion.
Family’s support is very essential because in most cases the Youth would need to borrow initial finances from the family and friends.
The family’s attitude towards education and other careers in fields like medicine, engineering etc are also likely to dominate the Youth’s mindset towards entrepreneurship. It is quite likely that the families will be ready to take loan and fund the youth’s professional education rather than funding for a new business venture where risk is involved.
Surprising but true is the fact that the society’s views about business entrepreneurs as prospective bridge groom can also become a deciding factor promoting or inhibiting Your Entrepreneurship.
In some societies people prefer to marry their daughters to persons holding Government jobs thinking that the jobs are secured and permanent as compared to a self employed individual.
Normally professionals like lawyers, doctors and scientists are seen to be the most preferred as bridegrooms. Parents of eligible girls are likely to associate self employed youth with certain values like corruption, straight forwardness, honesty etc. These are but purely individualistic opinions but they are still relevant in terms of shaping the Your Entrepreneurship in the society.
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