Entrepreneurial Management: Influencing Factors

Entrepreneurial management is the practice of using entrepreneurial knowledge for increasing
the effectiveness of enterprise to achieve desired goals. The entrepreneurial management is
influenced by various factors. They are listed as follows:

Sociological factors: team, advisors, family, cultural practice, network etc.

Economic factors: capital investment, investors, availability of resources, purchasing power
of customers etc.

Environmental factors:
 External environmental factors: competitors, customers, suppliers, market dynamics
(Market trend, market size and market growth and competition), government policies,
opportunity
Internal environmental factors: organizational structure, culture, team, type of
products or service offered, labor unions.

Technological advancement: technological advancement in production, marketing etc

Personal factor: locus of control, risk taking ability, creativity, leadership capability,
commitment, ambiguity tolerance, personal values, experience

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