CULTURE AS AN ELEMENT OF ENTREPRENEURIAL ECOSYSTEM – WITH SPECIAL REFERENCE TO INDIA

Abstract

Developing entrepreneurial ecosystem is a priority for any government in a nation with a vision to grow. Especially so, in a developing country like India with a huge population and unsatisfactory rate of employment. The environment of entrepreneurship has to be nurtured for the economy to bloom. Review of literature suggests the following elements as the most important components of the ecosystem - Finance, Infrastructure, Human Capital and Higher Educational Institutions, Regulatory Framework and Culture. It is, therefore, clearly evident that to develop an economy of a country, it is of utmost importance that we understand how the components of the ecosystem impact the economy and how to effectively cultivate the components to boost it. In this study, an effort has been made to understand how varied cultural traits impact entrepreneurial ecosystem. Further, the study focusses to find out how entrepreneurship in India is impacted by the culture of the country. The research concludes that culture has an impact on the entrepreneurship environment. Finally, certain recommendations have been made to positively utilize culture to amplify entrepreneurial conditions.