Abstract
Entrepreneurship is an important factor of production. It is considered as a source of innovative change. Thus it catalyzes enhancement in sustainable economic development of a nation. Entrepreneurship is inseparably interlinked with flexibility and knowledge. These two factors have gained importance as a source of competitive edge in the present globalized & interconnected economy. Entrepreneurship prevents concentration of economic activities, income and wealth and promotes decentralized development of commerce, trade and industry. This in turn, leads to removal of regional and industrial imbalance. Development of entrepreneurial activities and sustainable development in entrepreneurship have gained priority in national agenda across the world. Entrepreneurship is even more crucial for developing countries as it has high employment elasticity and potential for earning foreign exchange. However, entrepreneurship is essentially a behavioural aspect. Hence culture has a causal relationship with entrepreneurship. This paper aims at assessing the role of Hofstede’s dimensions of culture in developing entrepreneurship in nations by using the technique of linear multi-variate regression. Keywo rds: Entrepreneurship, Hofstede’s dimensions of national culture, Linear multi-variate regression. DOI: 10.7176/JESD/12-3-06 Publication date: February 28 th 2021
Highlights
Most researches on economics, psychology and sociology have pointed to the fact that entrepreneurship is a continuous process
The findings corroborates the theory that entrepreneurship being a behavioural aspect, is largely influenced by culture
The findings of this study upholds the relative superiority of the cultural context over the infrastructural context for entrepreneurial development in nations
Summary
Psychology and sociology have pointed to the fact that entrepreneurship is a continuous process. Jovanovic et al (2018) in their research computed the correlation between Hofstede’s dimensions of national culture and pillars of the Global Entrepreneurship Index. Hofstede (1983) initially postulated four dimensions of national culture i.e. Power Distance, Individualism, Masculinity versus Femininity and Uncertainty Avoidance.
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