Philippine E-Journals

Cultural Roadblocks to the Development of Entrepreneurial Competencies

Ferdinand C. Paurom

Discipline: Social Entrepreneurship

 

Abstract:

The entrepreneurs are a crucial element to economic development (Schumpeter, 1934). They add value to factor endowment and they exchange produce for other goods and services with greater opportunity costs. In effect, entrepreneurs increase the level of demand, technology, and productivity. The level of economic development, however, varies from one country to another, leading authors to believe that culture plays a critical element in entrepreneurial development. To date, there is no conclusive evidence from studies to identify what constitutes an entrepreneurial environment or to establish the determinants to creating an entrepreneurial personality (Chell et al, 1991). The process of entrepreneurial development is complex and the need to contextualize entrepreneurial behaviors continues a gap in the literature (West and Farr, 1990).