Entrepreneurship

Entrepreneurship and Need of Achievement

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- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Risk-taking is one of the chief dimensions of entrepreneurship. Entrepreneurs are found to be more risk takers than the managers and salaried employees, such that, they are willing to put their homes on mortgage, jobless and can work for years without any earning (Burns, 2011; Masters &ump; Meier, 1988). According to (Moore &ump; Gergen, 1985), entrepreneurs always take calculate risk and always analyse the situation. Cognitive Psychology supports that the risk taking ability is just limited to their area of expertise (Sjöberg, 1978, Heath &ump; Tversky, 1991). According to (Heath &ump; Tversky, 1991), entrepreneurs take more risk in the area of their interest and expertise and not in those area, they have little knowledge about. But even then also, they take more risk than general population. 

Studies have found that there is a deep link between Entrepreneurship and Need of Achievement. According to Begley and Boyd (1987), those who have founded their own companies had a higher need for achievement than non-founders or owner managers. Also, (Stewart et al., 1998) responded that need for achievement is higher in entrepreneurs than the corporate manager and owner managers. Need for Achievement is usually high in entrepreneurs than the general population. It provides them with motivation to go ahead and achieve their next target easily. Entrepreneurs showing this tendency usually are good planners, sets their goals, always look for information and learning (Miner, 2000). They accept success and failure of their work and this need of achievement help them to overcome failure, obstacles and setbacks. 

Another important characteristic it measures is the locus of...