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Journal of Finance and Economics. 2023, 11(1), 14-24
DOI: 10.12691/jfe-11-1-2
Open AccessArticle

Identifying Socio-cultural Factors on the Performance of Marginalized Entrepreneurs

Amalendu Bhunia1, and Humaira Siddika1

1Department of Commerce, University of Kalyani, West Bengal, India - 741235

Pub. Date: March 06, 2023
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Cite this paper:
Amalendu Bhunia and Humaira Siddika. Identifying Socio-cultural Factors on the Performance of Marginalized Entrepreneurs. Journal of Finance and Economics. 2023; 11(1):14-24. doi: 10.12691/jfe-11-1-2

Abstract

The present study identifies the socio-cultural factors of marginalized entrepreneurs’ in West Bengal, India. Marginalized people continue with relentless socio-economic deficiency attributable to poor asset hold, continuation altitude of farming, reliance on wage labour, obligation, inconsistent jobs, and other social problems. This study is based on primary data collected from structured questionnaire using 5-point Likert scale from 193 marginalized entrepreneurs of West Bengal. To identify the socio-cultural factors, exploratory factor analysis has been used. The study has identified seven influential factors that are responsible for the development of marginalized entrepreneurs in West Bengal, these personal affairs, social affairs, tradition, mind-set, attitude, economic condition and social order. The study revealed that majority of the entrepreneurs go for entrepreneurship for the purpose of doing business to survive their family need, expect to protect social status along with to create self identity. Again, moderate number of entrepreneurs desire to contribute to the society for entrepreneurship having training, giving employment opportunities, enhancing more social security, desire to contribute to the society, started business with personal funds and getting motivation from friends and family. The study also identified that some are neither agree neither disagree regarding the issue of reasons for immobility in business owner for entrepreneurship, the attitude and support from society as well as the effects of rigid traditions for entrepreneurship.

Keywords:
marginalized entrepreneurs West Bengal societal factor cultural factor exploratory factor analysis

Creative CommonsThis work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

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