The Aim of socio-economic study is generally to bring about socioeconomic development, usually in terms of improvements in, literacy, levels of employment, etc. There are many lots of things which are effect on the decision making power like: social, economic, political, technological, legal and psychological. Both have positive and negative impact (environment forces) on entrepreneurship to take decision for the business. Entrepreneur doesn’t emerge of their own. If we talk about the socio-economic environment include various factors:---
Socio-Economic Environmental factors are discussed in below:
- Caste origin
- Religious factor
- Family background
- Industry establishment
- Type of ownership
- Education and technical
- Migratory
- Social status
- Social mobility
- Type of engineering background
- Caste origin: This is the main or contributing factor of the social economic environment which is very helpful for entrepreneurial growth in India. Because some of the cast like: In so many centuries’ banyas, Jains, khatris have the main source of the entrepreneurship. But now at that time whose person have skill, technical knowledge start the business.
- Religious factor: religious factor are the great effect on your decision making power. Like: Parsees, siddhis’. This is definitely helped in the growth of the entrepreneurship. The person at the time of starting the business discuss with their idea or planning with them.
- Family background: when person have family background business then in the coming next generation also prefer the business. When first generation (father) in services then in next generation (son) is also preferred the service. It is not compulsory but mostly.
- Industry establishment: when person start the business then basic concept is necessary. Like chemical knowledge, raw material, skill power.
- Type of engineering background: when art student start the business then he is not perfectly. But in my views, when person have innovative skill, then he can also start the business.
- Type of ownership: before 40-50 years, people are more prefer to the sole trader. But after a long time people gives more preferences to the partnership as compared to Joint Stock Company (JSC). Because in JSC more legal formalities. To avoid these formalities people are more preference to the partnership. In company production scale is necessary but in partnership it’s not required.
- Education and technical: when person start the business the business then he can suffered from various problem. So he can start the business then always proper knowledge about the business.
- Migratory: In few years ago, people are not preference to go one place to another place in job but in the present age of globalization when the whole world is going to become a single world. It is very helpful for the economic development of the country.
- Social status: people are more preference to live in a high society. People are not preference to work under the other person & they don’t want some person give command to him. So they start the business. It is very helpful for the econo the country.
- Social mobility: you need socially mobilized personality the successful indicator goes on increases and that interacting only social mobility.