Role Models and Support Systems

There are different factors which go in building successful entrepreneurs, such as change from present life style, childhood family environment, education, personal values, age, work history, role models and support systems, moral support network and professional support network which goes in building successful entrepreneurs (Panda, 2001).

According to Hisrich, Peters and Shepherd (2004), one of the most important factors influencing entrepreneurs in their career choice is the choice of role models. Role models can be parents, brothers or sisters, relatives, or successful entrepreneurs in the community. Role models can also serve in a supportive capacity as mentors during and after the new venture is launched. Although this support is necessary for the entrepreneur in every phases of the new venture, it is perhaps most crucial during the start-up phase. Therefore, the entrepreneur should build connections and networks early in the business development process.

Although most networks are not formally organized, an informal network for moral and professional support significantly benefits the entrepreneur.

Moral-Support Network
The entrepreneurs ought to establish a moral support network of family and friends. Their spouses are definitely the biggest supporters. Friends, the key roles in this network, can provide suggestions, advice, encouragement, understanding and assistance. Relatives can also be sources of moral support, especially if they are also entrepreneurs.

Professional-Support Network
The entrepreneurs need advice and counsel which can be obtained from members of a professional support network, such as mentors, business associates, trade associations and personal affiliations.

In conclusion, Hisrich et al. help me understand the importance of the connections and relationships in enterprise setup and growth. Each entrepreneur needs to establish both a moral-support network and a professional-support network so that he / she can acquire information and support for the new venture.


References

Hisrich, R., Peters, M., Shepherd, D. (2004), Entrepreneurship (6th ed.). New York: McGraw-Hill Irwin.

Panda, T (2001). Entrepreneurial Success: Key Indicator Analysis in Indian Context. Scholarly Article.