Status and social value attached to entrepreneurship also influence motivations

Status and social value attached to entrepreneurship

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entrepreneurship…this socialization took place at home, at the place of education and other spheres of interaction’. Status and social value attached to entrepreneurship also influence motivations, supra note 2 as above. 40 For an overview on various business communities in India in various time periods, see for example, Dwijendra Tripathy (ed.) ‘Business Communities of India: A Historical Perspective’, 1984, supra note 13 as above; see also, Thomas A. Timberg, ‘The Marwaris: From Traders to Industrialists’, 1978, supra note 8 as above on the Marwari business community; Claude Markovits, ‘The Global World of Indian Merchants, 1750-1947: Traders of Sind from Bukhara to Panama’, Mario Rutten, ‘Farms and Factories: Social Profiles of Large Farmers and Rural Industrialists in Western India’; the role of various communities such as the Parsis, Jain merchants, Mahajans, Gujaratis, business communities in Punjab, Jews, Chettiyars etc. is a fascinating subject of study; see also Harish Damodaran (forthcoming), ‘India’s New Capitalists’ on the sociology and history of some of India’s business communities since independence. The use of the term community is in its generic sociological sense, to refer to a social group, typically endogamous, to which are connected certain ‘stereotypes, traditions, occupational directions, attitudes and social positions…a community may be separated internally by caste, ritual, regional or economic differences’, see for example Timberg at page 5; see also Chapter 1 of this report. 41 Melvin M. Weber, ‘Towards a Definition of Interest Community’, in P. Worsely (ed.) ‘ Modern Sociology: Introductory Readings’ (1972), quoted in Timberg at page 11. 42 See Tripathy, supra note 13 as above, at page 18. Socio-cultural factors such as social norms, family values, networks and social value of entrepreneurship, play a key role in nurturing the entrepreneurial ecosystem. A historical and sociological understanding of certain communities in India, which have been traditionally engaged in business, confirms the role of social factors that encourage Entrepreneurship.
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Entrepreneurship in India 22 interest was tallied and settled once a year, with total borrowing offset by total lending.’ 43 Infrastructural support: Traditional networks assure infrastructural support such as access to storage facilities for goods along trade routes, remittance facilities and arrangements for accommodation. 44 Thomas Timberg, for example, cites how G.D. Birla’s grandfather, Shiv Narain, stayed in a cooperative ‘ basa ’ (collective mess) in then Bombay (now Mumbai) when he first arrived from his village of Pilani in the 1860s. 45 Socialization: The community encourages socialization into Entrepreneurship, the inculcation of commercial morality (respecting the contract, making ethical profits etc), notions of thrift as well as training opportunities, such as apprenticeships to learn techniques of business. Mechanisms for ‘cushioning of conflict’ and division of labour and authority also develop through the joint family system and social networks.
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