Abstract
Factors that facilitate successful entrepreneurship range from cultural, educational, financial, environmental, technological factors to other macro and micro-economic factors. Scholars, for instance, report that continuance of entrepreneurship for lengthy periods may be an indicator of a culture of entrepreneurship amongst the residents of a given population, which could be significant in the development of the regional economy. The question is, do these factors each singularly or combinatorically result in entrepreneurial success? Since institutional support could foster the successes and failures of enterprises, entrepreneurial self-efficacy, which defines an individual's belief in their ability to achieve success in entrepreneurship, is joined in the investigation presented in this chapter. The chapter explores both factors as possible recipes for entrepreneurial success in Sub-Saharan Africa. The implications of the chapter for successful entrepreneurship literature are defined.
TopEntrepreneurship: Background
The viewpoints about entrepreneurship arose from classical and neoclassical economics (Glancey, McQuaid, & Campling, 2000; Schumpeter, 1934; Smith, 1776), risk theory (Cantillon, 1931; Hawley, 1907), dynamic theory (Matley, 2005; Hayek, 1937), the Austrian school, personalities school (Schumpeter, 1934) and performance school (McClelland, 1961). Scholars who viewed entrepreneurship from the risk point of view, conceptualised level of risk, occurrence of new venture, and/or ownership structure. Emerging sub-domain concepts comprised high-risk, proprietor/manager, and new venture entrepreneurships. On the other hand, the Austrian School of Entrepreneurship describes the entrepreneur as the power of the energetic market process (Kirzner, 1997). Scholars of this school believe that the entrepreneur perceives profit opportunities and exploits them in order to bring balance to the market through promotions and speculations, not essentially by creative innovations, proprietary or risk (McDonald, & Eisenhardt, 2020; Mises, 1949).
Key Terms in this Chapter
Entrepreneurship: Entrepreneurship is naturally described as the process of invention/co-creation, assessment, and exploitation of prospects to create goods and services.
Sub-Saharan Africa: Is described as the physical and ethnocultural area of the continent of Africa that is south of the Sahara. The United Nations refers to it as consisting of all African nations and regions that are wholly or partially situated south of the Sahara.
Institutional Dynamics (Support): Institutional support (dynamics) is used to describe the national and or provincial regulatory, normative, rational, and beneficial efforts to support successful entrepreneurship.
Entrepreneurial Success: Entrepreneurial success is the individual entrepreneur’s distinct understanding and appraisal of the accomplishment of standards that are personally crucial to him/her.
Entrepreneurial Self-Efficacy: Is the confidence that an individual has in his/her personal capability to complete the business start-up procedure.