Describe about the Low Risk Aversion Encourages the Choice for Entrepreneurship: an Empirical Test of a Truism?
Cultural factors and determinants impact the business execution quality. Different cultural factors are important to be analysed, as it helps in analysing the challenges associated with handling people at the workplace. There are different types of cultural factors and behavioural pattern that determines task execution. The behaviour aspect of the employees is determined by the cultural practices followed by the company (Eckel et al., 2005).
The determinant factors are associated with analysing the differences individuals and companies face at the time of evaluating the risks. The risk factors impact the business performance and the performance of the employees and individuals. Behavioural aspects of the individuals depend upon various factors which needs to be analysed and corrective measures has to be introduced for implementing the changes. The cultural behaviour of the individuals is associated with cultural practices introduced in the company. The challenges and limitations associated with the process have to be analysed, as this will help in implementing the changes that re necessary for increasing the business performance (Loewenstein et al., 2001).
Attitude – The attitude of the individuals towards others are some of the important factors that helps in determining the behaviour. This is one of the important tasks that need to be undertaken by the management of the company. The factors affecting the cultural views of an individual are the cultural practices, values, and practices followed. The views of an individual about the cultural practices followed by another individual are an important factor, which needs to evaluate (Guiso et al., 2002)
Culture values – The practices and the values, an individual believes in is associated with the cultural values. Through this process, the factors affecting the behaviour and attitude of an individual are evaluated. This would assist in evaluating the challenges that can impact the business performance and communication process adopted by the management.
Barriers – Communication process has to be simple and effective. This would reduce the barriers that might exist at the workplace. The challenges have to be undertaken and analysed in the corrective manner. The management of the company has to reduce the barriers that occur due to communication limitations (Schupp and Wagner, 2002).
Ethnicity – The values associated with cultural practices and ethnicity is evaluated. This helps in determining the factors that could affect the business execution process.
Workplace culture – Developing and implementing corrective measures for increasing the workplace culture is an important factor. This would help in providing fair opportunities to the members working with the company. Changes can be adopted and introduced by the management in an effective manner, as this will help in increasing the business performance (Cramer et al., 2002).
Behavior – The behaviour of the individuals depends upon the process followed for discussing different factors related to business
Practices – This includes analysing the expectations of the people and introduces an effective interaction process.
Values – The cultural factors are related to identifying the values followed by the people and the process followed for respecting others.
Barriers – It includes unwillingness of the people to interact with others and adopt the right process for communication
Communication – The process followed for interacting with people and method adopted for communicating with people for solving the cultural factors.
By analysing the cultural values and differences it is possible for the company and the individual to introduce an effective system for handing the differences. The challenges faced by the members can be effectively handled by introducing the right process for increasing the performance of the staffs. For this, the factors associated with the cultural differences can be handled and overpowered in the right manner. The process followed has to be analysed, as it will help in implementing the changes that are necessary for improving the performance.
Cramer, J. S., Joop Hartog and Nicole Jonker and C. Mirjam van Praag (2002): “Low Risk Aversion Encourages the Choice for Entrepreneurship: an Empirical Test of a Truism,” Journal of Economic Behavior and Organization, 48(1), 29–36.
Eckel, C., C. Johnson, and C. Montmarquette (2005): “Saving Decisions of the Working Poor: Short- and Long-Term Horizons,” in Research in Experimental Economics Volume 10: Field Experiments in Economics, ed. by J. Carpenter, G. Harrison, and J. List, pp. 219–260, Oxford. Elsevier Science
Guiso, L., T. Jappelli, and L. Pistaferri (2002): “An Empirical Analysis of Earnings and Employment Risk,” Journal of Business and Economic Statistics, 20(2), 241– 253
Loewenstein, G. F., C. K. Hsee, E. U. Weber, and N. Welch (2001): “Risk as Feelings,” Psychological Bulletin, 127(2), 267–286.
Niederle, M., and L. Vesterlund (2007): “Do Women Shy Away From Competition? Do Men Compete Too Much?,” Quarterly Journal of Economics, 122(3), forthcoming.
Schupp, J., and G. G. Wagner (2002): “Maintenance of and Innovation in Long-Term Panel Studies The Case of the German Socio-Economic Panel (GSOEP),” Allgemeines Statistisches Archiv, 86(2), 163–175.
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