A consideration of the success of IIEs requires exploration into different forms of capital beyond economic capital. In this regard Bourdieu’s (1986) concept of symbolic capital is important to include the range of human, cultural and social capital resources essential to IIE success (Bourdieu, 1986). The study has shown that distinguishing dimensions of each form of symbolic capital are employed in the overall entrepreneurial process (Bascand, 2008). Inspiring the immigrant entrepreneurial enterprise represents the cultural capital. Every business is initially starts as a small unit. An entrepreneur by taking on some calculated risks can start-up a profitable and valuable business. The objectives behind starting a business can be largely split into two groups: Financial objectives, and Non-financial objectives. Most business begins with one chief financial purpose – to survive. It is interesting to contemplate the factors that instigate him to be entrepreneurs. To start a business an individual requires money, hard-work, patience and understanding. It is important for an individual to participate in business activities in an effective way so as to deal with the problems that he faces(Adam & Bevan, 2005). More individuals are getting motivated to start a business because he has a desire to get involved in every type of business operation. An entrepreneur desires to be a part of overall process. An entrepreneur has a very specific way of getting results. This motivates him to attain desirable results. They feel very impersonal in working with a big organization. The only drive to start a new business is to get a personal touch. This allows him to work on something of his own (Basu, 2004).
Opposing to admired belief, preliminary reason to start a business is not always about financial objectives. Very often a new business is initiated with non-financial objectives in mind. To initiate a change, some entrepreneur believes in starting their own business. They do not want to work under any outsider. They want to be the decision maker in the company and want to participate in every individual aspect of the business. At time the need for finances motivates an individual to own a company. If an outside organization does not offer him with an expected package, he might start own business. To some entrepreneur a sense of accomplishment is a driving force. They feel satisfied only when the job provides with a maximum satisfaction. Many entrepreneur give back to the community by the way of participation in a charitable event. This provides them with a feeling of accomplishment and pride. Feel that skills are being wasted and that potential is not being fulfilled. In the recent time the young population is shifting towards business due to their uninteresting job or career. Their impulsive nature forces them to shift to other profession. It’s their desire to follow an interest or hobby that forces them to explore themselves by the way of business. They want the feeling of personal fulfilment from building a relation with business associates (Brzozowski, Cucculelli & Surdej, 2014).
There is a substantial literature on the financial aspects of immigrant entrepreneurship. Moderately a little has been written on the role of symbolic capital in successful immigrant entrepreneur. Bourdieu’s (1986) examination of the form, function, exchange, acquirement, detachment and prejudice of capital, is helpful in analysing the resourcing of IIE’s businesses. The author has stated the conversion of economic wealth between generations. In the article the author has described the complementary forms of resources necessary to attain a successful monetary transfer. This forms an insight to this study related with symbolic capital allowing IIEs to effectively connect in a capital transfer process. This is to make easy start-up business and support their organization and growth. Bourdieu has recognized that the physical, material world is professed through a cultural lens. The study is impertinent to immigrants and members of the host society to perceive the value of their individual representative capital resources rather differently. It is consequently essential for IIEs to make sure that they understand the business environment in the host society. It is important to understand the values and behavior of host society members. The Successful adaptation of IIEs is only possible if it organize their forms of capital in conduct suitable to their new environment (Drucker, 2014).
Putnam (2000) identified that norms, faith and harmony can happen from society network, when synchronized for joint benefit. However, immigrants, who are not engaged with their neighbourhoods for various reasons, are excluded from such benefit. An individual works in a social arrangement. It is only possible for him to gain sustainable profits if the society and the culture around him are supportive. The reason behind this theory is to support the benefit an individual derives from the society. These norms are important for an individual to develop in a different cultural atmosphere. A distinct niche category within immigrant entrepreneurship scholarship is essential as per the study. A deliberation of the achievement of IIEs requires searching into form of capital beyond economic capital. As per the author the concept of symbolic capital is helpful to include the variety of human, cultural and social capital resources. The study in the recent time has reflected an importance has shown that characteristic dimensions of each form of symbolic capital are employed differently. It is important for process to develop an entrepreneur. Inspiring the settler entrepreneurial enterprise is important to determine energy, representing their embodied entrepreneurial cultural capital. Self-confidence and resolve came from side to side once more in enjoying in taking up new business challenge. Their hopefulness in their aptitude to conquer obstacle was necessary as they stay alive and succeeded. The participants’ flexibility sustained to be established in their latest enterprises while preserving their existing businesses (Kirzner, 2015).
Small business and entrepreneurship are more appealing as a way to resolve the unemployment. An increase in the rate of unemployment has created a necessity to start a business. It is more evident in the current economic issues. The small-business owners have positioned themselves at a better place from its industry and target market. This is important for gaining consistent growth opportunities and the latest trends. In addition, a small business enterprise helps in gathering information to have a better understanding of business apart from others in the industry. From the point of view of growth investors look for companies that have investigated their market or have uncovered loopholes to provide a valuable solution to a problem. It is simple for the small entrepreneur to gather capital in a best possible way. The problem related to unemployment can only be resolved if efficient steps are taken by the business organization to deal with the problems (Zimmer, 1986).
The small business organization plays an effective role in an economy. One of the primary purposes of initiating a business is to earn financial growth. It is interesting to contemplate the factors that instigate him to be entrepreneurs. To start a business an individual requires money, hard-work, patience and understanding. It is imperative for an individual to participate in business activities in an effective way so as to deal with the problems that he faces. The small business is a substitute when an individual fail to find an appropriate opportunity. It is necessary from the point of view of growth and to explore various inter-related opportunities (Shane, 2003).
For a small business it is important for attracting investors, in an effective way. It is integral part for a business in an effective way. Small-business owners have a capacity to develop up a history report detail in order to gain a better financial performance. It is important aspect while developing future career aspects in order to gain an effective market position. Small business has a wider scope of profitability and growth potential. Although putting together all the efforts it serves as a priceless tool to help entrepreneurs in protected funding for their company. Small business individuals are getting motivated to start a business because of the desire to get involved in every type of business operation. An entrepreneur desires to be a part of overall process which allows them to gain a competitive advantage. An entrepreneur has a very specific way of getting results. This motivates him to attain desirable results. In a situation of lack of opportunities a small business enterprise helps in gaining effective goals. A small business provides an entrepreneur with a multi-fold opportunity to gain a competitive advantage. Their impulsive nature forces them to work in case of fewer opportunities. It’s their desire to follow an interest or hobby that helps in exploring wide opportunities (Mair & Marti, 2006).
References
Adam, C. S., & Bevan D. L. (2005). Fiscal deficits and growth in developing countries. Journal of Public Economics, 4, 571-597.
Bascand, G. (2008). Longitudinal immigration survey: New Zealand (LisNZ) – Wave 1. Wellington: Statistics, New Zealand.
Basu, A. (2004). Entrepreneurial aspirations among family business owners. An analysis of ethnic business owners in the UK. International Journal of Entrepreneurial Behaviour & Research, 10(1/2), 12-33.
Bourdieu, P. (1986). The forms of capital (R. Nice, Trans.). In J. G. Richardson (Ed.), Handbook of theory and research for the sociology of education. New York: Greenwood.
Brzozowski, J., Cucculelli, M., & Surdej, A. (2014). Transnational ties and performance of immigrant entrepreneurs: the role of home-country conditions. Entrepreneurship & Regional Develop- ment, 26(7-8), 546-573.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Mair, J., & Marti, I. (2006). Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of world business, 41(1), 36-44.
Shane, S. A. (2003). A general theory of entrepreneurship: The individual-opportunity nexus. Edward Elgar Publishing.
Zimmer, C. (1986). Entrepreneurship through social networks. The art and science of entrepreneurship. Ballinger, Cambridge, MA, 3-23.
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