Factors influencing growth of micro entrepreneurship in the hospitality industry: An empirical study in India

Abstract

AbstractEntrepreneurship is the process of economic growth, development, creation, and poverty reduction while all Sustainable Development Goals (1), integrated towards No Poverty, is the sync that make the path in the needle for major livelihood. This article examines the internal and external factors that influence the growth of micro entrepreneurship in the hospitality industry. Internal factors include motives and issues and challenges of entrepreneurs and the external factors include socio-economic factors and financial factors related to hotel industry. A critical examination with few literature suggests to proceed further to understand the motives and challenges faced by the small hospitality business entrepreneurs along with socio-economic factors. As a result of the assessment of literature, identification of gaps in various sectors and as the world has recently been expanded to include socio-economic and financial kinds of entrepreneurial action, the researchers have narrowed the search to evaluate motivations and business obstacles faced by small business entrepreneurs in the hospitality industry. Considering some quantitative approach among different small hospitality business entrepreneurs, opinion towards the attributes like motivation factor, issues and challenges, growth and development of entrepreneurs were collected from a sample of 250 respondents from Coimbatore district. To gauge the same, the research proposed a model that assess the influence of internal and external factors on the growth of small business operators. Results indicate that there exist some influence among few of the internal and external factors on progress of the entrepreneurs based on the motivation they undergo to overcome the challenges and keep them engaged in the hospitality sector.

Keywords

• motivation
• issues and challenges
• socio-economic factor
• financial factor