ENTREPRENEURSHIP AND FAMILY WELLBEING: THE ROLE OF ENTREPRENEURIAL SUCCESS AND HOUSEHOLD ECONOMIC RESILIENCE AMONG MALE ENTREPRENEURS IN PUNJAB, PAKISTAN

Abstract

This study examined the effectiveness and suitability of entrepreneurship among 675 male entrepreneurs in Punjab, Pakistan. This study addresses the gap by examining the relationship between initial investment, access to finance, network ties, trust, shared vision, family support, shared resources, government support programs, motivation for entrepreneurship, resource availability, skill development and income stability with firm performance and family well-being. The study is planned to investigate the research objectives; exploring the socio-economic and demographic characteristics of the respondents, identifying the factors such as financial capital, social capital and human capital affecting the entrepreneurship (firm performance), To identify the challenges and hurdles faced by the respondents for the effective management of the entrepreneurship and along with the measures for the development of entrepreneurship policy for family wellbeing and wellness. A cross-sectional survey has been conducted to interview 675 respondents/ entrepreneurs selected from three cities of Punjab Province namely Faisalabad, Lahore and Rawalpindi. Descriptive statistics demonstrate that entrepreneurs in Punjab have a positive attitude towards entrepreneurship. The factors such as initials investment, access to finance, network ties, trust, shared vision, Government support program and resources availability for skill development are the contributing factors towards the effectiveness and the suitability of entrepreneurship. It has been also observed that successful entrepreneurship is very important for family development and wellbeing, despite of these factors, the entrepreneurs are also facing constrains for running the business successfully like financial access, adequate earning stability and institutional support.