Of course, there is. If the values shared by local people can't support the risk-taking or innovation, the entreneurship activities would not active.

We live in a society & in a present century we have become a member of world community & due to scientific tech development,the world -space & the distance the world has become smaller .In this line entrepreneur cannot not affort to remain in isolation as he has to meet the challenges in the line with the competition .

Socio cultural factors has become one of the important part in the management compass & H.R.D has become the part of the management programme.

The short answer is yes.  But another side of your question is: How can YOUR specific  sociocultural factors including values and beliefs can be understood to create YOUR specific type of entreprise.  So a critical point is not to try to make private entreprises follow the western model. Probably your society strenghts are on some other values, beliefs, etc.

Yes. Social as well as economic factors affect the entrepreneurship development. 

Dear Syamala,

You might be interested by the chapter "Entrepreneurship and Culture" that we wrote, Roy Thurik and myself, for the recent M. van Gelderen and E. Masurel's book, Entrepreneurship in Context, Routledge Studies in Entrepreneurship, London: Routledge, 175-186.

Authors' version (pdf) is downloadable from the econpapers website here:

http://econpapers.repec.org/paper/haljournl/halshs-00943684.htm

Best!

Marcus

You can have a look to the attached forthcoming article

Yes, culture and social factors  have a very important role in entrepreneurship.  For example, stakeholders from United Kingdom show less "risk aversion"  than the Spanish ones; that is why  "venture capital" is so extended in the financial british societey... 

It has tremendous impact. Communities that have been traditionally in business have an edge. Entrepreneurs from other communities have a lot of challenges when they try to get into doing business.