The connection between entrepreneurs and new venture formation is well established. Many authoritative definitions of entrepreneur actually include some reference to venture or enterprise creation. For example, Bygrave and Hofer define an entrepreneur as “... someone who perceives an opportunity and creates an organization to pursue it” (Bygrave and Hofer, 1991:14). In formulating national policy recommendations, Vesper defines entrepreneurship as “the creation of new independent businesses” (Vesper, 1983: 1). Schumpeter's observation suggests that in addition to an entrepreneurial climate, the creation of new ventures and entrepreneurial activity depends upon the availability of prospective entrepreneurs, i.e. individuals possessing personality traits combined with personal circumstances which are likely to lead them to forming a new venture. Motivations for becoming an entrepreneur have generally been categorized as either push/pull situational factors or personal characteristics. Research has shown that new venture initiation often occurs as a result of situational pushes or pulls that include frustration with present life-style, childhood, family environment, education, age, work history, role models, and support networks.
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