A study on the role of entrepreneurship in economic development
Author(s):
Dr. Shrimant Tangade
Keywords:
Entrepreneurship, Employment Generation, Capital formation, Economic Growth.
Abstract
Entrepreneurship has been the resurgent in countries that achieved substantial poverty reduction. Entrepreneurship is the engine of economic growth of a country, as it increases the economic activities in every sphere of economic life of the people. Entrepreneurship is a key contributor in the area of employment generation, innovations and product improvement. Not only does it creates self-employment but it has also builds a structure for large-scale employment opportunities. It contributes to the economic growth by promoting capital formation, increasing per capita income, improving the standard of living and balanced growth by removing regional disparities. Entrepreneurship refers to all those activities which are to be carried out by a person to establish and to run the business enterprises in accordance with the changing social, political and economic environments. Entrepreneurship includes activities relating to the anticipation of the consumers likes and dislikes, feelings and behaviours, tastes and fashions and the initiating a business ventures to meet out all these expectations of the consumers. Entrepreneurship is considered as a ‘new product’ that would enable businessmen to develop new form of business organization and new business activities catering to the changing needs of the society. Entrepreneurship is the ability of entrepreneurs to assess the risks and establish businesses, which are risky but at the same time suits perfectly to the changing scenarios of the economy. Entrepreneurship development depends upon the environment (both external and internal) within which the entrepreneurs have to do their business. Entrepreneurs are closely associated with the existing as well as the past entrepreneurial activities of the society. Business opportunities are identified from the social, political and economic crisis and in turn these crisis become the favourable climate for the entrepreneurs to innovate new business ventures. From this perspective, it is true that entrepreneurial activities are the resultant efforts of the prevailing entrepreneurship development programmes.
Article Details
Unique Paper ID: 150366

Publication Volume & Issue: Volume 5, Issue 8

Page(s): 271 - 274
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Last Date 25 August 2020

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