The interesting interaction of entrepreneurship and economic development has vital inputs for policy makers, development institutes, and business owners. If we understand the benefits and drawbacks, a balanced approach to nurturing entrepreneurship will definitely result in a positive impact on economy and society. Entrepreneur’s contribution to the economy is of huge value. The entrepreneur is vital to the economic growth of the country. Their products are valuable to the overall development of the society.
In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Entrepreneurship is an essential element for economic progress as it manifests its fundamental importance in different ways: a) by identifying, assessing and exploiting business opportunities; b) by creating new firms and/or renewing existing ones by making them more dynamic; and c) by driving the economy forward – through innovation, competence, job creation- and by generally improving the wellbeing of society. It affects all organizations regardless of size, or age, whether they are considered a private or public body, and independently of their objectives. Its importance for the economy is reflected in its visible growth as a subject of interest for the economic press and in academic literature. For this reason, it is a matter of interest to academics, businessmen and governments the world over.
Skill development ensures enhancement in labour force participation, quality of labour and productivity of labour leading to overall growth of economy. Thus, it can be considered as a key growth engine that drives economy forward. The growing demand for skills and entrepreneurship can be understood by various factors influencing employment of an economy and evaluate. Age structure of population, skill set of labour force and structure of economy constitute few of the many factors(Vision 2020, Gupta). Age Structure of Population: Andhra Pradesh has a Skillset of Labour
He felt that expansion was brought about by innovations. Innovation brings new techniques, products, forms of organization, and new markets. It is not only a new way of doing things, but it is also new men and firms. He discusses the ebb and flow and compares the economic system to a wave. Innovations come in cluster and these innovations attract entrepreneurs to market and sell them.
However, another aspect believes that entrepreneurship has a positive effect on the creation of job opportunities, which thus decreases unemployment rate. Entrepreneurship is also able to improve an economy through the actual products, services and technology that is introduces into a market. These new ideas boost economic growth. Innovation also creates a sense of competition within the market, which allows for the entrepreneurs involved to become creative under pressure. Competition is necessary in order to encourage either existing, or new entrepreneurs to constantly grow and improve, which once again improves the economic situation.
It’s overwhelming how one can have the heart to help and provide for other people and at the same time it pushes you and your conscience to do the same and start a change. These Social Entrepreneur solves problems of the society such as poverty, hunger and unemployment which alleviates problem not just of the society but the people themselves. Another part that I want to discuss is “Social Entrepreneurs come from all walks of life.” These people may be businessmen, leaders, priests; Social Entrepreneurship doesn’t only exist in the rich. Yes, they may be a part of the help but it is not necessary that a person is reach to solve a problem and help. There is also a part in the book wherein it tackled the need for both kinds of Entrepreneurship (Social and
It’s overwhelming how one can have the heart to help and provide for other people and at the same time it pushes you and your conscience to do the same and start a change. These Social Entrepreneur solves problems of the society such as poverty, hunger and unemployment which alleviates problem not just of the society but the people themselves. Another part that I want to discuss is “Social Entrepreneurs come from all walks of life.” These people may be businessmen, leaders, priests; Social Entrepreneurship doesn’t only exist in the rich. Yes, they may be a part of the help but it is not necessary that a person is reach to solve a problem and help. There is also a part in the book wherein it tackled the need for both kinds of Entrepreneurship (Social and
“The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” http://www.businessdictionary.com/definition/entrepreneurship.html#ixzz3HU7vAX2u Despite the given definition not everyone who basis their entrepreneurship is a successful entrepreneur. “It means the right attitude towards a business and the determination and grit to achieve
The research study shows that even though there are many opportunities but the challenges of global entrepreneurship cannot be ignored. These challenges can, however, be overcome by certain strategies which help in making global entrepreneurship better
Entrepreneurship has gained utmost importance as it is the major ingredient for the development of the economy. It can be the development of the industry, any kind of regional growth or employment opportunities, all are dependent on Entrepreneurship. In other words we can say that an Entrepreneur lays the foundation on which industrial development and employment openings help in building up a developed society, rise in the per capita income, an elevated standard of living, rise in individual savings, taxes which add to the revenue of the government leading to a balanced development of the nation as a whole. The world has witnessed drastic changes in the economies of various nations, markets and industries. The credit of this change goes to the Entrepreneurs around the globe who have brought innovation in the services/products, brought new organizations into existence and even changed the means of production.