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Essay On Entrepreneurship And Intrapreneurship

1002 Words5 Pages

MY VOICE:
Entrepreneurship and Intrapreneurship:
The Way to Economic Growth and
Economic Development
The emerging, developing and developed economies have achieved economic growth and economic development through encouraging entrepreneurship. In all economies government plays four important roles, the regulatory role, the promotional role, the entrepreneurial role and the planning role. The regulation pertaining to environmental protection, product and service standards, and misleading advertisements is basically intended to protect consumer, societal and national interest. The promotional role is about providing the infrastructure needed for economic growth and economic development like power, transportation, communication, education,
healthcare …show more content…

An entrepreneur bears full risks of his business whereas an intrapreneur does not fully bear the risk of the business he develops and operates. Entrepreneurship plays a vital role in economic development. According to Joseph Schumpeter, the rate of economic progress of a nation depends upon its rate of innovation, which in turn depends upon the distribution of entrepreneurial talent in the population. One of the vital functions of entrepreneurs is managing risk and uncertainty and ensuring the success of business venture through proper planning, organizing, directing and controlling of the activities of the business organization. Entrepreneurs need to display leadership skills in order to ensure success of the business venture. The leadership qualities of motivating the team, guiding and leading the team, ensuring team work, proper allocation of work depending on the expertise, talent and aptitude of the human resources, being resourceful, developing favorable relations with customers through customer relationship management programs and suppliers and

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