Abstract This paper provides an analysis of exploratory studies on the concepts of entrepreneurship and intrapreneurship, throwing light on the resemblances and distinction between them. Entrepreneurship continues to prosper in almost all areas of the world. Entrepreneurs are rebuilding the business environment, making a world in which their companies play an important role in the verve of the international economy. However there is not always necessary to build up an organization in the order to put into practice new thoughts and beliefs. The immense prospective lies in applying business principles within the already functioning organizations.
The need for entrepreneurship for economic development has always been crucial in the history of successful nations and developed economies because entrepreneurs are the leaders who invent innovative ideas that give spark to economic activities. Entrepreneurship is a key determinant of sustainable growth in modern times. Mostly jobs are produced by small businesses started by entrepreneurial mind persons, many of them set up large companies. Entrepreneurship is frequently expressed in terms of higher self-esteem, to exercise creative freedoms, and an overall greater sense of control over their own lives. Many economists and educators believe that these types of experienced entrepreneurs foster the robust entrepreneurial culture that exploit personal and communal economic and social success at sub-national, national, and international level.
It is well recognized that those economies where these core factors are well developed have a record of strong economic growth. Many researchers have also identified certain factors which direct the process of entrepreneurship. The factors are: novel business models, resource munificence, efficiency centered business model, well defined business property rights and rule of law. Research has shown that the assets created through entrepreneurial activity are: competitiveness and enhanced productivity (Solow 1994, Gregersen and Johnson 1997), the prevention of rent seeking, monopoly exploitation and economic stagnation (Olson
While recognizing recent government initiatives to significantly raise allocation for education, some suggestions on improving the educational space for Entrepreneurship include the following: improve content and learning methods; introduce Entrepreneurship as a compulsory subject in business schools (also consider prospects for NRI and alumni networks’ involvement in funding new Entrepreneurship schools); encourage student-led entrepreneurial activities on campus with active stakeholder participation; and introduce performance based VET (linking performance to outcomes, incentivizing states, introducing English speaking skills, learning by doing etc.). Further, there is a need to significantly increase Business Incubation for Entrepreneurship (BIE) by comprehensively exploring policy issues pertaining to
• Introduce awards and recognition to illustrate that innovation is cherished for both staff and students. •Establish undergraduate and later a graduate curriculum to introduce students to innovation. • Encourage association with industries for staff placement and work with research teams to help enhance technology transfer. • Participate in national and international networks to attract support, expertise, knowledge and investment using the networks of researchers, innovative companies and investors. • Provide shared spaces with common tools and mentorship to encourage entrepreneurial students, of varying disciplines, to explore and innovate.
Entrepreneurship is the process of generating new ideas and introducing it into the market in the form of a new product, service or a process. It gives rise to entrepreneurs who are dynamic and flexible and introduce a new business from the purpose of being successful. For example, Sachin and Binny Bansal, the proud owners of one of the biggest e-commerce giant “Flipkart” are big entrepreneurs who have become so successful with their abilities of self-confidence and risk taking with proper planning and execution. When an entrepreneur has a new idea and his/her intention is to bring it into the market with a new business venture, the key for success is the good idea and a very good plan to execute that idea. Not only this, an entrepreneur also needs a proper business plan for more clarity about what is to be done when.
Successful Intrapreneurs also go on to become successful entrepreneurs.Intrapreneurs emerge from within the confines of an existing enterprise. In big organizations, the top executives are encouraged to catch hold of new ideas and then convert these into products through research and development activities within the framework of organization. The concept of intrapreneurship has become very popular in developed countries like America. ISSN NO 2277 2510 DRIVE JANUARY 2016 | 19 Intrapreneurship is different from entrepreneurship as an entrepreneur is an independent businessman whereas an intrapreneur is semi-dependent on the owners of the corporation. An entrepreneur bears full risks of his business whereas an intrapreneur does not
Entrepreneurship involves more than just increasing per capita output but also involves initiating constituting and implementing changes in the structure and models of the business and the society which are usually accompanied by growth and increased output (Musa & Adewale, 2015). According to Amzad et al (2009), an entrepreneur is that individual who brings all factors of production that is labor, materials, and other assets in to combination and to create value out of them. The researchers further affirm that entrepreneurship is also one who introduces changes, innovations, and new order as a dynamic process of vision change and creation. Entrepreneurship is taught as a transfer of necessary skills and knowledge from an expert who in this case is the lecturer/teacher to the student. Although entrepreneurship is a concept that involves mental activities such as creativity, innovativeness, and pro-activeness, several studies reveals that entrepreneurial education could raise attitudes and behaviors capable of provoking entrepreneurial intentions among youths who have interest in the economic development of their country (Kuratko,D.F,
Chapter 2: LITERATURE REVIEW 2.1 What is entrepreneurship? A modern world is facing an era of an intensive growth of entrepreneurial spirit all around the globe. Nowadays with the development of all spheres of modern time, more and more sides of life are open to be re-thought, combined and optimized, which is being executed by an entrepreneur, who first sees the opportunity of a new project to be started and after that takes responsibility of its implementation and sustainable growth. An economic history shows a long-lasting transformation of a definition “an entrepreneur”. However it is possible to use one which reflects a modern understanding of entrepreneurship.
It allows people to bring new ideas into being for the benefit of themselves and others. Global initiative for Entrepreneurship Development: U.S. Universities had a great impact on the knowledge economy of the US. The innovation initiated by them has led to increased economic growth. With the enactment of the Bayh Dole Act