Role Of Entrepreneurship In Business

In the world of rapid changing pace under the influence of highly technologies, the business has become more complex with increasing number of competitors that driven many companies to the edge of despair. The old fashioned or traditional business system or strategy will no longer suffice to survive in new and competitive markets. Therefore, in this new era of business world, entrepreneurs and intrapreneurs are the main key players in changing the future of how business system operates. In the book written by Wickham (2006), the author emphasized the role of intrapeneurship concept in an organization.

The entrepreneurship concept initiates responsibility and risk in design and application in starting a business. In simpler terms, entrepreneurship

Instead, McDonald instilled standardization of products and addition of value to customers through designing process and utilization of resources which developed a new customer base as well as new markets. The entrepreneur is someone who rearranges the resources of land, labour, capital and entrepreneurial ability to create a product or service that provides value to others. He/she is the creator of the economic and social growth. An entrepreneur is often defined as one who starts his own, new, small and medium enterprise and manages his business. The role of Entrepreneurship in economic development is capital formation (mobilizing idle resources), large scale employment, reduced concentration of economic power.successful entrepreneurs should have the following characteristics: leadership, originality ability and self-confidence, the traits are independents, individuality and optimism, innovate, creative, flexible and leadership behaviour, they always task-oriented and future-oriented, and play role of risk

According to Churchill (1992), intrapreneurship concept is described as a process of uncovering and developing an opportunity to create value through innovation and seizing that opportunity without regard to either resources (human and capital) or the location of the entrepreneur in a new or existing company. In other terms, economic performance of a company is improved by using new improved innovative system whereby managers or employees takes the role of an intrapreneur with the usage of the part the company’s resources.Intrapreneurship improves the economical and financial performance of the company, by applying a more efficient use of the resources and by using a suitable motivational system for its employees (Istocescu, 2003). The Entrapreneur emerging from within the large Industrial Organization are called Intrapreneurs. They emerge from the existing organizations. These can otherwise be virtual organizations. In big organizations, top executives encourage to catch new ideas and convert those into new products through R&D within the organization and prepare them as Heads of Strategic Business units. This concept has become very popular in USA & other countries also increasing number of Intrapreneurs are leaving the main organization and setting up their own enterprises. They are found exceedingly successful in their ventures and causing threat to the organization they