An entrepreneur is someone who should be willing to handle the danger of a business endeavor where there is a noteworthy chance for making profit. Entrepreneurship is essentially the act of establishing a business keeping in mind the end goal to make profit on a freshly discovered opening in the market. Entrepreneurship is a testing job as a number of businesses which begin fail to be successful. Entrepreneurship has numerous instabilities particularly when new goods are made for which there is no market. Entrepreneurship influences economic growth in different ways.
What elements of them distinguish and differentiate them from other individuals who do business? Entrepreneurs are persons who actualize and bring out their native and intrinsic potentials and build up a character that is independent of anyone or anything. He/ she has the capability and capacity to create something new from virtually nothing – initiating, doing, daring, building and achieving an enterprise. Entrepreneurs are defined and characterized as those people who have the potential and capability to evaluate and visualize the business opportunities, collect and assemble the basic and compulsory resources to obtain benefit of them, and instigate suitable measures and tasks to guarantee success (Meredith et al, 1991). Entrepreneurs are described as the value adders, who represents the prosperity of the nation and its prospective to produce employment; they are the driving force of any nation.
Entrepreneurship is a key factor in economic growth, innovation and growth of enterprises and businesses. Modern economic methods, market cultures and available of new technologies have helped entrepreneurs in a big way. These help them to bring the capital funds, resources and persons together to establish the enterprise. In this chapter, you will learn about the role of an entrepreneur in economic development of the country. You will also learn how entrepreneurs act as an innovator in the economic growth and help in the generation of employment opportunities, in complementing and supplementing economic growth.
Interesting facts 13 9. Conclusion 14 10. Bibliography 15 Entrepreneurship is the ability to transfer ones resources in response to changing circumstances. Starting a business from scratch at its core includes everything from the idea origin to managing the company for the long run. Richard Branson said: "What is an entrepreneur?
(2011) What is the Role of an Entrepreneur in Economic Development ? Retrieved fom http://www.preservearticles.com/201101143326/role-of-an-entrepreneur-in-economic-development.html Lutz Sommer, Ph.D., Professor. (2009). SMES’ ATTITUDE TOWARDS COOPERATIVE ARRANGEMENTS - A COMPARISON BETWEEN ASIA AND EUROPE: EMPIRICAL RESULTS FROM THE EUROPEAN UNION AND MALAYSIA Pehr-Johan Norbäck, Lars Persson, Robin Douhan. (2012) Entrepreneurship policy and globalization.
The immense prospective lies in applying business principles within the already functioning organizations. Keywords: entrepreneurship, intrapreneurship, intentions. Introduction Intrapreneurship refers to employee taking initiatives in the organizations to do something innovative, without being requested to do so. In recent times the entrepreneurial environment in the country is growing terrifically there are ample of opportunities approaching up for the contenders who are willing to set up their own firms. Intrapreneurship is a conventional system of keeping up the pace of innovations within large organisations by making efficient use of their entrepreneurial skills.
This is because it makes them change their existing behaviour patterns. An entrepreneur makes the ideas available to others for their benefit. Thus, an entrepreneur paves the way for the acceptance of new ideas or methods by the society. An entrepreneur's confidence, enthusiasm and energy help him in overcoming the society’s resistance to
Task 1 Introduction Entrepreneurs are persons who manage capital, land, labour, and cost of capital for manufacturing and selling the products for earning profits (Gasparski, 2011). Entrepreneurs indulge in business because they expect to earn high profits from the business. The Entrepreneur is also defined as a person who follows business actions in the industrial world. These persons have a scarcity of resources, yet ready to take risks to earn high profits. As everyone knows that to start up a business a person needs resources, capital, and manpower which are key elements to start any business.
According to Shane, the word ‘entrepreneur’ can be taken to mean an individual who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods and the result of one effort in entrepreneurship may be the creation of a new organisation or revitalising an existing organisation in response to a perceived opportunity. According to him, Bill Gates could not have for an example made his fortune if Steve Jobs did not seen the opportunity to build and sell personal computers; neither could Steve Jobs have built a personal computer if Gordon Moore had not invented the microprocessor. Thus, acts of entrepreneurship create specific environment within which innovations build on themselves, leading to continually increasing productivity (Holcombe,
Today Entrepreneurial development has become very important in view of its being a key to economic development. The industrial development objectives includes employment generation based on the regional growth of entrepreneurship and its development and regional growth. An enterprise is created by an entrepreneur and this process is known as “Entrepreneurship”. 1.1.2 Definition of Entrepreneur The capacity and willingness is to develop manage and organise a business venture along with any of its risks in order to make profit. Beginning of new business is the most obvious example of entrepreneurship that is also the basic quality of any business owner.