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Entrepreneurship Development

Author(s): Pratik Tawde
Abstract:
1.1 Meaning
Entrepreneurship is the act of setting out on your own and starting a business instead of working for someone else in his business. While entrepreneurs must deal with a larger number of obstacles and fears than hourly or salaried employees, the payoff may be far greater as well. The term entrepreneur has been defined differently by different writers and thinkers. It is relatively a new term and concept used in economic sphere. Over the period, due to its increasing relevance in economic domain, it has become the buzzword in the economic literature. With the advancement in technology, general trend towards globalization, change in industrial structure, deregulation and privatization etc, entrepreneurial activity is increasing around the globe. Entrepreneurs have been recognized as an important source of economic growth. They create jobs and play a pivotal role in the development country’s economy. Entrepreneurship is generally said to be the practice of starting new venture in response to perceived opportunities. It helps in the establishment of small-scale business which results into large organizations capable of creating numerous job opportunities. Entrepreneurship has been identified as one of the major trends shaping business, economy, and even society. The modern study of entrepreneurship owes a lot to the pioneering efforts of Joseph Schumpeter and other Austrian economists. Later on, Peter Drucker, Frank Wright and many others have significantly contributed to the growth of entrepreneurship development and research. In recent times, entrepreneurship and entrepreneurs have received a lot of attention from academicians, writers, media and general public. The achievements and contributions of entrepreneurs have been acknowledged by society and many entrepreneurs have been honored and awarded for their services like Dhirubhai Ambani, Lakshmi Mittal, Bill Gates etc. Entrepreneur: The word „entrepreneur‟ is derived from the French word “entreprendre‟ which means „to undertake‟. The term entrepreneur was first brought up by Richard Cantillon, a French baker in 18th Century to mean, “A person who is uncertainty bearer”. Richard Cantillon was the first person who used the term entrepreneur for economic activities. J.B. Say another Frenchman, expanded Cantillon‟s ideas and said that entrepreneur is “an organizer who combines various factors of production to produce a socially viable product”. So, Entrepreneur is a person who launches his own venture. He organizes, manages and takes the risk of developing those new products or processes for which the market demand exists but these are not currently being supplied in the market. An entrepreneur bears the risk of a new venture if there is a chance to earn profits. He is a front man who brings together various factors of production and creates value by developing a new product or process. Thus, an entrepreneur may be described as a person who has the ability to explore the markets, identify opportunities for growth, make best use of available resources and implement actions to maximize those opportunities.
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