Emerging Role of Entrepreneurship and Challenges for Entrepreneurs Towards Their Role in Economic Growth

Topics: Entrepreneurship, Entrepreneur, Economics Pages: 6 (2171 words) Published: May 6, 2013
AURO University, Surat, Gujarat, India

Entrepreneurship in today’s world means risk taking and bringing innovation. Many believes that entrepreneurship is an ongoing process and not static in nature. True entrepreneurs are resourceful, passionate comfortable fighting on the frontline. The great ones are ready to be laughed at and criticized in the beginning because they can see their path ahead and are too busy working towards their dream. This paper basically deals with the role of entrepreneur in economic growth and the challenges faced in order to achieve success and sustain in the market. -------------------------------------------------

KEYWORDS: Entrepreneurship, Challenges, Economic Growth
A study on Entrepreneurship Challenges and Opportunities in India by Dr. N. Santhi and S. Rajesh Kumar showed that “The country’s economic policy environment must be favorable for organizations to achieve efficiencies in today’s global market. It should enable the entrepreneurs to provide a magical touch to an organization, whether in public or private or joint sector, in achieving speed, flexibility, innovativeness and a strong sense of self-determination.” A study on Contribution on Entrepreneurship in Economic Growth by Muhammad Amjad Nazir showed that “ Entrepreneurship play an important role in countries in different stages of economic development if supported by government policies, proper Research and Development facilities, flexibility and knowledge intense production.” A study on Entrepreneurs: A Balanced View of their Role in Innovation and Growth by Theodore D. Weinshall proposed that “ Entrepreneurs are strong personalities that enable them to mobilise resources and people to achieve their aim but there are two negative aspects: firstly, that the entrepreneur’s aims may not be necessarily in the public interest; and secondly, that the entrepreneur may not remain “the right man for the job” as the business grows. Thus an appropriate career plan for an entrepreneur might be to start by learning the ropes in an entrepreneurial organization before launching successive ventures.” INTRODUCTION TO ENTREPRENEURSHIP

The concept of entrepreneurship defines in different ways because it has wide range of meanings. Today entrepreneurship most seen as under taking innovation and brings risk. Most economics and sociological is says entrepreneurship is a process and not a static phenomenon. Entrepreneurship has to do change and is also commonly associated with choice related. We can also define entrepreneurship as “Creating or seizing an opportunity and pursuing it regardless of the resources currently controlled “or Entrepreneurship is more than just a mechanical economic factor (Pirich 2001). Over the past few years there has been a great deal of attention paid to the subject of entrepreneurship, stemming primarily from the discovery by economic analysts that contribute considerably to economic growth and vitality. Many definitions of entrepreneurship can be written in the literature describing business processes. The earliest definition of entrepreneurship, dating from the eighteenth century, used it as an economic term describing the process of bearing the risk of buying at certain prices and selling at uncertain prices. Later definitions described entrepreneurship as involving the creation of new enterprises and that the entrepreneur is the founder. (Peter Kilby, 1984) once entrepreneurship compare with the imaginary animal, the Heffa lump, It is a large and important animal which has been hunted by many individuals using various ingenious trapping devices. All who claim to have caught sight of him report that he is enormous, but they disagree on his particularities. Not having...

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