Rural Entrepreneurship-Opportunities and Challenges

Bygrave, W.D. & Zacharakis, A. (2014). Entrepreneurship, 3rd ed. Hoboken, NJ: John Wiley & Sons, Inc. ISBN: 978-1-118-58289-3

Entrepreneurship is the willingness to take risks to create and operate a business. An entrepreneur is someone who sees a potentially

Furthermore, rural manufacturing has been identified as one of the few viable sectors for rural development (Freshwater, 2003; Rothwell and Bollman, 2011). Based on this claim, entrepreneurship tailored towards rural manufacturing may serve as a possible ingredient in the revitalization of rural Saskatchewan.

Entrepreneurial leadership is often viewed as a product of self-interest and individual innovation. Gupta (2004) states entrepreneurship is a discrete event based on the autonomous pursuit of innovative opportunities. Entrepreneurial leadership is defined as fusing the concept of entrepreneurship, entrepreneurial orientation and entrepreneurial management with leadership. Entrepreneurship is seen as the base of the American economy and a critical driver for developing in local regional and national economics (Woods, 2014). Avolio (2009) listed the five diverse styles of leadership 1.Authentic 2.Complexity 3.Shared 4.Transformational and 5.Global. My focus will be on the latter two elements of his analysis, transformational and global entrepreneurial leadership as a means to bring economic development to rural

Every start-up needs financial support to achieve high aims. Global economy conditions have come up with some reality base difficulties for new start-ups but these difficulties cannot delay the establishment of entrepreneurial companies. On the other hand, challenges of globalisation are bothering mature companies to produce more innovative, environment friendly, qualitative and economic products or services. Automatically, it is a threat for new start-ups to be more sufficient and efficient for survival and then to be a mature company to gain marketplace. The notion of entrepreneurship varies according to the situation of the target market. New start-ups need delegation, resources and expertise to grow it and to follow different stages of business growth (Baron, 2012).

This is not the case always, for example the culture plays an important role in this entrepreneurial process. Turkey has a stable economic and political conditions, variety of industries are performing well in the domestic market, the customers are early adopters which are all good signs for entrepreneurship, but only 6% of the population of entrepreneurs because they have limited capital, large ponderous bureaucracy with many regulations though the regulations fail to protect the intellectual property. Let us consider Uganda on the other hand, contrary to the stable government of Turkey, Uganda has a violent past, but they have the highest entrepreneurship rate of 28%, from hand crafted furniture, trinkets, cobblers, honey makers, everyone is selling something. There may not be a Steve jobs or Bill gates but most people embody the entrepreneurial spirit. High unemployment and survival rate are the key factors driving the entrepreneurial spirit in Uganda, there are also other factors in place. The initiative to lay down fiber optic cables has enabled the country to link even the rural villages to various resources. In this case we can observe two important factors such as necessity (Uganda) and choice (Turkey) at play here which are mainly based on the culture and history

The role of entrepreneurship in the development of the company and the fundamental reasons behind their success.

Taking a risk: the entrepreneur is the person who risk time money, time and effort to start or manage a new business.

Global development is inflowing a phase where Entrepreneurship will gradually play an important role in the economic development. Entrepreneurship has been gaining power from the past decades. In the present scenario, Entrepreneurship was influenced by many factors like social, cultural, economic, political and etc (BrajaballavKar, Dr.RamakantaMishra, & Dr.JitendraMohanty, 2014). Among all other factors the impact of socio cultural factors in the economy was large. Mostly in the developing countries like India the socio cultural factors play an important in influencing entrepreneurship. Most of the studies have concentrated on the economic, social dimensions of the entrepreneurship none of the study reveals the socio cultural

Entrepreneurship is an extremely important aspect of the modern economy. Entrepreneurship entails improving business and the development of areas that are good for a business, people and the overall economy of a country (Galindo, & Méndez-Picazo, 2013). Since the need for entrepreneurship has been widely discussed and proven through research (Isenberg, 2010; Khan, 2016; Rahman, 2014), it is important to focus on the frameworks that can positively influence the structure of the country’s economy.

An entrepreneur is known as an inventor who taking the risk in the business. It performs in the role of innovation as the key of development and success which associates with society, currency, creativity and sustainability. Entrepreneurs also involve in economic development, interacting with suppliers and customers to create a market and variation of the product. The entrepreneurship, innovation and economic development are performing together in the relationship.

Corporate world needs to realize that, to be successful in the rural market, they must go in with a clear long-term strategy. There must be a willingness to invest in rural market with as much energy as they utilise to build brands in the urban one. Since rural efforts take longer to give sustained results, they must be prepared for a long haul. Short term efforts may not deliver the desired results on a sustained basis in rural areas.

For women to become a successful entrepreneur, she needs access to capital, technical and managerial know-how and market. The essence to empower rural women lies in catalyzing appropriate economic activities at the grass root level and creating new opportunities for them to earn higher income in order to improve their standard of living. This objective could be accomplished by establishing enterprises that are based on the locally available resources and preferably indigenous knowledge.

Government has a role to play in as far as promoting socio-economic for rural livelihood as the government is there for the people and it has to do anything possible for its people to

These rural people are not very much skilled but any how employers managed to get his work done but if another hand these rural people’s can be skilled by training and development programs than they can work more efficiently. Apart from this entrepreneurship has been witnessed drastic change in the living standard of rural people which is very necessary and positive sign in the development of any economy.