Rural Entrepreneurship-Opportunities and Challenges

3604 WordsAug 7, 201015 Pages
RURAL ENTREPRENEURSHIP IN INDIA OPPORTUNITIES AND CHALLENGES Abstract The rural population constitutes a major segment in India. The livelihood strategies of this vast segment depend primarily on agriculture and allied activities. Growth in this agriculture sector has shown a declining trend during the last one decade. This has made a huge impact on the domestic production, employment, etc. These problems can be tackled, to a certain extent, by developing entrepreneurship in Rural India. This dissertation is concerned with the distinctive challenges and opportunities of developing entrepreneurship in rural locations, and also provides the necessary suggestions that can be used in this context. Introduction India is the 2nd most…show more content…
The entrepreneurship is a risk-taking factor, which is responsible for the end result in the form of profit or loss. Entrepreneurial orientation to rural development, contrary to development based on bringing in human capital and investment from outside, is based on stimulating local entrepreneurial talent and subsequent growth of indigenous companies. This in turn would create jobs and add economic value to a region and community and at the same time keep scarce resources within the community. To accelerate economic development in rural areas, it is necessary to increase the supply of entrepreneurs, thus building up the critical mass of first generation entrepreneurs (Petrin, 1992), who will take risks and engage in the uncertainties of a new venture creation, create something from practically nothing and create values by pulling together a unique package of resources to exploit an opportunity. By their example they will stimulate an autonomous entrepreneurial process, as well as a dynamic entrepreneurship, thereby ensuring continuous rural development. It is important to stress that rural entrepreneurship in its substance does not differ from entrepreneurship in urban areas. Entrepreneurship in rural areas is finding a unique blend of resources, either inside or outside of agriculture. This can be achieved by widening the base of a farm
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