The Importance Of Entrepreneurship In Developing Countries

In poor or developing countries people are more entrepreneurial than in developed countries out of necessity. In those countries, people have a constant need to earn a little more than what they earn from their regular employment. However, in the developed countries like the U.S., UK, and other industrialized European countries, entrepreneurs pursue business by choice. This is the reason why most of the largest enterprises come out of these

(3) Moreover, to obtain his information, a questionnaire was developed which included mixtures of scaled, dichotomous, multiple choice, open ended and rank-order questions. (3) Hisrich findings were divided into four areas; the demographic composition and background of the entrepreneurs, the nature of their business ventures, the skills, and personalities of the entrepreneurs as well as the problems confronted in starting and operating a new venture. (3) In the sample entrepreneurs were between the ages of thirty-five and forty-five; in which sixty percent were married and had children. (3) Forty-two percent were first-born children in their families, and the majority grew up in lower or middle class environments.

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

They help in intensifying competition with the help of technology they master in increasing productivity and thus contributing in the development of the country, followed by economic growth.(Dr. Sangya Shrivastava 2013) Entrepreneurship has been given much emphasis by organizations and governments in recent years. It acts as a vehicle for small businesses. We can see the increasing level of economic development when more of the population gets involved in entrepreneurship which is basically self-employment. Entrepreneurship plays a critical role in the development of the economy as this is the key contributor to innovativeness and product improvement. It is one of the important ingredients to the creation of new employments and in the building of communities in ways of offering them jobs. By contributing to local charities, taking part in local business, investing in projects in communities, and creating and participating in different networks in entrepreneurship, they build up robust communities which contribute to the community development. Governments have struggled to develop policies which will enhance entrepreneurship by understanding the critical difference existing between small business owners and entrepreneurship. At the same time, a misconception about entrepreneurs and where entrepreneurs can be found can also help the local people to create the right picture of entrepreneurship and thus become aggressive and contribute to

How important is entrepreneurship in the development and growth of the economy of the country

It is a well recognized factor that entrepreneurship and entrepreneurs are important drivers of economic growth, because they encourage employment , innovation and improve the GDP of the country. “Entrepreneurship” became the buzzword in India only in the early part of the new century. Traditionally Indian have a very strong culture of security in income, barring a few communities like Marwaris, Punjabis, Parsis and Sindhis most other communities prefer to have secure jobs and are risk averse. Most of the entrepreneurial ventures were from these communities. This has changed considerable of late and one hears of several success stories were the entrepreneurs are self-made

Thus, indeed an entrepreneur is an innovator or reformer both for the socioeconomic environment of society as well as for himself. The condition of young people who tend to be more interested in becoming workers or employees (job seeker) than those who seek to create work need solutions through entrepreneurship empowerment efforts. In this empowerment the target is young people in the area of Surabaya. Young people in this case are those who are students, who come from various universities and members of the organization of the Catholic Students Union of Indonesia (PMKRI) St Lucas,

With the increasing presence of globalisation and rapid emergence of new markets, entrepreneurship is becoming more prevalent. According to the Global Entrepreneurship Monitor (GEM), there is usually high Total Entrepreneurial Activity (TEA) in countries like Australia, Canada and United States, whereas there is low TEA in Norway and United Kingdom . Generally, entrepreneurship can be defined as “a purposeful activity to initiate, maintain and develop a profit-orientated business” . However, for one to succeed as an entrepreneur, they must go beyond the ‘norm’ and differentiate themselves from other competing entrepreneurs; this may be achieved by embracing both social and ethnic diversity. Social diversity refers to the different factors that set individuals apart in a society like gender, age or religion, whereas ethnic diversity looks at different ethnic groups and cultures . This report will first look at how ethnic diversity contributes to the development of an entrepreneur, and the limitations to this using Hofstede’s framework. It will also look at social diversity and entrepreneurship, particularly focusing on gender. Finally, the report will conclude whether social and ethnic diversity may be beneficial to entrepreneurship and development in general overall.

A comprehensive approach to promoting entrepreneurship must work on three levels-individuals, firm and society. To motivate individuals to become entrepreneurs, they should be made aware of the concept of entrepreneurship and this should be made sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. For entrepreneurial ventures to develop

All companies doing business domestically or internationally are affected by political issues and risks- the likelihood that a society will undergo political changes that negatively affect local activity. In many different ways, politics are a huge factor for the willing of two sides to cooperate and trust one another. (International business book)

In the 21st century Entrepreneurship is one of the fundamental driving variable in job development. Entrepreneurship has dependably had a variable in monetary advancement and has assisted with job creation. Be that as it may, in the present time it has quickened like never before. Entrepreneurship is favorable for the development of a country’s economic system for various reasons. Business enterprise has been surprisingly resurgent in the course of recent decades in nations that accomplished generous poverty diminishment, for example, in China. Third, benefactors and global advancement organizations have swung to entrepreneurship to enhance the efficiency and supportability of assistance. As we assess the economic development and correlation with Entrepreneurship, we measure how Entrepreneurship has had an effect on the economy of India.

With the rapid development of a dynamic global economy, increasingly countries are seeking breakthroughs in their economic development. Stimulated by these ever-increasing competition pressures, exploitation of new ideas and businesses which provide great potential for economies to thrive, accordingly, is gaining widespread attention (Mansfield, 1972; Wong et al., 2005). In consequence, on a global scale, not only some developed countries with strong capability to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with the purpose of benefiting economic development

Indian economy, which contributes to 80 percent of the South-East Asian region’s output, is set to grow by 6.4 percent in fiscal year 2015/16 (http://www.worldbank.org/en/news/press-release/2014/10/06/led-india-south-asia-economic-growth-accelerate). Since 1991 India has consistently been among the top 10% of the world’s countries in terms of economic growth (http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/EXTSARREGTOPMACECOGRO/0,,contentMDK:20592481~menuPK:579404~pagePK:34004173~piPK:34003707~theSitePK:579398,00.html). In the agriculture, production and services sectors, India has made remarkable strides in the last two decades becoming the 2nd, 14th and 15th largest economy respectively (http://www.economywatch.com/indianeconomy/india-development.html). What gives India a competitive edge over other developing economies is the fact that 63% of its population is in the working age group of 15-59 years. Given that most studies have concluded that nascent entrepreneurship prevalence are highest in the age bracket 25-34 years, it makes India the cynosure of entrepreneurial and economic investments from across the world (http://ediindia.ac.in/e-policy/Doc/Draft-National-Entrepreneurship-Policy.pdf).