The Role of Entrepreneurship in Economic Development in Bangladesh

4090 Words Dec 29th, 2012 17 Pages
The Role of Entrepreneurship in Economic Development
The entrepreneurs with their ability to scan, analyze and identify opportunities in the environment transform them into business proposition through creation of economic entities. Entrepreneurship and economic development are intimately related. So, that entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth. Whatever be the form of economic and political set-up of the country, entrepreneurship is indispensable for economic development. Entrepreneurship is an approach to management that can be applied in start-up situations as well as within more established businesses.
According to Joseph Schumpeter, the rate of economic
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In Bangladesh, Micro-credit programs incorporate skills-based training which fosters human capital formation among participants. Also, the group-based nature of the lending format facilitates interaction between members which allows them to benefit from one another’s experience and knowledge. Both of these facets of the micro-credit model exist to promote the productive capacity of the poor, which is essential to their own economic advancement.
7. Creates Large-Scale Employment Opportunities: Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation.
Today, SME remains the engine of economic growth and considering the population of Bangladesh, SME offers large-scale employment and income earning opportunities at relatively low costs, especially in the rural areas. It strengthens efforts to achieve high and sustainable growth, which is a prerequisite for an exit from
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