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Entreprenurship

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ENTREPRENEUR
Our economy has developed many views about an entrepreneur. It can be referred to as one of the factors of production or someone who has opened a new venture in an existing industry. Commonly, an entrepreneur is regarded as the owner of a big company or firm. However, such views portray a narrow and restricted activity of an entrepreneur. In the real world, an entrepreneur does much more than just setting up a firm. It plays a vital role in the flourishing of a country.

Joseph Schumpeter believed that “everyone is an entrepreneur only when he actually carries out the new combinations and loses that character as soon as he has built up his business.” (The Theory of Development, 1934). His belief holds true to a large extent and modifies the way we commonly think of an entrepreneur. He describes entrepreneurship to be process or activity that is carried out by a person. Thus the quality of this entrepreneurial spirit is possessed for only a certain period of time and doesn’t last forever.

It’s the ability of an entrepreneur to identify what the market is devoid of, reacting creatively to the opportunity with new ideas and acting upon these ideas through a process of innovation to produce new goods, creating demand for it and giving it market value. Such a process leads to correction of market failures and deficiencies (Leibenstein, 1995, Schumpeter 1942). It causes changes in the market by creating disequilibrium of market forces. These changes act as sources of opportunities for the entrepreneur, which can be exploited.

An entrepreneur plays the role of a risk taker who is able and willing to experiment with ideas and pool in resources to carry out the production process. This involves a high degree of uncertainty.

ENTREPRENEURSHIP AND GROWTH
Entrepreneurs are seen as agents that drive the economy into a period of growth.

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