Entrepreneurship refers to all those activities which are to be carried out by a person to establish and to run the business enterprises in accordance with the changing social, political and economic environments. Entrepreneurship includes activities relating to the anticipation of the consumers likes and dislikes, feelings and behaviors, tastes and fashions and the introduction of business ventures to meet out all these expectations of the consumers. Entrepreneurship is the ability of entrepreneurs to assess the risks and establish businesses which are risky but at the same time suits perfectly to the changing scenarios of the economy.
“Entrepreneurship as the function of seeking investment and production opportunity, organizing an enterprise to undertake a new production process, rising capital, hiring labor, arranging the supply of materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers of day to day operations of the enterprise”.
According to Schumpter, “Entrepreneurship is the purposeful and systematic innovation. It included not only the independent businessman but also company directors and managers who actually carry out innovative functions.”
Role of entrepreneurship in economic development:
The important role that entrepreneurship plays in the economic development of an economy can now be put in a more systematic and orderly manner as follows:
1. Entrepreneurship promotes capital