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What is Entrepreneurship


Entrepreneurship plays a catalytic and important role in the economic development of all the nations. The real progress of the nation ultimately depends on the industrialization. It has emerged as a dynamic and vibrant sector of the economy. Without increased industrial production, the main objective of growth with welfare can not be achieved.

A well recognized fact that a vibrant entrepreneurship holds the key to economic prosperity in an economy, characterized by abundant labour supply, unemployment and underemployment, capital scarcity, growing modern large industrial sector giving scope for ancillarisation and so on. Unemployment has been a major problem in modern society inspite of abundance of natural resources and scientific inventions.

The government in developing countries are finding hand to provide employment to the major portion of the people in their country. A good entrepreneurship can be the solution for minimizing unemployment. It is crucial both in socialist and capitalist countries. In socialist countries the government plays an important role by nationalizing the industries.

In capitalist countries, the state is a guide and entrepreneurs are free to choose their own ways and means of developing different industries. It is the process where by an individual or group of individuals grow using organized efforts to pursue opportunities to creative value and growth by fulfilling wants and needs through innovation and uniqueness, no matter what resources the entrepreneurs currently have. Entrepreneurship provides an excellent opportunities to realize both the goals the individual status as well as the individual’s contribution to society.


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