Entrepreneurship is the dynamic process of creating incremental wealth by individuals/groups through the use of resources. Entrepreneurship is combinations of innovative ideas by which the management skills resources meet identify needs in the market place. It is an act of initiative, drive, commitment, perseverance, organized effort, and achievement outlook, to undertake some specific functions of performing productive activities and the capacity to bear and associated with the investment. The individual or groups who perform these activities are called entrepreneurs. An entrepreneur is one who always searches for change, responds to it, and exploits it as an opportunity. Assessment of Market Opportunity, responding to competition, gaining command over scarce resources, identifying sources of inputs, and marketing of products, dealing with public, bureaucracy, management of human resources, technological innovation and improvements in production techniques are prime functions of an entrepreneur. According to Schumpeter, “the function of entrepreneur is to reform or revolutionize the pattern of production by exploiting an innovation or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry”. Entrepreneurs act as the locomotives for the economic development of the country. There are various roles which entrepreneurs play in the economy.
Role of entrepreneurship in economic development
Entrepreneurship nowadays is universally recognized as critical resource in the economic development process of a country. The entrepreneurs played significant role in the economic development process during 19th & 20th centuries in developing business successfully with continuity. It will continue to play...