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A study on the role of Entrepreneurship in Economic Development of a country

  • Unique Paper ID: 151357
  • Volume: 5
  • Issue: 6
  • PageNo: 388-392
  • Abstract:
  • The term ‘entrepreneur’ is derived from French, which means ‘between taker’ or ‘go–between’. In common parlance, entrepreneur refers to an individual who “undertake” the risk of new enterprise. Notable early French, British and Austrian economists wrote enthusiastically about entrepreneurs as the ‘change agents’ of progressive economies. The first economist to have used the term entrepreneurship was ‘Richard Cantillion’, a French economist of Irish descent. He is credited with giving the concept of entrepreneurship a central role in economics. Later, Adam Smith in his famous book ‘Wealth of Nations’ introduced the word ‘enterpriser’ as an individual who undertook the formation of an organization for commercial purposes. Adam Smith viewed entrepreneur as instrumental to economic change, thereby becoming the economic agents who transformed demand into supply. Entrepreneurship is considered as an important pre–requisite for economic development. Entrepreneurs, who imbibe the quality of entrepreneurship, play a major role not only in organizing production, but in a broader sense, promote the process of economic development. According to Joseph Schumpeter the function of an entrepreneur is to reform or revolutionize the pattern of production by exploiting an invention or more generally an untried method of producing a new commodity or producing an old one in a new way, by opening up a new source of supply of raw materials or new outlet for product by organizing an industry. To undertake such new things is not an easy task and constitutes a distinct economic function, first because they lie outside of the routine tasks which everybody understands and secondly, because the environment resists in many ways that vary according to social conditions from simple refusal either to finance or buy new things to physical attack on man who tries to produce it. To act with confidence beyond the range of familiar options and to overcome the resistance requires aptitudes that are present in only a small fraction of the population and that define the entrepreneurial type as well as the entrepreneurial function. Hence this paper traces out the role of entrepreneur in economic development of a coun
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 5
  • Issue: 6
  • PageNo: 388-392

A study on the role of Entrepreneurship in Economic Development of a country

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UGC Approved
Journal no 47859

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