Entrepreneurial Development and Economic Growth: A Comprehensive Overview
Explore the pivotal role of entrepreneurs in economic development, focusing on employment creation, capital formation, regional development, resource utilization, income enhancement, and standard of living improvement. Discover how entrepreneurs drive economic independence, alleviate unemployment, foster balanced growth, and enhance overall prosperity.
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ENTREPRENEURIAL DEVELOPMENT ROLE OF ENTREPRENEURS IN ECONOMIC DEVELOPMENT M. ABDUL JABBAR, M.Com., NET, SET ., ASSISTANT PROFESSOR OF COMMERCE HAJEE KARUTHA ROWTHER HOWDIA COLLEGE (AUTONOMOUS) UTHAMAPALAYAM
ROLE OF ENTREPRENEURS IN ECONOMIC DEVELOPMENT Creation of Employment Opportunity Capital Formation Balanced Regional Development Use of Local Resources Improvement in Per Capita Income
Improvement in The Standard of Living Economic Independence Preventing Industrial Slums Reducing Social Tension Facilitating Overall Development
Creation of Employment Opportunity Unemployment is one of the most important problems confronting underdevelopment countries Entrepreneurs by setting up their own units enabling themselves to get self employment. With the setting up of more and more units by entrepreneurs both on small and large scale, numerous job opportunities are created for others. developing and
Capital Formation Entrepreneurs as an organizer of factors of production employs his own as well as borrowed resources for the setting up of his enterprise. Entrepreneur mobilizes idle saving of the public and put them to productive use. In this way he helps in capital formation which is so essential for the industrial and economic development of a country.
Balanced Regional Development Small scale units can be set up in industrially backward and remote areas with limited financial resources. Use of Local Resources In the absence of any initiative local resources are likely to remain unutilized. Proper use of those resources can result in the progress or development of the area and that too at lower cost.
Improvement in Per Capita Income More enterprises will lead to more production, employment and generation of wealth in the form of goods and services. It will result in the increase in the overall productivity and per capita income in the country.
Improvement in The Standard of Living Entrepreneurs by adapting latest innovations helps in the production of wide variety of goods and services. By making efficient use of the resources they start producing more of better quality and that too at lower costs which ensures easy availability of better quality products at lower prices to the consumer and results in the improvement in the standard of living of the people.
Economic Independence Entrepreneurs develop substitute goods being imported and thus prevent over-dependence on foreign countries and at the same time help in saving of previous foreign exchange. Through sale of their surplus products in foreign market entrepreneurs enable a country to earn foreign exchange. Export promotion and import substitution thus help in promoting economic independence of the economy.
Preventing Industrial Slums Dispersal of industries can help in the overcoming the problem of industrial slums which results in over burdening of civic amenities.
Reducing Social Tension Unemployment amongst the young and educated people is emerging as the major cause of social unrest. Entrepreneurship Development can help in channeling the talent of this section of society in the right direction by providing proper guidance, training and assistance for setting up their enterprise.
Facilitating Overall Development An entrepreneur acts as a catalytic agent for change which results in chain reaction. With the setting up of an enterprise the process of industrialization is set in motion. This unit will generate demand for various types of inputs required by it and there will be so many other units which will require the output of this unit. This leads to more and more unit there. Entrepreneurs, thus create enthusiasm and convey a sense of purpose. an environment of
