IJEBM

ISSN: 2384-6151

 International Journal of Economic and Business Management
 

Vol. 8(3), pp. 23-29, April, 2020.

ISSN: 2384-6151

DOI: 10.14662/IJEBM2020.040

Full Length Research

Entrepreneurship Development and Opportunity in view of Indian Retail Context

¹Swadesh Deepak and ²Dr. Meera Singh

¹Research Scholar, Department Faculty of Commerce, Udai Pratap Autonomous PG College, Varanasi.

Corresponding author’s Email: swadeshdeepak@hotmail.com

²Associate Professor, Department Faculty of Commerce, Udai Pratap Autonomous PG College, Varanasi.

Accepted 29 April 2020

Entrepreneurship calls for risk-taking initiatives in a competitive environment. It encourages innovative and creativity activity and puts a region at the front position of trade and industry progress. Thus, entrepreneurial culture is a prerequisite for the wealth of regions. In general, a region that hosts entrepreneurial capital and knows how to use it may be expected to be a winner in a competitive economic game. From a theoretical perspective, one might argue that regional-economic efficiency, as described by a neoclassical production function, depends critically not only on labour, capital or natural resource endowments, but also on entrepreneurial culture (including knowledge-intensive skills). The benefits of entrepreneurship for regional welfare have, in recent years, prompted much policy interest in the way how to favour entrepreneurship in the regional economy. Entrepreneurship has indeed acquired central importance among the processes that affect regional economic change. Entrepreneurs are essential actors of change, and they can act to accelerate the creation, diffusion and application of new ideas. In doing so, they not only ensure the efficient use of resources but also take initiatives to exploit business opportunities. A central reason for the interest by policy makers in entrepreneurship is its apparent capacity – based on US experience – to create, directly and indirectly, employment and wealth. Entrepreneurship is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession. The person who set-up his business is called an entrepreneur. The output of the process, that is, the business unit is called an enterprise. It is interesting to note that entrepreneurship besides providing self-employment to the entrepreneur is responsible to a great extent for creation and expansion of opportunities for the other two economic activities, that is, employment and profession. (Can you think why and how?) Further, each business gives rise to other businesses– the suppliers of raw materials and components, service providers (be it transport, courier, telecom, distributor middlemen and advertising firms, accounting firms and advocates etc. And, in the process, entrepreneurship becomes crucial for overall economic development of a nation. Given its important role in the overall scheme of economic development, it is interesting to note that not many persons opt for a career in entrepreneurship. Traditionally, it was believed that entrepreneurs are born. No society can wait for the chance of ‘birth’ of entrepreneurs to pursue its developmental plans. In fact, plans for economic development would bear little fruit unless entrepreneurship development is regarded as a deliberate process of making people aware of entrepreneurship as a career at an early age and creating situations where they may actually make a choice to become entrepreneurs.

Keywords: Entrepreneurship, development, economic

Cite This Article As: Deepak S., Singh M (2020). Entrepreneurship Development and Opportunity in view of Indian Retail Context. Inter. J. Econ. Bus. Manage. 8(3): 23-29