How Entrepreneurship Is Important For The Growth And...

Introduction Enterpeship is the act of arriving at a business idea and accumulating the resources required to start and run the venture. The resources could be financial or human who would participate in the routine roles of the firm. It is the ability to accept the various risks associated with the business type and taking the initiative to make the profits amid inherent start-up challenges. The individuals engaging in entrepreneurship are entrepreneurs who are innovative and self-motivated to succeed. Entrepreneurship is important for the growth and development of a nation and boosts its ability to compete favorably in the global arena (ACS, 2010). Objectives of the fifth annual HKUST The competition is an opportunity to budding teams†¦show more content†¦The majority of the proposals related to technological solutions while others from the fields of human health and environment portfolios had a place. The major objective of the events was to award winners thus enhancing their abilities to commercialize the ideas into successful enterprises. The winners of the award were Parle, who got the money as well as many other gifts. Further, they were given an office space to use for the start-up for a whole year at the headquarters. The motivation of the idea was the fact that many people face challenges trying to retrieve particular types of information from the internet. Thus, the team sought to make the searching task easier and convenient for internet users. Motivating factors A large portion of entrepreneurs’ source their motivation from the benefits associated with entrepreneurship. Starting a venture makes an individual their boss, and gives the freedom to make independent business decisions. An entrepreneur gets the chance to choose associates and employees satisfying their criteria and beliefs of good employees. As an own boss, an entrepreneur decides some salaries and wages, the frequency of vacations and the number of working hours. As such, most of the work related stress and frustrations brought by the imposition of the company’s policies to the employees are eliminated. The process may require counselors and mentors to help guide the process (Clark, 2006). EntrepreneurshipShow MoreRelatedOverview Of Schumpeter Denoted Entrepreneur As An Essential Element For The Economic Growth And Entrepreneurial Process1339 Words   |  6 PagesSchumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a prime element in the progress and advancement of economy. Again he stated that entrepreneurship is an essential element for the development of any economy and economic and political framework condition would not affect the growth. The benefits due to entrepreneurship to community will be greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas, and to obliterateRead MoreRural Entrepreneurship-Opportunities and Challenges3604 Words   |  15 Pages RURAL ENTREPRENEURSHIP IN INDIA OPPORTUNITIES AND CHALLENGES Abstract The rural population constitutes a major segment in India. The livelihood strategies of this vast segment depend primarily on agriculture and allied activities. Growth in this agriculture sector has shown a declining trend during the last one decade. This has made a huge impact on the domestic production, employment, etc. These problems can be tackled, to a certain extent, by developing entrepreneurship in Rural IndiaRead MoreInnovation and Entrepreneurship in the United Arab Emirates Essay1704 Words   |  7 PagesThere are many social returns that can be gained from the Sougha program. 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According to the Economic Diversification Drive Strategy of Botswana, â€Å"Economic diversification means diversifying a country’s sources of economic growth and income in such a way that the country becomes more or less equallyRead MoreImpact of Entrepreneurship Development Urbanization on Economic Development†2735 Words   |  11 Pagesâ€Å"Impact of Entrepreneurship Development Urbanization on Economic Development† Shilpa loomba Dr. S.K.Sindhi Abstract:- The paper reveals the interlinked effects of entrepreneurship urbanization on economic development. Urbanization is increasing day by day due to increase in Entrepreneurship in developed areas. This is ultimately affecting per capita income, employment level growth of population in urban areas. 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Landes (1998) stated that Entrepreneurship is also a solution to poverty alleviation. In modern times, Poverty and wealth has been linked to entrepreneurial activities. However, entrepreneurship has not been studied widely in developing countries in the world. According to Reynolds et al. (2004), more than 400 million persons are either owner orRead MoreSme Sectors Benefits to the Economy1713 Words   |  7 Pagesvid=12hid=116sid=1f0ab11e-81b3-48b1-93e4-3f334a1dccaa%40sessionmgr103 Entrepreneurship and innovation are central the creative process in the economy and to promoting growth, increasing productively and creating jobs (DTI, 1998b:14-15) REF REF Exports minus imports Ââ€" wealth of information available on internationalisation of the SME sector Ââ€" this is good for the economy because it boosts aggregate demand figure. Innovation is good for the economy as it can lead to advancements in efficiency which boosts all components of aggregate demandRead MoreIndia s An Indian Economy1488 Words   |  6 PagesInclusive Growth in the country. The Inclusive Growth can be attained by exploiting the 3 D’s of the country i.e Democracy, Demand and Demographic Dividend. Also Modi’s pitch for FDI (First Develop India) would also revive the Indian Economy. Although the initiative of Make in India looks ambitious, but does it really reap fruits and overcome the shortcomings of Indian Economy from its 67 year old history is something to be debated upon. Historically India has always been an agricultural nation. The majorRead MoreDeveloping Entrepreneurial Intention Among Students As Tool For Economic Development2618 Words   |  11 Pagesfor economic development â€Å"Make in India† calls for robust growth of all the sectors of the economy, more so of the manufacturing sector. Entrepreneurial innovations and initiatives, creation of new jobs and higher economic growth are becoming concern for the society, government and public administration of the country. The creation of businesses is one of the major interventions that lead to solution to unemployment problem (White and Reynolds, 1996), the economic and regional development (Reynolds