Importance and Role of Entrepreneurship in Developing CountriesNov 13
Entrepreneurial movement is not constantly reply to business opportunity. Few forecasters differentiate between “necessarily entrepreneurship” and “opportunity entrepreneurship”. If supply of labor increase massively from the paid job expectations, Individuals often start establish small or micro businesses because they seek income is coming from basic platform. So, here individual can become an entrepreneur not by choice, but by necessity. In this regard, influential aspect is that to understand and recognize business established by opportunity entrepreneur which have capability to increase and recruit additional labor. In addition, number of entrepreneurs also cannot be measure individual who are self-employed. Therefore, it cannot be appropriate when huge numbers of self-employed individuals are entrepreneurs out of necessity instead of opportunity.
Improvement of well-being population impacts the economic development in essential prospective. Definition of economic growth explains from measurement of GDP per capita but also includes essential modification in the structure of economy. In this regard the process of structural re-alignment, updated technologies are progressively utilized. Therefore, getting significant structural modification in growth of economic development can be largely depending on the job of entrepreneurs.
The progress of entrepreneurship has huge prospective for gaining the wider society, in addition to, individual entrepreneur. The processes stimulate job creation and thus offer raise returns and established welfare to the association of society who have slight to sell beyond their own labor due to these external benefits, a scenario exists for donor support and government. This support must concentrate not only on quantity, as in the amount of entrepreneurs, but also require concentration on quality, in terms of the kind of influence they produce for society such as high impact entrepreneurs.