Role of Entrepreneurship in Economic Development

Role of Entrepreneurship in Economic Development

  • Submitted By: Cathryn-Lim
  • Date Submitted: 12/02/2014 6:45 AM
  • Category: Business
  • Words: 3241
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International Journal of Management and Social Sciences Research (IJMSSR)
Volume 2, No. 2, February 2013

ISSN: 2319-4421

Role of Entrepreneurship in Economic Development
With special focus on necessity entrepreneurship and opportunity entrepreneurship
Dr. Sangya Shrivastava, Director, Rai Business School, Raipur
Roopal Shrivastava, Research Scholar, MATS University, Raipur

Entrepreneurs are people who create new businesses,
which help create new jobs for people. They help in
intensifying competition, with the help of technology they
master in increasing productivity and thus contributing in
the development of the country, followed by economic
growth. So it can be said that entrepreneurship is good for
economic growth .The paper will justify how far this
stands true in reality. Now if the entrepreneurship allows
informal self employment which means without formally
creating new business then it could be assumed that high
levels of entrepreneurship would correlate with sluggish
economic growth and sheathing development. Study
further mentions findings of a survey known as “Global
Entrepreneurship Monitor (GEM) project” which is
related to understand how different types of
entrepreneurship affect development of the country. The
term “necessity entrepreneurship,” is in the paper, which
means to become an entrepreneur because you have no
better option. It is different from “opportunity
entrepreneurship”, which is an active choice to start a
new enterprise based on the perception that an
unexploited or underexploited business opportunity exists.
We have collected secondary data available and literature
previously studied. The data analyzed reveals that effects
of necessity and opportunity entrepreneurship on
economic growth and development vary greatly. The study
has been concluded that necessity entrepreneurship bears
no effect on economic development and opportunity
entrepreneurship has a positive and significant...

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