By Dr. Nitya Khurana
Assistant Professor, Jagannath International Management School, Kalkaji
Entrepreneurship may be seen of as a national asset, and entrepreneurs are the driving force behind it. It’s a dynamic process that may enhance wealth while also creating value, resulting in greater satisfaction.
The entrepreneur is the one who organises and uses capital, labour, and technology. As a result, “growth does not come naturally as a natural consequence of favourable economic conditions.” A catalyst is required, and this, to a large extent, necessitates entrepreneurial activity; the diversity of activities that distinguishes rich countries can be linked to the supply of entrepreneurs.”
Entrepreneurship is critical to economic progress. In the process of industrialization and economic expansion, entrepreneurs act as catalysts. Unless technical innovations are put to economic use by entrepreneurs, technological advancement will not lead to economic development. Unused resources, labour, and capital are most efficiently employed in entrepreneurship. As a result, the value of entrepreneurs and the role of entrepreneurship go beyond business.
Entrepreneurs seek out and exploit opportunities. They contribute to the country’s increased net national product and per capita income, both of which are essential indicators of economic progress. Through the issuance of industrial securities, entrepreneurs mobilise the public’s idle savings. Savings from the public sector are invested in industry, resulting in more efficient use of national resources. The rate of capital formation rises, which is necessary for rapid economic expansion. As a result, an entrepreneur is a wealth producer.
Entrepreneurs are critical in market economies because they may function as the engine that propels the economy forward. They promote new job creation by producing new goods and services, resulting in a quicker pace of growth. They create a huge number of entry-level jobs, which are crucial for converting unskilled employees into skilled workers. It also trains and delivers skilled personnel to large corporations. Entrepreneurs create jobs in two ways: directly and indirectly. Self-employment as an entrepreneur is the most direct path to an independent and noble life. Indirectly, they provide jobs to millions of people by establishing large and small size company units. As a result, entrepreneurship aids in the reduction of the country’s unemployment problem.
Entrepreneurial ventures improve output by bringing innovation to every part of businesses and maximising the use of existing resources. Entrepreneurs support research & development in addition to coming up with fresh business ideas and thinking outside the box. They nurture their ideas, mould them into a new shape, and convert them into a profitable commercial venture. Entrepreneurs build new markets by delivering new and improved products, services, and technology. As a result, they contribute to the creation of new wealth and increased national income.
Entrepreneurs create companies that alleviate scarcity of critical commodities while also introducing novel items. The mass production of items and the small-scale production of handicrafts, among other things, assist to raise the living standards of the average person. These provide things at a lesser cost and improve consumption diversity. Entrepreneurship is critical to a country’s self-sufficiency. Industrialists assist in the development of local equivalents for previously imported items, minimising reliance on foreign countries. Businessmen also export goods and services in big quantities, earning the country’s scarce foreign exchange. Such import substitution and export promotion serve to ensure the country’s economic independence, which is essential for political independence.
Entrepreneurs in both the public and private sectors contribute to the reduction of regional economic disparities. They establish industries in underdeveloped areas to take advantage of the government’s various concessions and subsidies.
Entrepreneurs propel the economy in a variety of ways, which is why Jagannath International Management School, Kalkaji (JIMS, Kalkaji) has developed its own Innovation and Entrepreneurial Ecosystem. JIMS Kalkaji’s incubator focuses on cultivating and boosting students’ entrepreneurial spirit by providing them with the necessary skills and training. It strives to demystify the mystique of alienation that surrounds innovation and to bring the visions of a truly entrepreneurial society to life. It not only encourages students to pursue self-employment and entrepreneurship through official and non-formal programmes, but it also encourages students and entrepreneurs from outside the campus to build their start-ups through Innovation and Incubation.
Because entrepreneurship has such a significant impact on society, it makes sense to promote, inspire, and remunerate this most valuable asset to the fullest extent feasible.
For more information visit: https://www.jagannath.org/
