Rural Entrepreneurship Development Ecosystem An Emerging Paradigm of Rural Socio-Economic Development

Abstract

This paper aims at appreciating the need for and relevance of understanding conceptual paradigm of Rural entrepreneurship Development, Emerging entrepreneurial eco-system, Rural Entrepreneurs and the creation of Micro and small village enterprises. Enterprises in rural environments are operating in an arena of extreme and rapid change. However, despite the recognition that entrepreneurship is one of the primary facets through which rural economic development can be achieved, empirical research on rural entrepreneurship is relatively sparse and this concept remains largely unknown. Entrepreneurship is a crucial element for each country that aims to be competitive and developed within knowledge-based world economy. The emerging domain of Rural Entrepreneurship envisions itself as a body of knowledge to accelerate the process of Rural Industrialization in the country. Rural entrepreneurship is currently at the focus of much theoretical, practical and political interest. Rural entrepreneurship stands as a vehicle to improve the quality of life for individuals, families and communities and to sustain a healthy economy and environment. Rural Entrepreneurship Development (RED) Ecosystem represents a novel and cost-effective strategy for stimulating rural economic prosperity. The need for RED Ecosystem stems from the observation that when we see societies in which entrepreneurship occurs with any regularity or is self-sustaining, we see a unique, complex environment or ecosystem has evolved. This paper draws upon a broader research work based on the doctoral dissertation about the Appraisal of Rural Entrepreneurship Development that makes a focused attempt to address and appraise the issues pertaining to the Rural Entrepreneurship Development (RED) Ecosystem facilitating the development and sustenance of micro and small village enterprise (MSVEs) and the role of various Entrepreneurship Development Institutions fostering rural entrepreneurship and development of micro and small village enterprise (MSVEs) in Haryana and evaluation of various governmental efforts and schemes intended for rural industrialisation through rural poverty alleviation programmes aiming at entrepreneurship development in the rural areas of the economy.