Rural Preneurship : a Strategy for Stimulating Rural Development

Abstract

Entrepreneurship development is now considered as the central force of economic growth and development of the rural economy. Other factors of development without or lack of entrepreneurial capability will fail to stimulate the rural Economy. This paper discusses key issues related to the role of entrepreneurship in this context. The analysis observes that while supportive environment is crucial, other determinants of the rural entrepreneurship development also need to be nurtured. The major challenges in the way of entrepreneurship development are creation of necessary rural infrastructure, education of the youth, finance and marketing facilities of products/services. The paper highlights how these challenges could be removed for the success of rural growth and in this context the role of some of the agencies working to support rural enterprises are discussed. This analysis finds several benefits of this strategy for the rural development. The rural entrepreneurship is viewed as an answer to minimize the level of poverty and this will ensure more egalitarian society and create jobs in rural India. This will in turn add economic value to the region and at the same time, it will keep scarce resources within the community. Thus, the conclusion is that in order to accelerate economic development in rural areas, it is necessary to promote entrepreneurship.