Abstract
Entrepreneurship is one of the most Important Inputs in the Economic Development of a country. According to Harbison, entrepreneurs are prime movers of innovation. Entrepreneurship is known for the high risks involved in launching a startup. The fact is people often suffer failures along the path to success, and some businesses have to close, due to a lack of fund, sales decisions, or a lack of demand in the market. That’s why entrepreneurship is mostly viewed as something risky and out of the comfort zone. Enterprise takes courage to make one’s dreams come true and see possibilities, solutions and opportunities for the future where others see only problems. Entrepreneurship is all about putting to better use the resources which are considered to be of low value with an aim of earning income. Economic growth is measured in terms of a sustained increase in real income. It is the entrepreneurial communities who complement and supplement the economic growth increase per capita income by identifying and establishing profitable business ventures. Entrepreneurs supplement the economic growth by enhancing the physical quality of life. Establishment of enterprises leads to increase in employment avenues both directly and indirectly. Consequently, poverty is alleviated as per capita income grows. This results in improving the physical quality of life which is an indicator of economic growth. Entrepreneurs help in the growth of infrastructural facilities such as roads, bridges, buildings, factories, etc. which are the cornerstones of economic growth. Establishment of factories and industries in a particular locality presupposes the growth of infrastructural facilities.
Highlights
The word entrepreneurship means has its origin in French Language which refers to organizers of musical or other entertainment
Traditional neoclassical theory holds that the economic growth of a country is determined by the supplies of both labor and capital the country possesses and level of technology present in that country
This paper will Provide evidence that entrepreneurship should be included as an important cause of economic growth independent of the other factors
Summary
The word entrepreneurship means has its origin in French Language which refers to organizers of musical or other entertainment. An entrepreneur is a person who has already started or is in the process of starting an enterprise. Entrepreneurship play vital role in the Economic growth and Development of the country and new product formation and technological change in production process and economic transformation is occurs due to effective Entrepreneurship. One of the most important goals of contemporary economics is determining the factors that cause economic growth. Traditional neoclassical theory holds that the economic growth of a country is determined by the supplies of both labor and capital the country possesses and level of technology present in that country. An entrepreneur is a person who starts an enterprise. He searches for change and responds to it. This paper will Provide evidence that entrepreneurship should be included as an important cause of economic growth independent of the other factors. We will begin with a review of relevant literature, and move to an overview of the data and variables used along with a description of the statistical methodology. [6, 1, 2]
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