Entrepreneurship as a way of life

Abstract

“Entrepreneurship” is a creative activity wherein the entrepreneur introduces something new in market. Normally, a new combination refers to employment of productive means in a changed form. A new combination need not be carried out by people who control the product or commercial process. Rather it can be carried out by employing both unused and used means of production. It is the innovative quality of an entrepreneur that foresees the potentially profitable opportunity and tries to exploit it. Entrepreneur is a problem solver and gets satisfaction by attracting problems. Joseph A. Schumpeter wrote in his Theory of Economic development that the basic function of an entrepreneur was to innovate. According to him “everyone is an entrepreneur only when he actually carries out new combinations and loses that character as soon as he has built up his business, when he settles down to running it as other people run their business. Today, entrepreneurship is considered as an alternative to employment and hence the governments both central and state create an entrepreneurial chmate wherein the students and the unemployed youth enter into entrepreneurship. The present article discusses mainly the role of entrepreneur in the economic development, the characteristics of an entrepreneur, the entrepreneurial environment and the benefits accruing from entrepreneurship.