- Home
- Report, Assignment, Case Study and Term Paper
- Entrepreneurship Development
Entrepreneurship Development
- By ANUPAM BARUA
- Published 31 August 2009
- Report, Assignment, Case Study and Term Paper
- Unrated
5. THE ENTREPRENEUR, FEATURES AND CONTRIBITIONS:
Entrepreneurs are often contrasted with managers and administrators who are said to be more methodical and less prone to risk-taking. So, they have many of the same character traits as leaders. Similarly to the early great man theories of leadership:
Features of entrepreneur/(ship):
• An entrepreneur is usually a positive thinker and a decision maker.
• The entrepreneur promotes the vision with enthusiastic passion.
• He can takes the initial responsibility to cause a vision to become a success.
• He can also take prudent risks.
Contributions of Entrepreneurs
1. Develop new markets.
Entrepreneurs are resourceful and creative. They can create customers or buyers which makes entrepreneurs different from ordinary businessmen to perform traditional functions of management.
2. Discover new sources of materials.
Due to their innovative nature, Entrepreneurs persist on discovering new sources of materials to improve their enterprises and enjoy a comparative advantage in terms of supply, cost and quality.
3. Mobilize capital resources.
Entrepreneurs are the organizers and coordinators of the major factors of production, such as land labor and capital. They properly mix these factors of production to create goods and service with initiative and self-confidence in accumulating and mobilizing capital resources.
4. Introduce new technologies, new industries and new products.
Entrepreneurs can introduce something new or something different through entrepreneurial spirit. Every year, there are new technologies and new products. All of these are intended to satisfy human needs in more convenient and pleasant way.
5. Create employment.
The biggest employer is the private business sector. Millions of jobs are provided by the factories, service industries, agricultural enterprises, and the numerous small-scale businesses. So, the entrepreneurs can increases demand for goods and services as well as more employment.
6. ECONOMIC DEVELOPMENT
Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. The term economic development on the other hand, implies much more. It typically refers to improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. The term "economic development" is often used in a regional sense as well. In this sense, economic development focuses on the recruitment of business operations to a region, assisting in the expansion or retention of business operations within a region or assisting in the start-up of new businesses within a region.
ENVIRONMENTAL SUSTAINABILITY
An important aspect of sustainability is related to the environment which is perhaps more immediately understandable. The setting up of new business enterprises or the support of economic growth must take the impact of production activity into account, both in terms of the pollution produced and resources consumed. So, Environmental sustainability may today make use of certain operating tools which are also spreading at local level to improve the environment of community life.
SOCIAL SUSTAINABILITY
Social sustainability is also obviously linked to economic sustainability. . It has already been indicated as one of the factors behind the development of social economy. The goal of equality and equal opportunities for access to resources and work for the various social groups, even those most socially disadvantaged or with skills which are have less market demand, is a goal of a "political" nature, and as such should be defined and carried out differently in each country. Some phenomena however seem, at least tendentiously, to be common to all countries.
7. ECONOMIC DEVELOPMENT OF BANGLADESH
The major objectives of planned development have been increased national income, rural development, self-sufficiency in food, and increased industrial production. However, progress in achieving development goals has been slow. Political turmoil and untamed natural hazards of cyclone and flooding have combined with external economic shocks to persistently derail economic plans. Bangladesh's first five-year plan (1973–78) aimed to increase economic growth by 5.5% annually, but actual growth averaged only 4% per year. A special two-year plan (1978–80), stressing rural development, also fell short of its projected growth target, as did the second five-year plan (1980–85), which targeted 7.2% annual growth. The third five-year plan (1985–90) had a5.4% annual growth target though only 3.8% was actually achieved. In 1991, with the reinstitution of elected government, a new economic program was initiated that included financial sector reform and liberalization measures to encourage investment, government revenue improvement efforts, and tight monetary policy.
• Political turmoil from 1994 to 1996 helped reduce the final average annual growth rate under the Fourth Five Year Plan (1990–1995) to 4.15% albeit the best performance so far under an economic plan. The 1996 elections brought renewed economic stability. Exports grew 14% 1996, and GDP growth for 1996/97 rose to 5.5% as the economy rebounded. Floods during 1998 and 1999 caused some economic slowdown but this was balanced by unprecedented growth in gas production and electricity production sectors. Average annual GDP growth under the Fourth Five-Year Plan rose to 5.3%.
• Fiscal year 2000 was marked by a sharp increase in monetary expansion due to unprecedented borrowing from the banking sector (though the sale of treasury bills) to cover budget shortfalls due. Domestic borrowing increased primarily due to the reduced availability of external concessional financing. Historically, Bangladesh has received foreign aid disbursements equivalent to about 6% of GDP, have lately declined to amount equaling 3–4% GDP.
8. ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT - Entrepreneurship Aspects of Development-
Entrepreneurship is combinations of innovative ideas by which the management skills resources meet identify needs in the market place. Entrepreneurs do thing that are not generally done in the ordinary course o business. The concept of entrepreneurship has been around for a very longtime, but its resurgent popularities imply a sudden discovery. Entrepreneurship constitutes the driving force of the economic dream. Entrepreneurship is one of the four mainstream economic factors; Land, labour, capital and entrepreneurship.
Entrepreneurship is basically concerned with creating wealth through production of goods and services. This results in a process of upward change whereby the real per capita income of a country rises overtime or in other words economic development takes place. Thus entrepreneurial development is the key to economic development. In fact it is one of the most critical inputs in the economic development of a region. It speeds up the process of activating factors of production leading to a higher rate of economic growth, dispersal of economic activities and development of backward regions.
Entrepreneurship also injects entrepreneurship by starting a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones. So, the identification and development of first generation entrepreneurs through Entrepreneurial Development Programmes is an important strategy. Consequently planners realized that absence of a strong entrepreneurial base acts as a serious handicap in the industrial development of a region. It is the entrepreneurial spirit of the people, which can transform the economy of that region. Both the quantity and quality of entrepreneurs are of utmost significance for achieving the goal of economic development.
Entrepreneurs are often contrasted with managers and administrators who are said to be more methodical and less prone to risk-taking. So, they have many of the same character traits as leaders. Similarly to the early great man theories of leadership:
Features of entrepreneur/(ship):
• An entrepreneur is usually a positive thinker and a decision maker.
• The entrepreneur promotes the vision with enthusiastic passion.
• He can takes the initial responsibility to cause a vision to become a success.
• He can also take prudent risks.
Contributions of Entrepreneurs
1. Develop new markets.
Entrepreneurs are resourceful and creative. They can create customers or buyers which makes entrepreneurs different from ordinary businessmen to perform traditional functions of management.
2. Discover new sources of materials.
Due to their innovative nature, Entrepreneurs persist on discovering new sources of materials to improve their enterprises and enjoy a comparative advantage in terms of supply, cost and quality.
3. Mobilize capital resources.
Entrepreneurs are the organizers and coordinators of the major factors of production, such as land labor and capital. They properly mix these factors of production to create goods and service with initiative and self-confidence in accumulating and mobilizing capital resources.
4. Introduce new technologies, new industries and new products.
Entrepreneurs can introduce something new or something different through entrepreneurial spirit. Every year, there are new technologies and new products. All of these are intended to satisfy human needs in more convenient and pleasant way.
5. Create employment.
The biggest employer is the private business sector. Millions of jobs are provided by the factories, service industries, agricultural enterprises, and the numerous small-scale businesses. So, the entrepreneurs can increases demand for goods and services as well as more employment.
6. ECONOMIC DEVELOPMENT
Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. The term economic development on the other hand, implies much more. It typically refers to improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. The term "economic development" is often used in a regional sense as well. In this sense, economic development focuses on the recruitment of business operations to a region, assisting in the expansion or retention of business operations within a region or assisting in the start-up of new businesses within a region.
ENVIRONMENTAL SUSTAINABILITY
An important aspect of sustainability is related to the environment which is perhaps more immediately understandable. The setting up of new business enterprises or the support of economic growth must take the impact of production activity into account, both in terms of the pollution produced and resources consumed. So, Environmental sustainability may today make use of certain operating tools which are also spreading at local level to improve the environment of community life.
SOCIAL SUSTAINABILITY
Social sustainability is also obviously linked to economic sustainability. . It has already been indicated as one of the factors behind the development of social economy. The goal of equality and equal opportunities for access to resources and work for the various social groups, even those most socially disadvantaged or with skills which are have less market demand, is a goal of a "political" nature, and as such should be defined and carried out differently in each country. Some phenomena however seem, at least tendentiously, to be common to all countries.
7. ECONOMIC DEVELOPMENT OF BANGLADESH
The major objectives of planned development have been increased national income, rural development, self-sufficiency in food, and increased industrial production. However, progress in achieving development goals has been slow. Political turmoil and untamed natural hazards of cyclone and flooding have combined with external economic shocks to persistently derail economic plans. Bangladesh's first five-year plan (1973–78) aimed to increase economic growth by 5.5% annually, but actual growth averaged only 4% per year. A special two-year plan (1978–80), stressing rural development, also fell short of its projected growth target, as did the second five-year plan (1980–85), which targeted 7.2% annual growth. The third five-year plan (1985–90) had a5.4% annual growth target though only 3.8% was actually achieved. In 1991, with the reinstitution of elected government, a new economic program was initiated that included financial sector reform and liberalization measures to encourage investment, government revenue improvement efforts, and tight monetary policy.
• Political turmoil from 1994 to 1996 helped reduce the final average annual growth rate under the Fourth Five Year Plan (1990–1995) to 4.15% albeit the best performance so far under an economic plan. The 1996 elections brought renewed economic stability. Exports grew 14% 1996, and GDP growth for 1996/97 rose to 5.5% as the economy rebounded. Floods during 1998 and 1999 caused some economic slowdown but this was balanced by unprecedented growth in gas production and electricity production sectors. Average annual GDP growth under the Fourth Five-Year Plan rose to 5.3%.
• Fiscal year 2000 was marked by a sharp increase in monetary expansion due to unprecedented borrowing from the banking sector (though the sale of treasury bills) to cover budget shortfalls due. Domestic borrowing increased primarily due to the reduced availability of external concessional financing. Historically, Bangladesh has received foreign aid disbursements equivalent to about 6% of GDP, have lately declined to amount equaling 3–4% GDP.
8. ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT - Entrepreneurship Aspects of Development-
Entrepreneurship is combinations of innovative ideas by which the management skills resources meet identify needs in the market place. Entrepreneurs do thing that are not generally done in the ordinary course o business. The concept of entrepreneurship has been around for a very longtime, but its resurgent popularities imply a sudden discovery. Entrepreneurship constitutes the driving force of the economic dream. Entrepreneurship is one of the four mainstream economic factors; Land, labour, capital and entrepreneurship.
Entrepreneurship is basically concerned with creating wealth through production of goods and services. This results in a process of upward change whereby the real per capita income of a country rises overtime or in other words economic development takes place. Thus entrepreneurial development is the key to economic development. In fact it is one of the most critical inputs in the economic development of a region. It speeds up the process of activating factors of production leading to a higher rate of economic growth, dispersal of economic activities and development of backward regions.
Entrepreneurship also injects entrepreneurship by starting a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones. So, the identification and development of first generation entrepreneurs through Entrepreneurial Development Programmes is an important strategy. Consequently planners realized that absence of a strong entrepreneurial base acts as a serious handicap in the industrial development of a region. It is the entrepreneurial spirit of the people, which can transform the economy of that region. Both the quantity and quality of entrepreneurs are of utmost significance for achieving the goal of economic development.