The Role of Entrepreneurship in Economic Development
American Journal of Management Science and Engineering
Volume 4, Issue 6, November 2019, Pages: 87-90
Received: Aug. 9, 2019; Accepted: Oct. 18, 2019; Published: Dec. 4, 2019
Views 394      Downloads 177
Aakash Ranjan, Muskurahat Foundation, Mumbai, India
Article Tools
Follow on us
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.
Entrepreneurship, Economic Growth, Positive and Negative Impact
To cite this article
Aakash Ranjan, The Role of Entrepreneurship in Economic Development, American Journal of Management Science and Engineering. Vol. 4, No. 6, 2019, pp. 87-90. doi: 10.11648/j.ajmse.20190406.11
Copyright © 2019 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License ( which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Sorin-George Tomaa, Ana-Maria Grigorea, Paul Marinescua. Faculty of Administration and Business, University of Bucharest, 4-12 Regina Elisabeta, Bucharest, Romania.
Schumpeter, J. A. The Theory of Economic Development. Cambridge, MA: Cambridge University Press.
Jainendra Kumar Verma, Rajiv Gandhi National Fellow at Dept. of Applied Economics, University of Lucknow.
Chandler, Entrepreneurship and Economic Growth. Cambridge, Harvard University Press.
Hatten S Timothy. Small Business Entrepreneurship and Beyond. Prentice Hall, New Jersey.
Chandan Kumar, Senior Branch Manager, Central Bank of India.
Peter Drucker, Innovation and Entrepreneurship,
Carree, M., and R. Thurik. “The lag structure of the impact of business ownership on economic performance in OECD countries.” Small Business Economics.
Sternberg and S. Wennekers. “The Determinants and Effects of Using New Business Creation”.
Cooper, “Entrepreneurship: The Past, The Present, The Future.” In Handbook of Entrepreneurship Research, 21-36.
Rose Conry, blog Article.
Wim Naudé, United Nation University, Blog.
Chinmoy Kumar, blog.
Shawn. Grimsley, website.
DK Sinha, Your Article Library, the Next generation library Article. (1)
Science Publishing Group
1 Rockefeller Plaza,
10th and 11th Floors,
New York, NY 10020
Tel: (001)347-983-5186