In developing countries, entrepreneurship is seen as a phenomenon related to the growth of the economy. Innovative start-ups feed the country's economy and contribute to reducing unemployment. The aim is to identify the voids to understand how entrepreneurs can better serve their country. Therefore, the authors evaluated the concepts of how entrepreneurs can effectively serve developing economies. The role of entrepreneurial factors such as entrepreneurial self-efficacy and entrepreneurial eco-systems in creating entrepreneurial intention is discussed along with the implementation of entrepreneurial learning in multiple disciplines to help reduce innovative obstacles.
TopIntroduction
The term entrepreneur has become quite famous and is widely used by researchers and practitioners but it was first introduced by R. Cantillon. In his opinion, the term is well defined as centered around risks but later added research concluded that the ‘entrepreneur’ moves economic resources from lower productivity area to a higher productivity area.
In the recent years, a trend has been observed that a major source of job creation and national prosperity has been created through entrepreneurial start-ups. Entrepreneurship has purposefully been seen as a profit-oriented business, most people develop interest or initiate a start-up thinking it is the easy way to make money. The entrepreneurial venture has to bring an innovation, that is the condition that decides the fate of the start-up. There are certain risks involved with start-ups due to which many individuals keep nurturing a great entrepreneurial idea but not find the courage to implement it and give it birth. Risk-taking, social interactions and networking are essential elements of entrepreneurial learning (Afshan, Shahid, & Tunio, 2021).
The term “economic development” implies a growth in economy and entrepreneurship has been found to lead economies by upscaling the growth and entrepreneurs are the catalyst to the process of economic growth. As a catalyst, the entrepreneur has to make sure to bring in technological breakthroughs and diversity through innovation. In the present era, entrepreneurship is viewed very crucially as a fundamental factor that escalates economic development throughout the world. It is through economic mechanism of entrepreneurship that economic incompetence is recognized and diminished (Baum, Frese, & Baron, 2007). According to OECD (2008). Entrepreneurship is pivotal to effective market economies. Abundant researchers have linked economic development to entrepreneurship. It was concluded by kirzner that an entrepreneur in economic development does not generate opportunities rather act in response to them (Kirzner, 1973, p. 74). Tunio et al., (2021) relates entrepreneurship to social and economic growthas well as employment creation. Gilder (1980) said that since an entrepreneur adds to progress and knows the mysterious laws of economy, entrepreneur is indeed a superman.
Entrepreneurship contributes to growth of economy and prosperity of the nation by providing a foremost source for job creation. According to (Naudé, 2013) entrepreneurship contributes more to the advanced stages of economic development than to the birth years of economic development. Over a century ago, the entreprenuerial education commenced with junior achievement organizations. In 1945, the first program in harvard university was introduced to arouse the war striken economy of the United States. This was followed by the launch of an MBA program in 1947 and entitled management of new enterprises. Now, in the blooming age of technology as the awareness of how important entreprenuership is as a career option the demand for the study has been increasing. Entreprenuerial education is taught through multiple channels:
- 1.
It is taught as a individual course/subject/qualification. The benefits of the course are not only limited to new jobs/start ups/ innovation but also focuses on students learning skills,attitude, and knowledge on how to run a business with focus.
- 2.
It is also taught voluntarily as an extra-curricular subject.
- 3.
As a non-formal educational course.
The significance of entrepreneurship rose when it became the political agenda as well as the priority for industrially developed countries and developing countries. Entrepreneurship is found on political agendas because it is believed that it can help create grow the quality and quantity of graduate entrepreneurs who move into and help improve the country’s economy. Most developed countries identified the critical impact of the entreprenuerial firms on economic growth. These firms help declining economies by providing growth in productivity through technological advancements. The authors will explore following points in this chapter that will focus to study the certain aspects of entrepreneurship in practice.
CHAPTER OBJECTIVES: