Role of Entrepreneurship in Networked Indian Economy

Entrepreneur And Entrepreneurship

The word entrepreneur has Latin roots – entre means to enter, pre means before and neur means nerve center. Entrepreneurs are individuals who enter any business and change that businesses nerve center (Shef sky, 1994). According to another school of thought the word entrepreneur originates from the French and the exact meaning is the one who takes between. An entrepreneur is known as the coordinator of different factors of production, the risk taker, the capitalist employer, the owner-manager etc. Thus, every economist understands that an entrepreneur is important and has a huge impact. Economists consider entrepreneurship as a meta-economic event and profoundly shape an economy. Economists not only have any explanations for the emergence of entrepreneurship which took place during the late nineteenth century but also as why entrepreneurship is not related to a particular culture or a country. It is interesting to note that almost 75% of the new jobs added to the American economy every year lead to over 99% of all the United States employers. The 2006 Global Entrepreneurship Monitor (GEM) observed that entrepreneurial behaviour is very important for innovation and growth of an economy and the companies need to take their attention towards the unexploited opportunities (America, 2008). Another entrepreneurship research paper prepared for the first GEM research conference which analyzed the GDP for 36 countries, found that entrepreneurship plays a different role in countries in different stages of the economic growth and hugely affects the growth of an economy (GEM database, 2004). Therefore, it is essential to understand what kind of economy is prevailing as there is a direct relationship between the entrepreneurs successes and failure and economy.