This study tells that the entrepreneur is one who alone manages the show of productivity through his precise decisions, better man power management, selection of right technology and putting his product in right market for faster returns. In a growing economy like that of India, where the market is enormous from rural to urban, lower to upper class. They play a significant role in improving the economy of our country.
KEYWORDS: Entrepreneur, Entrepreneurship, Economic Development, Liberalization.
Introduction The industrial growth is possible by the will of an individual to invest money in his industry of expertise keeping in mind the risks involved and also chances of losses and pro-active actions to be taken in advance to curtail losses. In expert terms "Entrepreneurship lies at the center of economic development". It is rightly said that "the health of the economy of a country is viewed by the industrial growth of the country". Entrepreneurship is directly responsible for the all-round development of the country but also largely contribute for the industrial development of the country. In Indian context, India being a developing country, entrepreneurship is required in every sphere of the economy right from the basic- agriculture, horticulture, sericulture to the field of computers, software, rockets & satellites.
Since liberalization of Indian economic in 1991, many entrepreneurs have set their projects in India which have contributed to the society in terms of increase in GDP, employment and increase in per capita income but still there is a huge gap between the supply and the demand the products and the services which is possible only by more and more entrepreneurs coming up in the society.
It can be described as the ability of an individual to start a new business keeping in mind the obstacles which will come in the way, ways to overcome the obstacles, risk of financial losses, the ways to overcome them and eventually to get profit from his investment. Richard Cantillon:“An entrepreneur is a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise”.
J.B. Say: “An entrepreneur is an economic agent who unites all means of production- land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield”.
Peter Drucker: “An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource”.