Entrepreneurship Development plays a very vital role in the development of an economy. Entrepreneurs are the people who are ready to bear risk and uncertainty in the near future. Everything starts with necessity, so Necessity is the Mother of Invention and Innovation. Invention is new idea into the practice and Innovation is evolution of the existing ideas according to the need and requirements of the society.
Entrepreneurs are the people who think different and put their ideas into practice by observing the necessity, environment, market and resources.
They should be creative enough to bring innovation in the existing idea or should be able to launch new invention into the market.
Entrepreneurs think outside the box and provide employment to the society by bearing risks themselves. They should be ready to rise again in the future after bearing the uncertainty.
Entrepreneurs optimally utilise their resources such as land, labour, capital, etc. for putting the idea into practice. They analyse each and every aspect of environment such as legal, political, social, technological and economical to make balanced decisions in their business.
A good entrepreneur must know how to network and basic money management skills to lower down the cost and increase the profit.
They should have knowledge of the market and it’s competitors in order to make their business or startup efficient and effective among the people.
Entrepreneurship Development is an important aspect to make upcoming entrepreneurs more creative, improve their decision-making and problem solving skills, make them competitive and for their growth. This will ultimately result in growth of the economy.
Entrepreneurship Development let them to work on their ideas and guide them to put into the practice. Entrepreneurs will be able to design, launch and run better products into the market.
To conclude, Entrepreneurs are the pillar of the developing economy where they boost the growth of the industry and provide mass employment to the society.
M/s. Mansi BBA V M (A) Tecnia Institutes Of Advanced Studies New Delhi India