ENTREPRENEURSHIP: CONCEPT AND DEFINITION Shri Achintya Kr. Baruah, M.Com Associate Faculty Member Indian Institute of Entrepreneurship (Ministry of Industry, Department of SSI & ARI) Government of India Basisthat Chariali, Lalmati, 37, N.H. Bypass, Guwahati - 781029 ENTREPRENEURSHIP • A theory of evolution of economic activities. • A continuous process of economic development. • An ingredient to economic development. • Essentially a creative activity or an innovative function. • A risk taking factor which is responsible for an end result. • Usually understood with reference to individual business. • The name given to the factor of production, which performs the functions of enterprise. • Creates awareness among people about economic
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The emergence of entrepreneurship in this part of the country got localized and spread effect, took its own time. The concept of growth theory seems to be closely related in explaining the theory of entrepreneurship development as well. After the Second World War entrepreneurship received new meaning for attaining economic development within the shortest possible time. But in the process they were seriously handicapped by the rigid institutional setup, political instability, marketing imperfection and traditional value system.
Britishers for their own ulterior motive destabilized the then self sufficient Indian economy. England flourished and India had to pay for that. In the process India suffered heavy industrial loss. Development of business eateries is a complex phenomenon influenced by both the internal and external factors. Internal factor originates in policies and attitude of the entrepreneur themselves. In controlling the business itself. External factors are beyond the control of the business entrepreneur. They alone account for unpredictability of returns and risks assumed by the entrepreneur. A steady growth can be observed on the business of long cherished history of entrepreneurial development in the country is certainly promised or the environment to be created by the state and its agencies. The entrepreneurial motivation is one of the most important factors which accelerates the pace of