Role of enterpreneur in economic growth as an

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Role of entrepreneur in economic growth as an innovator BY : Niharika & Shikha Gupta

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What is entrepreneur ?? The term entrepreneur is a loanword from French , and is commonly used to describe an individual who organizes and operates a business or businesses, taking on financial risk to do so. The term was first defined by the Irish-French economist Richard Cantillon as the 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. The term first appeared in the French Dictionary "Dictionary Universal de Commerce" of Jacques des Brunson's published in 1723. 1985: W.B. Gartner: Entrepreneur is a person who started a new business where there was none before.

Economic growth:

Economic growth Economic growth is a process in which all efforts are made to increase national income, national output , per capita income , per capita output and standard of living of people by exploiting all the available resources of country.

Role of entrepreneur in economic growth :

Role of entrepreneur in economic growth Entrepreneur serves as a catalyst in the process of industrialization and economic growth. There is the need of creation of new enterprises which energies the economy and rejuvenate the established enterprises that make up the economic structure. Entrepreneur initiate and sustain the process of economic development in the following ways : - Capital Formation :- Entrepreneur mobile the idle savings of the public through the issue of industrial securities . Investment of public savings in industries results in productive utilization of natural resources , rate of capital formation increases which is essential for rapid economic growth. Thus an entrepreneur is the creator of wealth. Improvement in per capita income :- entrepreneur increases the production of goods and services. He locates and exploits opportunities and convert the latent and idle resources like land, labour and capital into national income and wealth in the form of goods and services . Net national product and per capita income of a country rises which are important yardsticks for measuring economic growth.

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Increase in Production :- Entrepreneur increase the production of goods and services. It becomes more important in a country like India which is world’s second largest populated country. More population needs more goods and their demand s can be met out only by increasing number of entrepreneur. Reduce Imports and promote Exports :- Entrepreneurship involves searching a new markets and place where product can be sold. In surplus of goods produced by entrepreneur s can be used for export and thus earning foreign exchange reserves. Imports are reduced in a way that goods are now available in domestic country at cheaper rates. Efficient Utilizations of Resources :- Demands are unlimited whereas the means to satisfy those demands are limited. Entrepreneurs use the scarce resources to meet these demands in the most efficient and profitable manner . Nation wealth is nation’s resources.

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Creating Employment Opportunities :- Entrepreneur conceives an idea and to realize this idea, he needs both skilled and unskilled workmen. He creates employment opportunity and lends a supports in the development of nation. Raise the Standard of living :- Entrepreneurs raise the standard of living of people by providing them new , better and improved products. They supply goods having additional features at reasonable prices. They also remove scarcity of essential commodities and introduce new products which lead to variety in consumption. Balanced Regional Development :- Entrepreneurs in the public and private sectors helps to remove disparities in economic development. They set up industries in backward areas to avail of concession and subsidies offered to them by central State Government. Technological Development :- The criteria for economic development of a country is ‘Technological Change’ Entrepreneurs introduce new methods of production and new techniques to increase output and decrease wastage.

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Backward and Forward Linkages :- An entrepreneur initiates change which has backward as well as forward linkage. The practice of entrepreneurship is an important to established firms as to new and prospective firms.

Innovation :

Innovation Innovation is the development of new values through solutions that meet new requirements, inarticulate needs, or old customer and market needs in value adding new ways . This is accomplished through more effective products , processes , services , technologies , or ideas that are readily available to markets , governments , and society .

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Analytical planning Organizing resources implementation Commercial planning To identify: Product design market strategy Financial need To obtain: Material technology Human resources capital To accomplish: Organization product Design manufacturing services To provide: Value to customers Rewards for Employees revenue For investors satisfaction For founders Innovation process

7 sources for innovative opportunity :

7 sources for innovative opportunity The unexpected Incongruity Innovation based on process need Changes in industry or market structure Demographics Changes in perception, mood and meaning New knowledge The first 4 exist with in the industry itself and the last 3 in the social environment

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Who are the Innovator?? An innovator is someone who pushes the boundaries of the known world--a change agent who is relentless in making things happen and bringing ideas to execution. In many ways, innovation is key to your success--no matter what your business is. The minute you stop innovating is the minute you become mediocre. In this special report, we celebrate and encourage innovation--and those who innovate.

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Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate , best known as the founder and chairman of Virgin Group of more than 400 companies. His first business venture was a magazine called Student at the age of 16.In 1970, he set up an audio-record mail-order business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores . Branson's Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic Airways and expanded the Virgin Records music label. Branson is the 4th richest citizen of the United Kingdom , according to the Forbes 2012 list of billionaires , with an estimated net worth of US$4.2 billion.

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Mark Elliot Zuckerberg (born May 14, 1984) is an American computer programmer and Internet entrepreneur . He is best known as one of five co-founders of the social networking site Facebook . Zuckerberg is the chairman and chief executive of Facebook, Inc . Zuckerberg's personal wealth is estimated to be $9.4 billion as of 2012.Zuckerberg began writing software as a hobby in middle school, with help from his father and a tutor (who called him a prodigy). In high school, he excelled in classic literature and fencing while studying at Phillips Exeter Academy .

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Steven Paul " Steve " Jobs ( February 24, 1955 – October 5, 2011) was an American entrepreneur and inventor, best known as the co-founder, chairman, and CEO of Apple Inc. Through Apple, he was widely recognized as a charismatic pioneer of the personal computer revolution and for his influential career in the computer and consumer electronics fields, transforming "one industry after another, from computers and smartphones to music and movies ..."Jobs also co-founded and served as chief executive of Pixar Animation Studios ; he became a member of the board of directors of The Walt Disney Company in 2006, when Disney acquired Pixar. Jobs was among the first to see the commercial potential of Xerox PARC 's mouse -driven graphical user interface , which led to the creation of the Apple Lisa and, one year later, the Macintosh . He also played a role in introducing the LaserWriter , one of the first widely available laser printers, to the market . As the new CEO of the company, Jobs oversaw the development of the iMac , iTunes , iPod , iPhone , and iPad , and on the services side, the company's Apple Retail Stores , iTunes Store and the App Store .

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(born as Ramkrishna Yadav in Haryana ) is a spiritual leader known for his contributions in yoga , ayurved , politics and agriculture . Baba Ramdev is best known for popularizing yoga among health conscious Indians through his mass yoga camps and TV shows. He has been the inspiration and guide for the Patanjali group of institutions (including some firms). Ramdev has more recently become a vocal advocate on Indian political issues .

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Lawrence "Larry" Page (born March 26, 1973) is an American computer scientist and Internet entrepreneur who, with Sergey Brin , is best known as the co-founder of Google . On April 4, 2011, he took on the role of chief executive officer of Google, replacing Eric Schmidt . As of 2012, his personal wealth is estimated to be $20.3 billion, ranking him #13 on the Forbes 400 list of richest Americans . He is the inventor of PageRank , which became the foundation of Google's search ranking algorithm. Together , Brin and Page own about 16 percent of the company's stock . In 1998, Brin and Page founded Google, Inc. Page ran Google as co-president along with Brin until 2001 when they hired Eric Schmidt as Chairman and CEO of Google. In January 2011 Google announced that Page would replace Schmidt as CEO in April the same year. Both Page and Brin earn an annual compensation of one dollar . On April 4, 2011, Page officially became the chief executive of Google, while Schmidt stepped down to become executive chairman of Google. Page also sits on the Board of Directors of Google.

References :

References books.google.co.in/books www.entrepreneur.com/ innovators en.wikipedia.org/wiki/ Entrepreneur http://books.google.co.in/books?id=MkOh- RshbhUC&pg =PA156&dq http://www.google.co.in/imghp?hl=en&tab=wi

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