The concept of Entrepreneurial Studies’ has appreciably changed in nature and content over the years. It is no longer considered an assortment of all sorts of arbitrary facts and figures to choose from. Instead, it is now increasingly becoming more of a systematic, purposeful and objective study wide range of disciplines, cultural variances, value systems and environment around us.
Entrepreneurial development and management has come to be recognised globally as of key to rapid and sustainable economic development as well as the welfare and progress mankind.
More so, it is the entrepreneurs who have been largely instrumental in forming a strong link between agriculture and industry. Indeed, the entrepreneurs with their vision and innovative qualities lay down a strong foundation for sustainable growth, be it the industry agriculture trade or the service sectors. Moreover, sustainable growth is most conducive for a healthy society, i.e., an entrepreneurial society.
I have immense pleasure in presenting to my esteemed readers the 21st Century edition of this very popular book. The book consists of new innovative presentations to cope up with the next millennium challenges and opportunities.
Successful new business ventures and economic development do not just happen. They are the result of the combination of environment, planning, effort, and innovation. And this right mix can only be achieved by the entrepreneurs. They provide a clear blueprint for stimulating research, technology, finance to help promote matured enterprises. At the same time, they enrich the eco-system and give boost to economic growth. Economic growth refers to an increase in a country’s production or income capita, with economics total output of goods and services being measured by Gross National Product(GNP), At the present juncture the country needs much more than growth Economic development, on the other hand, goes beyond economic growth to include changes in output, distribution and economic structure which may affect such things as improvement in material well-being of the poor, technical breakthrough, increase in economic activities, increase in the educational level and improvement in health.
The factors contributing to economic development are labour, technology, natural resources, capital and entrepreneurship. New business formation is the result of harassing human skills with the developed technology, added by available capital as well as other infrastructure to set in a development process. The key factor in this development process is the entrepreneur. This is the forte of the entrepreneur whose policies and strategies cover such broad areas as production, marketing, financing, pricing and personnel relations. The growth of entrepreneurship largely depends upon effective policies and their efficient implementation.
Whose contributions as an innovator and coordinator will go towards the economic development of the country? Thus, entrepreneurship is the coordination of the production elements.
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