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The Role of Entrepreneurship in Economic Development

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  • Srinivasulu Bayineni

Abstract

Entrepreneurship and economic development are intimately related. Schumpeter opines that entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth. Whatever be the form of economic and political set-up of the country, entrepreneurship is indispensable for economic development. Entrepreneurship is an approach to management that can be applied in start-up situations as well as within more established businesses. The growing interest, in the area of entrepreneurship has developed alongside interest in the changing role of small businesses. Small entrepreneurship has a fabulous potential in a developing country like India. So, statistical data and its analyses of several countries show that small industries have grown faster than large industries over the last couple of decades. Large industries first lost jobs while small industries created new workplaces. The crux of the article is to examine the role of entrepreneurship in economic development. The focus is on small scale industries, which led to the main source of employment in the country.

Suggested Citation

  • Srinivasulu Bayineni, 2005. "The Role of Entrepreneurship in Economic Development," The IUP Journal of Managerial Economics, IUP Publications, vol. 0(4), pages 39-45, November.
  • Handle: RePEc:icf:icfjme:v:03:y:2005:i:4:p:39-45
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