Entreprenuership (course) Essay Example | Topics and Well Written Essays - 2750 words

Entreprenuership (course) - Essay Example Furthermore, with the improvement of technology and increasing competition caused due to economic liberalization and globalization, the assumption which holds that fostering entrepreneurship will enhance a country’s competitiveness seems to be valid like never before. According to Shane and Venkatraman (2000), entrepreneurship is an act of being an entrepreneur or one, who discovers, exploits, and assesses the opportunities of developing new products or services, innovative production process, new strategies or exploring new markets. Often, entrepreneurship is discussed under the entrepreneurial functions, entrepreneurial factors, entrepreneurial behaviour and entrepreneurial initiatives. Friijs, Paulsson and Karlsson (2002), stated that entrepreneurship mainly relates with the functional activities which include innovation, coordination, capital supply, uncertainty bearing, making decision and allocation of resources. Entrepreneurs have always been the strong contributor in most of the theories related with distribution, production and growth. The role of entrepreneurs in driving the economic growth of a country can be best described with the help of theory of long waves by Joseph Schumpeter. According to Schumpeter (1942), "Everyone is an entrepreneur when he actually carries out new combinations". Finding out new combinations pertaining to the factors of production can be cited as the entrepreneurial discovery that ultimately becomes the fuel of economic development. According to the author, the new combinations are better approaches to fulfil customer needs, developing new products and creative destruction to some extent. Now based on the notion of creative destruction, the theory of long waves (regarding the economic growth and business cycles) has been formulated. The theory states that a business cycle comprises of creation of new products and services along with the implementation of new s trategies. These phenomenons ultimately lead towards the