How Crucial An Entrepreneur Is For The Society

An entrepreneur is the person who bears rsik, unites various factors of production and carry-out innovations. He is an individual who tries to create something new, who organizes production and undertakes risk involved in the establishment and operation of a business enterprise. His motive is to earn profit through the production or distribution of socially beneficial goods and services. An entrepreneur is enriched with the inborn qualities of adventurism, willingness to face risks, innovative urge and creativity. He is eager to make dynamic changes in the production process, introduce innovations and to find out new uses for raw materials

The growth and development of any country depend on industrial development. Industrial development in turn depends on the availability and quality of dynamic entrepreneurs.


The economic history of advanced countries supports the fact that economic development is an outcome for which entrepreneurship is an inevitable cause. The crucial and significant role played by the entrepreneurs in the economic development of the advanced countries has made the people of underdeveloped and developing countries conscious of the importance of the entrepreneurship for economic development. Now they have begun to realize that for achieving the goal of economic development, it is necessary to develop an entrepreneurial mentality among people. It is now widely accepted fact that active and enthusiastic entrepreneurs only can explore the potentialities of the country’s available resources such as labor, technology, capital. Since development does not occur spontaneously as a natural consequence, even if, the economic conditions in some sense ‘favorable’, a catalyst or a driving force is needed and entrepreneurial ability can perform this function very well. Due to this ability an entrepreneur perceives opportunities which others either overlook or ignore to care about.