| | 8 August 2016HIGHERReviewIN MY VIEWEntrepreneurship - A Global BuzzwordBy Prof. Prabir K. Bagchi, Vice Chancellor, SRM UniversityEntrepreneurship is an area critical for economic development around the world. This is especially so in developing countries of the world. Even in the context of Prime Minister Narendra Modi's 'Make in India' slogan it is generally believed that corporate houses and multinational corporations alone are not going to make development. Instead, much of it depends on the entrepreneurs who are seen as the engines for a country's growth and advancement. Economic development of a country depends largely on the country's ability to absorb new technology, tools and management methods. Technology absorption is enhanced when there are mature suppliers and efficient supply chains in a country. Small and medium size suppliers led by innovative entrepreneurs provide the backbone of efficient supply chains.French in origin--entreprendre, meaning to undertake--the word entrepreneur does not lend itself to one meaning. It can be seen in various ways i.e., as a person who pioneers change and one of very high intellect, capable and innovative; as also a person who wishes to work for himself/herself and willing to take risks that comes with the challenges. As Scott Belsky, co-founder of Behance says "It's not about ideas alone. It's about making ideas happen". Problem occurs when innovations stop without realizing that in a rapidly changing global market innovation holds the key to success. According to Austrian economist Joseph Schumpeter, an entrepreneur is willing and able to convert a new idea into a successful innovation. Entrepreneurship employs what Schumpeter called 'creative destruction' to replace in whole or part inferior products and means of production bringing enhanced efficiency and competitiveness in the marketplace. The bottom line being that the value generated will be far higher than what has been invested, which is one reason why there is 'high risk' involved in entrepreneurship. Path breaking efforts by entrepreneurs, in the form of new goods and services, results in new employment opportunities, which can produce a cascading effect or virtuous cycle in the economy. The stimulation of related business or sectors that support the new venture adds to further economic development. In U.S., it is estimated that new, small companies (Dalin, 2000) generate more than 50 percent of all current innovations and 95 Prof. Prabir K. Bagchi is the Vice Chancellor of SRM University and has been awarded the prestigious ACCENTURE AWARD, (with his co-author) twice (1995 and 2004) for outstanding paper in Logistics and Supply Chain Management. He completed his engineering from University of Calcutta in 1969.Prof. Prabir K. Bagchipercent of all radical innovations. According to the SBA's Office of Advocacy, "Small firms accounted for 63 percent of the net new jobs created between 1993
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