Overview Of Schumpeter Denoted Entrepreneur As An...

Schumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a prime element in the progress and advancement of economy. Again he stated that entrepreneurship is an essential element for the development of any economy and economic and political framework condition would not affect the growth. The benefits due to entrepreneurship to community will be greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas, and to obliterate the rewards. To attract more and more productive entrepreneurs, governments need to take corrective measures to streamline the policies and regulations. Government should prepare a different framework for the negative effects of layoffs in†¦show more content†¦This will lead to introduction of new technology, innovation of new product line, transformation of their production systems, existing power structures. The crescent interest, in the field of entrepreneurship has enhanced more with the interest of dynamic role of small businesses. In developing country like India small business has a remarkable potential. After analyzing statistical data of various countries it has been shown that small firm developed faster than big industries. Large industries first lost jobs while small industries created new workplaces. Thus the focus is more on small scale industries, which tend to the origin of employment in the developing country India with respect to rural areas. Apart from the employment many other factors denotes the economic progress of country. These factors include investment in fixed assets, climate, infrastructures, inflation, education and institutional quality. Young people are an integral part of the rural community they are able to encourage the long-term economic and social development of the country. According to ‘Food and Agricultural Organization’ (FAO) there is no universally accepted definition of youth. For statistical purposes, the United Nations General Assembly in 1985 for the International Youth Year first defined youth â€Å"as people between the ages of 15 and 24† . Moreover youth can be described in more alternative ways; as on different stage of