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Rural development research: a foundation for policy - Essay Example

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Entrepreneurship Entrepreneurship Introduction Market has been referred to the procedure of development, detection, rivalry and change; it is a process where entrepreneurs who are alert pounce on an opportunity while others miss these opportunities…
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Rural development research: a foundation for policy
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Rural development research: a foundation for policy

Economic is regarded as a study of behavior of individuals, it concentrates on individuals and not the products that are physical in nature, it focuses on the achievements of individuals in future due to their current actions. Successful entrepreneurs are those who identify development and manufacturing of a future state which is unknown to others and is much better than the current opportunities available. The main function of an entrepreneur is to keep a continuous check on the available opportunities before these opportunities are addressed by competitors. According to various theorists an entrepreneur is not a risk bearer and they believe that this entity is a very confident individual and believes that his forecast of the future is very perfect and operations will happen exactly in accordance to his budgets. An entrepreneur is not unaware that uncertainty prevails but he is so certain about his own forecast due to which his confidence in his correctness increases. According to Mises the only thing that an entrepreneur sees is the profitability of his actions and Kirzner states an entrepreneur eliminates uncertainty and has the ability to make a discovery of something achievable without any cost (BACKHAUS, 2005, p.135 & CARSRUD, 2007, p.8). Risk is not the selection and pursuing of alternatives, it is the difference between the difference between the opinion that an individual hold regarding the correctness of his future forecast and the future forecast of his competitors. An entrepreneur is never recognized as a risk bearer because he has no doubts that his forecast is not correct. Economists believe that an entrepreneur is a risk bearer because he calculates the probability of his forecast being successful and unsuccessful, they are wrong in believing so because a true entrepreneur will never calculate probability of his decision because he is confident about it and if he acts in accordance to his plans, then he can never go wrong. The economy in general consists of two kinds of markets, one is regarded as asset and other is regarded as good market. In case of good market, when a customer purchases a specific good, he has the option of changing the choice of purchasing that good. In asset market, once the consumer has purchased an asset he will have to stick with the asset and can not immediately replace it with the other asset. For example: if an individual purchases a can of beans and utilizes it, he can change choice of can of beans when the next time he purchases it and purchase it from another seller. But if an individual purchases an asset and the asset fails to provide satisfactory results, he can not replace the asset immediately and will have to stick with it or sell it to another individual. The actions of the entrepreneur alter the thinking ability, expectations, and values of other individuals and provide other individuals with new knowledge. Entrepreneurs are found in abundance, all human beings are entrepreneurs because they have the ability to think in a different manner and act in a different manner. Entrepreneurship is regarded as a spiritual phenomenon because they have the ability to impact an individuals thinking and expectations and they even influence how an individual perceives his world. Entrepreneurship is the process through which novel expectations of the future are created and it is the process that insures that this novel thought is brought ... Read More
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