Entrepreneurship - Assignment Example

They strive to search for new way by their vision, creative and optimistic qualities. Entrepreneurs are those persons who perceive the prospect to innovate and accomplish the start up of new enterprise (Dallas Fed, n.d.). According to Schumpeter, the following things can be done by an entrepreneur as measures of innovation: Introduce new quality product that is unfamiliar Introduce unique production system that is not experienced so far Establishment of new market where a country has not entered yet Discover new supply source Foundation of new enterprise to create a monopoly position in the market (Mohanty, 2005). Role of Entrepreneur in Economy Entrepreneurs play vital role in economic progression. They help to deal with the common problems of unemployment. In the 20th century, the world had experienced a number of entrepreneurs. However, there are limited numbers of innovating entrepreneurs compared to imitating entrepreneurs. The imitating entrepreneurs help many underdeveloped countries to rise at a rapid speed due to global demand. Thus, an entrepreneur, essentially an innovating entrepreneur, has great importance to balance the global order and vitality of society (Mohanty, 2005). Entrepreneur and Economic Growth There are number of ways that entrepreneurs help in economic growth. Some of them are mentioned below: Capital Creation: Capital creation is the most vital aspect for economic development of a country. ...