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ENTREPRENEURSHIP Entrepreneurship is one of the four mainstream economic factors----land, labour, capital and entrepreneurship.

The concept of entrepreneurship was existing in 17th century and was common topic in economic in 18th and 19th centuries. Some clarifications from the well-known authors: According to Adam Smith, he expressed the role of capital formation as an important determination of economic development. The problem of economic development was largely dependent upon the ability of the people to save more and invest more in country. David Ricardo, a well-known economist, is according to him Profit leads to saving of wealth which ultimately goes to capital formation and leads to economic developments. According toLewis, The proximity ways of economic development are the efforts to economies the increase of knowledge its application to production and increasing the amount or resource per head. John Stuart Mills principles of economics (1848) popularished the term entrepreneur. Entrepreneurship plays a vital important role in the economic development of a country. Some authors described are as follows: Conference on Entrepreneurship, USA defines as follows: Entrepreneurship is the attempt to create value through recognition of business opportunity, the management risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to function. According to H N Pathak,Entrepreneurship involves a wide range of areas on which series of decision are required which can be grouped into three categories 1. Perception of an opportunity 2. Organizing an industrial unit 3. Running the industrial unit as a profitable, going and growing concern. Entrepreneurship is the tendency of a person to organize the business of his own and run it profitability, using all the qualities of leadership, decision making and managerial capabilities. Thus the entrepreneurship is It is a process Create an situation to make company success

Organization Decision making in every aspect Initiative to start up the things Leadership for float the organization Calculate risk to be considered for the company

Entrepreneurship being an intangible factor is the moving force and development is the consequence. It has an important role in the context of a developing nation like India for his social-economic problems. Entrepreneurship can play an important role not only in the industrial sector of a country but in the farm and service sector also ultimately both will develop economy. Concentration of economic power, regional imbalances, exploitation by monopolists, and many other giant problems find their solutions in the development of small scale industry which is another name of entrepreneurship in the developing countries. Entrepreneurship has not grown much in India due to some problems liketransports, good quality of raw material and many more. However, Government has taken significant steps to improve the same. Now last three decades the entrepreneurship has caught a tremendous improvement barring any of any countries in the world .Even in Europe and United States, revival of small industries has seen more than a decades. Constant change and innovation are simply a necessity of entrepreneurship and is become essential to survive in a global economy. Skill of entrepreneurship turn Ordinary Corporation into an entrepreneurial organization and for this people within the organization can be trained to: Detect the opportunities Perseus the opportunities and rewarded To lesson the consequences of failing Thus Entrepreneurship plays vital role in promoting development of an economy. Hence it is said that an economy is the effect for which entrepreneurship is the cause. Various levels of economic development across the countries and even within the country are attributed to their differences in entrepreneurship development. Economic Theory Economics is the social science that deals most directly with contemporary economic reality. They have done little work on entrepreneurship and therefore have tended to be in minority. The economic theory developed by Joseph Schumpeter is versatile and multi-disciplinary. According to him, all the problems in economic theory could be solved with the help equilibrium theory.

In his book The Theory of Economic Development (1911), he developed an economic theory stating that all truly changes in the economy are set off by the entrepreneur and then these changes slowly work themselves through the economic system in the form of business cycle. Other economists stated that entrepreneurship and economic growth will take place in those situations where particular economic conditions are most favourable. According to economists, G F Papanek and J R Harris, economic incentives bring forward favourable drive for entrepreneurial activities. Therefore, these incentives and gains are regarded as enough condition for emergence and growth of entrepreneurship. Lack of incentives, unattractive economic policies and unfavourable market conditions tend to reduce the strength of entrepreneurship. Economic development Entrepreneurship is the tendency of a person to organize the business of his own and to run it profitability using various traits like leadership, decision making, innovation, managerial capabilities. Many economists initially does not recognize entrepreneurship as an economic development activity but last few decades entrepreneurship is catching up and is primarily becoming an economic function because it involves decision-making. Cantillionalso pointed out that entrepreneurship involves conscious decision making about resource allocations. Adam Smith also agreed that economic changes could be brought through entrepreneurs and there is no difference between an entrepreneur and industrialist. Entrepreneurship is a continuous economic process which recognize the need to change and an entrepreneur is a key person to initiate any change Schumpeters sees that all important changes in the economy are set off by an entrepreneur and these changes slowly work themselves through economic system in the form of business cycle For the development of economy always required a strategic plan for entrepreneurship to develop, the same may be the followings: Innovative Activity: Innovation is the process of doing new things. Drucker, states that innovation is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.

They are innovating new products, services, ideas to develop the product and marketed the same. Function of high achievement: Highly motivated employees will give the company both ways benefit 1) The quality good production 2) More production The roll of entrepreneurship in economic development involves increasing per capital output and income; itinvolves initiating and constituting changes in the structure of business and society. The entrepreneurial activity holds the key of innovative developmental function. The roll of entrepreneurship in economic development various from economy to economic depending on its material resources, industrial climate. Small scale entrepreneurship plays a important role to achieve regional development. Entrepreneurs initiate, increase and sustain the process of Economic Development in the following ways: It promotes regional development It provides employment It encourages effective resource mobilization of capital and skill It promotes capital formation for mobilsation of fund It also promote countrys export trade

Women Entrepreneurship Women entrepreneurship is the process whereby women take the lead and organize the business or industry and provides employment to others Though it is new phenomenon in India but still women are extending out and development is taking place not only urban areas but also rural and semi-urban area also. In India very few women entrepreneur are in big enterprises. Mostly we can find in small Scale sector (SSIs) In the SSI sector the participation of women can be classified into three types: Women as owners of enterprises Women as manager of enterprises Women as employees

A women entrepreneurs enterprises is termed as an SSI unit/industry related service or business enterprise managed by one or more women entrepreneurs in proprietary concerns in which she/they are having a share capital of not less than 51% as partners /shareholders. Women entrepreneurs are key players in any developing country particularly in terms of their contribution to economic development. In recent years even among the developed countries like USA and Canada, Womens role in terms of their share in small business has been increasing. The fact is as follows: Women own 1/3rd of small business in USA and Canada Women make for 40% of total work force in Asian countries In Japan the women entrepreneurs have increased by almost double In China women outnumber men by at least two times when it started the business Britain has seen increase an increase over three times of women workforce than men In India women participation is very less in enterprise sector compare to work participation

In India women have increased their opportunities like, higher levels of education economic compulsion, constitutional right to guarantee them equal opportunities, gender equality through empowerment, economic empowerment. Before discussing the rise of women entrepreneurshipin Indian context we see what are the problems faced by them: Absence of entrepreneurial aptitude: Many women take the training by attending the Entrepreneurship development programmes without an entrepreneurial bent in mind. The participation of women in the small sector as owner stands at very less % Marketing problems:Women entrepreneur by and large continue to face the problems of marketing their product. Although the middleman exploit women entrepreneur for getting right price of the product. Still the concept of male domain is exists For marketing the product women entrepreneur are faced lot problems through middle man who can chunk the share of the profit Financial problems: The support from the bank or for managing capital for the company still women entrepreneur are faced a lot problems since the entire team from male domain. Women entrepreneurs are very particular of making repayment of loans but still they are not getting the same because of the wrong ideas. Patriarchal society: Entrepreneurship has traditionally been seen as a male preserve and idea of women taking up any entrepreneurial activities is considered as a distant dream. Women have many ideas in their student life but after the study got over with the influence from the parents they got married and after that husband if he does not kike that his wife will go for the business it is very difficult for her to go up with the idea.

However, society has changing very fast women are interested to go for the job and few for entrepreneur. Family conflict: If the women spent a lot of time in the business front it is very difficult for her to cope up the pressure from the home front. Since they are not concentrate to their children education or social activities leads to conflict situation Credit facilities: Though women constitute about 50% of population and the percentage of small scale enterprise where women own 51%of share capital still they are denied to get the credit facilities from the bank Heavy competition: Since many of the women organization are not organized and for that they faced a lot competition from the other organized sector. Lack of training: Many women become entrepreneurs out of chance and not by choice. They also have to play the dual role as their family as well business front. So this time constraint lapses the required training for the women as becoming efficient business women. Lack of access to technology: women controlled business are often small and it is not always easy for women to access the information they need regarding technology, training, innovating scheme.

Support available for women entrepreneurship When women moves forward, the family moves, the village moves and the nation moves. is rightly said byPanditJawaharLal Nehru. Employment gives status and economic independence to women leading to empowered women. Women set up an enterprise due to economic and non-economic reason as well. Various reason can be due to i) Motivational factors,ii) Facilitating factor Motivational factors: necessity for the start up the business identity for the business qualification to float the business efficiently Employment generation actualization for motivating self and programme for supporting the project Govt.policies SelfIt will go for Education and Independence Fund is

of others to make a decision to start up the project and social status occupation stories of friends & relatives Facilitating factors: satisfaction of the project contacts required to update business scenario family members for the project of family of the project thinking to achieve the goal financial facilities to run the organisation

Role models Self- identity Family Success

SelfNetwork of Support of Co-operation Innovating Adequate

The participation of women in SSI sector has been identified in three different roles. Some prefers to go for as entrepreneur, some as managers of enterprises and some are employees. Women entrepreneurship has come a long way in India. In urban areas women are successfully running: centers services parlors boutique business through self-help groups in rural areas Micro Fashion Floriculture Beauty Placement Day care

manufacturing in engineering goods industry

Light Bio chemical

However, the percentage is low compare to men participation in the industry. Women generally prefer to enter in those areas which needs very small capital and where the supply chain is short. Sometime women are preferred to operate from home because of balancing their family life. Some of the findings have sorted out here: are relieved of family responsibilities due to male dominated society Primary motive for Indian women to start business is mainly to raise the present level of family income through sole-proprietorship Most of them are going to married within 25-30 years of age Indian women

Recently Government have given in many ways to support women entrepreneurship Credit Institute and schemes Following institutions help in giving credit to women entrepreneurs 1. State Financial Corporationthey are providing financial assistance to women entrepreneurs with liberal terms at reduced rate of interest. This is exists almost all the states 2. Small Industry Development Bank of Indiathey are having a special scheme for women entrepreneurs .The schemes are operated through State Financial Corporation, Commercial Banks, State Co-operative banks. The schemes are the following MahilaVikas Nidhi---MahilaVikasNidhi is a special fund for empowerment of women. This fund will providetraining and employment to rural poor. Marketing fund for womenthis will give women entrepreneur a boost for the production. Mahilaudya mnidhi--a) MUN scheme is being implemented with a corpus of Rs 5 Cr to provide seed capital assistance to women entrepreneurs b) Soft loan limit is 25% cost of the project

c) Cost of the project shouldnt exceed Rs 10 lakh 3. NABARD rural women in non- farm development marketing of non-form products of rural women Assistance for Assistance to

3. Women entrepreneurs networks World association of women entrepreneur---the association helps in many ways a) Promotion of women entrepreneurship b) Advice women on the right and duties of women in business c) Allowed to participate in international conference Consortium of women entrepreneurs of Indiait helps in many ways a) Assists women entrepreneur in global marketing skills level b) Organize exhibitions c) Market promotion and selling activities d) Arrange buyers-sellers meet ALEAP( Associate of lady entrepreneurs of AP) a) Assist women to acquire entrepreneurial characteristics b) Provide technology information c) Help aspiring women to identify projects by counseling d) Promotion of small and medium enterprises of women entrepreneur e) To help the women best bargaining power to their product. Association of women entrepreneurs of Karnatakathey will provide a) Imports technical knowledge b) Trains women entrepreneur in preparation of project reports c) Helps in establishment of contacts for finance d) Drafts methodology to tackle labour problem The self-employed women association---the main features are a) Help women become financially independent and start their own economic activity b) To get a loan from the institute without any problems FICCI Ladies Organisation(FLO) a) Promotes women entrepreneurship with professional expertise b) Educate women entrepreneur for self-development in the business Micro Finance Scheme---the Self-help group is vital in this scheme

They play their role in the following way a) The Government is providing the finance if self-help group wants to participate in Swarnajayanti gramin swarojgar yojana b) Canara Bank and ICICI has also provide grants to SHGs through NGOs c) Other private sector bank like HDFC,UTI, IDBI bank are also looking at micro finance as business opportunity for rural women Now a days many organisations are there either from the private or from the public to help women entrepreneur for various aspects. Since the women are now interested to take the challenge as an entrepreneur and many more facilities are also available day by day the women entrepreneur are increasing. The above all the support is mainly increasing the faith in the mind of women to become an entrepreneur. SUCCESS STORIES OF WOMEN ENTREPRENEURS KiranMazumdarshaw Dr.KiranMazumdar Shaw is an Indian entrepreneur. She is the Chairman and managing Director of Biocon Ltd. In 2004 she became Indias richest women Early life-----She was educated at Bangalore school and college and after obtaining B.Sc. Honour degree in Zoology from Bangalore University she joined the Ballarat University in Melbourne, Australia and qualified as a master brewer in 1975 to become Indias first women brew master In Biocon Collaborating with the Irish firm she found Biocon India with a capital of Rs .10000 in her garage in 1978. Her application for loons was turned down by banks on three points biotechnology was then a new word, the company lacked assets, and women entrepreneur are not enough available in the market. On the account of last reason she faced a problem to recruit a people for her organisation. Over the years the company grew very fast under her guidance and biggest biopharmaceutical firm in India. In 2004 Biocon went for an IPO and the issue was oversubscribed by over 30 times. Post IPO she held to close to 40% of the stock of the company and regarded as Indias richest women. She was awarded many including Padam Sri & Padma Bhushan RenuSudKarnad She holds post as HDFC executive director and incharge of total operation of the company. Executive summary

An Indian woman was like a well-defined predictable master plan. They are act according to liking disliking male counterparts. But now slowly situations are changing. Women got education and economic independence. Her role as a earing women was no more looked down upon Women entrepreneurship is the process where by women organize business and give the employment to the others. Apart from the problems women are coming forward to take the responsibility as an entrepreneur. Since 1990s India business scenario has changed and Government has come with many numbers of facilities especially for the women. With this all day by day women entrepreneur are increasing.

Referances:1. Khankan S.S.(2002) Entrepreneurial development published by S Chand and Co, New Delhi. 2. Mahpton John J (1992) financial decision making published by Perentice Hall of India, New Delhi. 3. Gupta Ashis(1994) Indian entrepreneurial culture published by Wishaprakshna., UK. 4. Krishna murthi S (2002) small scale industries, published by orient publishing house, new delhi.