Academic journal article Madhya Pradesh Journal of Social Sciences

Entrepreneur and Entrepreneurship in the Era of Globalisation: Some Observations from India

Academic journal article Madhya Pradesh Journal of Social Sciences

Entrepreneur and Entrepreneurship in the Era of Globalisation: Some Observations from India

Article excerpt

The present times are that of globalisation. Globalisation as a process of social change can be understood as the linking and interconnecting of the domestic/national/regional economy with that of global/international economy. Related with the term globalisation are two terms liberalisation and privatisation. Liberalisation on one hand is making the external economic sector more liberal so to attract foreign direct investments and foreign market players, privatisation basically means to 'slim down' the economic entity so as to earn more profit and then there is a shift from public ownership to private ownership. The performance of any economic activity in today's era of globalisation is completely different from what it used to be. Nowadays, the industrialist, factory owner, worker and entrepreneurs have constantly updating their production and marketing technique along with facing new challenges. These emerging issues in form of challenges have deeply affected the way business is being done in today's times. Subsequently, both the entrepreneur and entrepreneurship are undergoing changes both in terms of conceptual understanding and empirical practice. The main objective of this paper is to outline the same changes.

Section I

The term entrepreneur is derived from Old French term 'entreprendre which means 'to undertake' (an economic activity) and its first known usage was in 1852. According to merriam-webster.com/ dictionary, entrepreneur means 'one who organises, manages, and assumes the risks of a business or enterprise'. Some of the leading global entrepreneurs include Gates, William H and Allen, Paul (Microsoft, April 4, 1975); Ellison, Lawrence (Oracle, 1977); Buffett, Warren Edward (Stock Market, CEO of Berkshire Hathaway); Robert Noyce and Gordon Moore (Intel, 1968); Dell, Michael Saul (Dell Computers, 1984) and Kluge, John (Metro Media International Group) among others. (1) However, we need to understand that entrepreneurs exist at the basic level of production also and contribute immensely in the economic growth and development of the community and society. (2)

The common theme running all of them is that they seldom had inherited money to start out with such an economic venture with surety of profit. Next, that they all did something new, something novel in such a way that it grabbed the attention of others and they became financially successful. Again, there was a risk-taking behaviour associated with them which allowed and motivated them to do the same thing in a different and successful way i.e. innovative way. Thus, entrepreneurship can be seen as an economic activity based on profit orientation coupled with risk taking attitude wherein "entrepreneur can be seen as innovator." (3) Entrepreneurship again is an important element of economic growth and the "entrepreneurial spirit may manifest itself in the development of new markets, new products, new methods of production and management, the discovery of new inputs and the establishment of new businesses and even new organisational forms" (Harper 2003,1).

Again, "The hypothesis that entrepreneurship is linked to economic growth finds its most immediate foundation in simple intuition, common sense and pure economic observation: activities to convert ideas into economic opportunities lie at the very heart of entrepreneurship. Entrepreneurship is a source of innovation and change, and as such spurs improvements in productivity and economic competitiveness." (4) In an attempt to link both the empirical and theoretical aspects of entrepreneurship, Louis Jacques Filion has argued that "the field is in the process of dividing into two separate entities: entrepreneurship, the applied aspect, and entreprenology, the theoretical aspect" (Filion 1998,1-23).

At this point, some intellectual pioneers in the field of entrepreneur and entrepreneurship can be discussed. The paper attempts to outline four different pioneers associated with respective perspective of entrepreneurship though arguing that there are more than these four. …

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