Industrialization is most wanted for the development of the economy. So, entrepreneurship development as a strategy for industrialization is the most effective way to develop this sector.
Successful entrepreneurship means nothing less than the creation of wealth. There can be neither significant wealth nor a major increase in the level of wealth without entrepreneurship.
Industrial development, which is one of the avenues for creating wealth, is a major entrepreneurial activity. This claim is substantiated by the evidence found in the history of developed and newly industrialized countries.
Entrepreneurship development as a strategy for industrialization
According to information from fortune, each of the most successful 500 companies in the USA was started and developed by one or more entrepreneurs. These founders engineered the major advances over the years and were assisted by later generations of corporate entrepreneurs who were successors without a portfolio.
They along with other thousands and thousands account for the lion’s share of new jobs, a disproportionate share of new innovations, plus a high share of exports and taxes per every dollar of invested capital in the USA and overall economic development of the country.
In the newly industrialized countries of Asia, entrepreneurs played a significant role in realizing the goals of their rapid industrialization program.
The newly industrialized countries namely, South Korea, Taiwan, Singapore, and Malaysia, popularly known as the “Asian Tigers” achieved high economic growth in recent years due to the constructive role of the entrepreneurs.
The public policies in these countries emphasized the development of human capital and the flourishment of entrepreneurial spirit by providing various support services to individuals and groups of individuals.
The impact of the human resource development effort was very significant towards productivity growth and largely accounted for their rapid economic growth.
Rapid industrialization is an inescapable necessity for the economic growth of developing countries. Industrialization is especially important for generating employment opportunities to tackle the menacing problem of unemployment of educated and semi-educated youths in these countries.
In the context of the present free-market economic system, rapid technological change and its impact on the production system, and more dependence on foreign assistance for financing development programs the entrepreneurs in developing countries must rise up to the occasion the meet the challenge of time and space in keeping the productive sector more competitive and viable.
Indeed entrepreneurs in developing countries must rise up to the occasion to meet challenges of time and space in keeping the productive sector more competitive and viable. Indeed entrepreneurs in developing countries have to perform more dynamic functions than their counterparts in developed ones.
The dynamic functions conclude perceiving new opportunities and potentialities, technology transfer and adoption, innovation and transforming innovative ideas into realities, emulation of experience from the countries, improvement of indigenous technology, taking an appropriate investment decision, bearing calculated risk associated with the investment, efficient management of enterprises and working for social justice.
It is for these reasons; that entrepreneurship development has become a critical necessity.
Other Content of Entrepreneurship:
- Who is an Entrepreneur?
- Traits / Qualities of an Entrepreneur
- Major Functions of an Entrepreneur
- Importance of Entrepreneurship Development
- Are Entrepreneurs Born or Made?
- Essential of Entrepreneurial Development Assistance
- Entrepreneurship Development Training
- Constraints and Problems of Entrepreneurship Development
- How to Develop Entrepreneurship Business?