International Journal of Humanities Social Science and Management (IJHSSM)

Volume 4, Issue 1, Jan.-Feb., 2024, pp: 406-413 www.ijhssm.org

Entrepreneurship: Nature and Its Importance

P.C. Sikligar*
* Associate Professor (Retd.), National Institute of Rural Development & Panchayati Raj (NIRDPR). / Res. 202,
Lakshmi Pride Apartments, Shiva Nagar, Hyderabad 500 048 (Telangana).

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Date of Submission: 09-01-2024 Date of Acceptance: 23-01-2024
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Abstract II. Introduction

Entrepreneurs and Social Entrepreneurs both work The term ‘Entrepreneur’ has got a wide
on similar way to run their business entities but range of concept across the countries. The word
entrepreneurs who owned their own enterprises Entrepreneurs was first used by Richard Cotillion,
believe to generate more profit from the an Irishman then living in France. He used this word
enterprise(s) on which investment has been made by for economic related activities. Entrepreneurs are to
them whereas social entrepreneurs look for a be considered as those who are business oriented in
marginal profit which helps to sustain their nature and similarly focus on generating Monterey
organizations. Entrepreneurs promote needs of the benefits from the existing or upcoming business
cliental group. Entrepreneurs play a significant role firms. Entrepreneurs both private owned and social
to upgrades economy of a nation. Entrepreneurs promote prosperity of a nation. Entrepreneurs
generate employment, develop infrastructure, generate employment which improves quality of life
upgrade technology, adopt innovative techniques, of the employees or workforce through incomes.
promote skills among the associated persons, Income promotes indicators of social development
improve market strategy, etc., for benefits of the such as health, nutrition, education, social safety and
enterprises. This paper discusses some dimensions welfare, etc. Entrepreneurs by nature believe in
of the entrepreneurship and social profit generation whereas social entrepreneurs look
entrepreneurship. the social issues of associated members, cliental
group, members of co-groups, cooperatives, etc.
I. Objectives of the paper are to Self-help groups especially belong to South Asian
understand countries are alive example of social
 Meaning, concept, characteristics, functions and entrepreneurship which work between the nexus of
problems of entrepreneurs, economic activities and social prosperity of their
 Factors affecting entrepreneurial growth, own members.
entrepreneurial mobility, relationship between
innovation, and III. Concept of Entrepreneurship. Meaning
 Role of social entrepreneurship, women of Enterprise, - Entrepreneurs, and
entrepreneurship, and rural entrepreneurship Entrepreneurship. Objectives of
societal development Entrepreneurship. Characteristics of
Entrepreneurship, Quality of
Entrepreneurs.

3.a. Concept of Entrepreneurship

The word ‘entrepreneur’ was first appeared
in French language (entreprendre means to under
tank or go between) in 16th century and similarly,
used for military expeditious. The word
‘entrepreneur’ uses for those who run business units
or firms (including small one) which comprises
capital investment, employment opportunities for
production, supply or services, develop market
strategy, delivery, etc. In this process entrepreneurs
obtain skills, risk management strategy, adopt

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innovative approach, apply experiment for the social problems by creating economic platforms
growth of the enterprise. Entrepreneurship functions with mutual understanding and sharing
for economic, social and industrial growth which responsibilities.
promotes interest of an individual and for society.  Entrepreneurship: Entrepreneurship is the
The New Encyclopedia Britannica process of managing business units with expectation
considered the term ‘entrepreneur’ as an individual of profit generation.
who bears the risk of operating of a business in the
face of uncertainty about the future condition. Karl 3. c. Objectives of Entrepreneurship
Marks believes that entrepreneurs contribute The primary objective of an entrepreneur is
development of economics but similarly they are to uphold activities of the business in market, fulfill
social parasite. Davis Ricardo says that requirements of its customers by maintaining
entrepreneurs take risk to build up economic quality, ensure satisfaction of the customers,
development. Frank Young developed opinion on generate profit for sustaining and upgrading
entrepreneurs as they are agents of changes. Leon business, evaluate performance of the business
Walrus developed opinion on entrepreneurs as they periodically and ensure role in economic growth of
are coordinator of production which moves through the country by maintaining balance between demand
land, labour, and capital. Max Weber states that and supply. Entrepreneurship is a flow of enterprises
entrepreneurs emerged in a particular social that determines success and failure of the
condition which makes them entrepreneurs. Joseph entrepreneurs.
Schumpeter argues that economic growth depends
largely on the entrepreneurs rather than economists 3.d. Characteristics of Entrepreneurship
because entrepreneurs’ measures success by An entrepreneur should follow different
performing business policy. Author of this paper qualities such as clear vision, ambitious, obtain
quates the term ‘social entrepreneurs’ as those who technical knowledge, self-confidence, integrity,
are venture oriented in nature and looks benefit of flexibility, maturity, goal settler, administrative
the society by focusing on social issues out of profit ability, organizational skill, creative in nature,
which they gain from the business. Social intelligent, fair in terms of equality and justices,
entrepreneurship mitigates social obligations judgment initiator, leadership oriented, clear on
through collective approach. Social obligations for objective, business secrecy, maintain human
example upgrading education of the children, relationship, good communicators, effective
remove poverty, promote health cares, address communication, willingness to self- control, share
malnutrition, improve living standards by credit, feel free to take decision, or establish
facilitating houses with basic requirements like structure, maintain work quality, strong ethical
electrify, potable or safe drinking water, sanitation, impetus, willing to take decision, maintain work
proper ventilation, approach road, etc., which quality, strong ethical impetus, willing to cross
improves quality of life of the needy sections. The disciplinary, maintain public relation, honest,
concept equality can be achieved through the enthusiasm, tactful, emotion control, mental ability
approach of self -help groups, cooperative structure, to face difficult challenge, etc., which upgrade
civil society, welfare organizations, dedicated local quality of enterprise. The above quality equally
elected representatives etc., who motivate needs to facilitated among the entrepreneurs as they
democratic values in the society. need their own benefits as well as growth of the
enterprise whereas social entrepreneurs primarily
3.b. Meaning of Enterprise, Entrepreneurs and focus on welfare of group or co- group fellow.
Entrepreneurship
 Enterprise: An enterprise is an action 3.e. Quality of Entrepreneurs
which establishes business by taking a risk on Social entrepreneurs owned quality in the field of
different stages to upgrades business with the motto business oriented in nature, monetary benefit,
of generate profit. growth of the organization, creative, innovative,
 Entrepreneur: Enterprises associated with ready to adopt new technology, leadership, skill
entrepreneurial ventures. People who motivated oriented, motivation, resolve dispute, self -
through entrepreneurial success are known as confidence, integrity, flexibility, maturity, goal
entrepreneurs. setter, administrative ability, intelligent, etc.
 Social Entrepreneur: Social Entrepreneur
comprises a group of people who are homogenous
in nature focusing combinedly to resolve their own
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IV. Functions and Problems of entrepreneurs focus on different aspects of business

Entrepreneurs. Nature of components. Entrepreneurs recognizes commercial
Entrepreneurs. Types of major importance of their product, services of their
enterprises. Difference between product, formulates policies of production, set
designs of the product, update market strategy,
Entrepreneurs and Managers.
recruit skill manpower, upgrade technology, etc., in
Difference between Entrepreneurship the framework of running business entities.
and Social Entrepreneurship.
4.b. Entrepreneurs are to be oriented in the
4.a. Functions and Problems of Entrepreneurs following fields
The success of any enterprise depends on
internal and external factors. Internal factors include  Risk: Risk bearing in an inbuilt character
personal ego, not sharing idea especially beneficial of the entrepreneurs because entrepreneurs have to
for the organization, enterprise runs in and around of fulfill requirements of the costumers through
a particular person or family frequent financial appropriate action. Requirements of the customers
crisis, lack of planning, motivation, coordination, are incalculable therefore, on the basis of
ignorance of human factors, labour crises, poor assumption entrepreneurs will ready to take risk by
production, low competency in marketing, introducing need of the consumers. Risk is a kind of
negligence of human factors, etc. uncertainly of return investment made or fear of loss
External factors influenced by or distresses.
infrastructure (location, hurdle in supply of basic
requirements; raw marital, water, electricity,  Organizational Functional: Entrepreneurs
communication, labour supply, etc.) financial organizes enterprises by putting efforts through
problem (capital, working capital, flow of long-term investment of capital, develop infrastructure, pull
funds, recovery), marketing, government policy, operation, strength human resources, upgrades
administrative hurdles, non-availability of modern market strategy, etc., for the growth business centres
technology, corruption, lack of required raw and benefits of the investors.
material, frequent interference of inspection and
 Innovative Approach: Entrepreneurs are
audit, etc.
always motivated to perform innovative approach to
The problems of entrepreneurs and social
improve the quality of production, capacity,
entrepreneurs both are moreover similar except few
infrastructure, ensure qualities of new material,
components for example human factor which are
adopt new technology, marketing, etc., for the
self - motivated for social entrepreneurship whereas
benefit of the organization.
on the other side, entrepreneurs treat human
 Managerial Functions: Entrepreneurs
resource as capital builders and pay cost for their
perform on variety of the functions such as fix
services. Entrepreneurs hire human resources for
objectives of business, formation of plans,
benefit of individuals or organization whereas social
production, analysis of product, market, research,
entrepreneurs come forward to work for mutual
sales, procurement6s of material, recruitment, etc.,
benefit and benefit of production unit because
for the operations of enterprises including co-
members are committed in favor of organizational
operative, direction, motivation, share logic and
development. Entrepreneur can take support of
scientific knowledge, control organization, etc., for
corruption for the benefit of the individuals and
strengthening functions of the enterprises.
organization whereas social entrepreneurs do not
believe to support to the bribe. Infect government
and public agencies promote them for example  Decision Making Function: This is a most
cooperative, self -help group, charitable trust, significant function which attends by the
religious foundation, etc., which work for common entrepreneurs. Entrepreneurs decides adequate
benefit without motive of profit. Rest of the resources of finance, updates technology, improves
problems like marketing, updating modern quality of production, maintain good relation within
technology, communication, financial crunch, and outside of the organizations, develop market
production promotion, etc., are the genuine strategy, etc. Entrepreneurs are willing to take right
problems face by both entrepreneurs as well as decision makers on fight time.
social entrepreneurs.
Entrepreneurs are the key of venture
orientation therefore, right from the beginning

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4.c. Major Types of Enterprises functions across 5.c. Consultation model

the Globe This model is common among those who are
Trading Enterprises, Financial Institutions, familiar with the industry, cooperative expertise and
Community Organizations, Cooperatives, Civil processionals who believe on consultative rule.
Society, Non-Government Organization (NGOs),
Charities, Trusts, Self-help Groups, Social Workers, 5.d. Moonlighting model
etc. This model is accepted by the researcher and
professional who supplement ideas to the
4.d. Difference between Entrepreneurs and organization. Moonlighting model refers to the
Manager practice of working on another place or for a second
An entrepreneur is a founder of the job outside from the normal business hours.
organization therefore, he or she has to fulfil all Employees who work for private businesses may be
aspects of the organization right from the formation subject to any policies the company has in place
to sustain with similar nurture of the organization(s). regarding moonlighting.
An entrepreneur promotes enterprise based on
creative ideology and innovative approach by taking 5.e. Brilliant idea model
risk, challenge in favour of uplift the organization. This model also applies for the professional who
Entrepreneur is a guide and philosopher of the work for creating job for the unemployed. Brilliant
organization. idea model constantly need focus on market
A manager gets duty on the basis of research, protect intellectual property, concentrate
expertise field -wise. Manager is an employee of the on branding, work with a co-founder, prepare
organization. Manager offer services on behalf of business plan, chose workplace and adviser or
the monthly remuneration. The basic difference mentor for strengthening business or an enterprise.
between manger and entrepreneurs is that manager
is one who deals business matter day to day whereas VI. Theories of Entrepreneurship
an entrepreneur is an owner of though, policy The theories of entrepreneurship not only
making, decision making and business orientation. influence by the economic value but similarly focus
A manager being professional thinks output or result on sociological, political, psychological, ethical,
of inputs on certain period whereas entrepreneur religious and cultural aspects of human circles
thinks return on long perspective. which develops enthusiasm of the entrepreneurs.
Many scholars have considered economic,
V. Models of Entrepreneurship psychological, resource based, opportunity based,
5.a. Creative thinking model sociological and cultural dimensions of
Creative thinking model has been developed by entrepreneurship in their theories.
Walls in 1926 which includes five stages comprises-
i) preparation, ii) incubation, iii) intimation, iv) 6.a Economic Theory: The economic theory
illumination and v) verification. The preparation developed by Mark Casson (The entrepreneurs - An
stage focuses on accessibility of product, level of Economic Theory) discuses about the importance of
choice, opportunity, distribution system etc., entrepreneurial functions. This theory advocates
between interior and core places. qualities of entrepreneurship includes ‘imagination’
5.b. Business model as one of the components supported by other
This model is accepted by the individuals who are qualities. Economists believe that economic growth
keen to work for their own venture rather in depends on economic conditions which concern
cooperative way of environment. They believe in market accessibility, economic policy and foster
support of brand and marketing enterprises. entrepreneurship.
Business model falls into manufacturers, distributors
and franchisers. Business model provides 6.2. Psychological Theory: The psychological
convenient solution to its costumes in terms of their theories incorporate; formulation of the vision,
requirement and availability of goods. Customers distribution of the task, tolerates social opposition,
also pay a small premium for availing the services. obtain good amount of achievement, etc., which
A large number of customers of customers come motivate entrepreneurship. The follower of this
from different segments such as family, elderly or theory focuses on material or emotional elements of
retired people, home makers, etc., who makes the individuals who drive entrepreneurial. This
shopping regularly and willing to pay premium on theory developed by David McClelland, a
time. psychologist, Harvard University.
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6.3. Resource Based Theory: The Resource Based Theory developed by Schumpeter who forces on
Theory discusses about efforts of individuals who sustainable growth of organization depends now
create ground for the enterprises through capital, goods, new methods of production, market up
social net -work, communication and information, gradation, sources of raw material and promotion of
human resources, leadership, etc., for sustainability new enterprise.
of the organization.
6.7. Theory of Change: The theory of Change
6.4. Sociological Theory: The sociological theory developed by the Young through the test Thematic
moves in and around of various social parameters Appreciation Test which believes on three criteria;
which promotes benefits of the organization. Paul D. status reorganization, social network, flow of good
Reynolds, (George Washington University) renounce along with making entrepreneurs diffident
discussed four criteria; social net -work, expectation to take care of the problems, awareness of pragmatic
in life, identify of suitable supports and conductive efforts, gain view of individual, etc.
socio- political environment. Ideology of this theory
influence cultural and social factors, perception, 6.8. Theory of Cultural Value: This theory
behavior, etc., for the development of developed by Thomas Cochran who highlighted
entrepreneurship. importance of the cultural values, role expectation
and social sections. The theory of cultural value
6.5. Opportunity Based Theory: The opportunity- discusses performance of the business which
based theory formed by Peter Drucker who believes influenced by three factors such as attitude towards
that entrepreneurs ready to obtain social, cultural occupations, role of individuals in group and
and technical changes on time for the promotion of operational capability. The first two are socially
the organization. inflamed whereas third one is linked by population,
institution and technology.
6.6. Dynamic Entrepreneurship Innovative
Theory: Dynamic Entrepreneurship Innovative

VII. Difference between Entrepreneurship and Social Entrepreneurship

The following table shows separate angles between Entrepreneurship and Social Entrepreneurship:

Entrepreneurship Social Entrepreneurship

An entrepreneur can become social entrepreneurs Social entrepreneurs are pre-motivated in the field
by facilitating services in favour of human of human development areas with economic nexus.
development areas.
Business entrepreneurs generate maximum profit Social entrepreneurs are not so motivated to
from their enterprises. generate much profit from their organization except
maintain sustainability of their organization.
Business entrepreneurs believe to pay salary to the Social entrepreneurs work on mutual harmony for
staff. common goal.
Business entrepreneurs involves in social services Social entrepreneurs work without individual
because of noble causes, humanity and welfare, interest or self - motto.
promotes government policy, or their own /
organization’s benefits like reduction of taxes.
Business entrepreneurs’ functions on industrial or Social entrepreneurs promote decentralization,
capitalists’ order. democratic values and voluntary in nature.

Entrepreneurs build career on business tendency Social entrepreneurs believe equally development of
therefore, they promote new venture and for which its members or group people. They create
they create infrastructure and employment, earn infrastructure for economic up gradation and social
wealth and name in the society. development through group approach
Business entrepreneurs determined and committed Social entrepreneurs work on democratic values
in nature, free to function their own way, join means they believe on mutual approach and share

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hands with similar nature of the entrepreneurs and ideas logically accepted by everyone in the group.
ready to move interference.
Business entrepreneurs make career but support to Social entrepreneurs are bound to develop career
other to generate livelihood their own way through group approach and share benefit of
livelihood on equality basis.

VIII. Factors affecting Entrepreneurial required on every stage. Gujarat Industrial

Growth, Economic and Non-economic Investment Corporation (GIIC) which was
Factors, Entrepreneurial Mobility established in 1971 is one of the illuminative
The growth of entrepreneurs depends on examples of implementing various programmes for
land, labour, and capital along with responsibility entrepreneurship development. India has got many
of human resource development issues such as institutions both Central and State government
working environment, working condition, social owned run for entrepreneurship development
safety, health inputs, leadership, training, etc. programmes.
Training is one of the channels of human resource
development which promotes motivation, X. Innovation and Entrepreneurship
enthusiasm, efficiency, innovative thought, The term innovation means doing
strategy, promotes attitude and behavior for the something new which comprises incremental,
development of the enterprises. Economic growth radical and revolutionary change in thinking,
depends on output generated from the inputs with a precuts, and processes of enterprise. In mid of
coordination of technology, transport, 1980, many young entrepreneurs belong to the
communication, labour force, raw martial, product, United States of America were inspired by the
etc. Economic development is an outcome of Peter Drucker who established relationship
human nature of entrepreneurship. Entrepreneur is between innovation and entrepreneurship. He
an organizer of human capital which utilizes emphasized that innovation and entrepreneurs both
natural resources, work force and similarly fulfill change according to the situation, applicability and
needs of the consumer. Development plan by and acceptability. Entrepreneurs also face challenge,
large creates employment opportunities which threat and problem of opportunities. Innovation is a
uplift indicators of social development in tune of key of success for the entrepreneurs which builds-
social change (which is a kind of very slow up wealth. Innovation promotes practical
process) through incomes. Social change is an knowledge, addresses problems by adopting tools
advance stage of mobility. Entrepreneurship and techniques, helps in location of the raw
mobility depends on capital, infrastructure, material, improves quality of the product, promote
availability of adequate raw material, technical up marketing, discover new challenges, fills- up gap,
gradation, quality of product, supply, etc., along etc. The global Innovation Index (GII) measures
with inter personal relationship with in and outside performance of innovation on two ways (derives
of the organization. benefits from inputs, enhance knowledge, ready to
compete and generate wealth). These two criteria
IX. Entrepreneurial Development stand on different eight pillars which known such
Programmes as i) institutional policy, ii) human capital, iii)
The need for Entrepreneurial infrastructure, vi) business market capital, v)
Development Programmes (EDPs) was first technological sophistication, vi) knowledge, vii)
realized in 1950s with an understanding that competitiveness, and viii) wealth. History discloses
entrepreneurs are not born with any skill but skills number of examples across the World that how
can be developed by imparting capacity building entrepreneurship has made them renowned
course(s) which leads stability of the organizations. entrepreneurs for examples Dhirubhai Ram
The basic objective of the EDP is to enhance skills Bahadur Hohan Singh, Ajim Premji, Nanbhai
among the enthusiastic persons who are keen for Davar, Sir Jamsethi, JRD Tata, GD Birla, Sunil
entrepreneurship. This process helps them to run Bharti Mittal, Nitin Gadkari, Baba Ramdev, etc.
enterprise on vertical direction. EDPs improves
motivation, promote understating of environmental The basic different between entrepreneurs and
situation, select and formulate product proposal, social entrepreneurs is that entrepreneurs can work
clear vision of the enterprise, acquired human alone or with a group of people with a motto of
response management, develop values, etc., which profit and benefit of the organization. They spare

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some portion of benefit for the welfare of needy or XIV. Entrepreneurial Life Style
poor sections with hidden instance either to This model measures successes and failure
mobilize government welfare schemes or saving of the organization and promote action in favor of
tax whereas the motive of social entrepreneurs is growth of the organization, if required.
not to focus on personal gain. They work for Entrepreneurial Lifecycle takes care of develop
margin profit which motivates them to sustain their skill, knowledge, competence, internal support for
organizations with a broad agenda to fills up gap of the healthy cycle of the enterprises, outcome of
social responsibility with an economic tie up. investment made on the enterprises, promote
interest of investors to invest on the firm, and
XI. Entrepreneurial Process academic purpose to understand cycle of the
An entrepreneurial who is willing to organization. Entrepreneurial Lifecycle passes
establish a new enterprise required to focus on through various stages right from the beginning for
preparing of mind set, set a goal of enterprise, example obtain advice from the well trusted
develop knowledge and skills on various fields of people, crating stricture, fill up financial obligation,
organization, develop a net-work strategy, promote recruitment, start production, marketing, growth of
skill among the employees, identify resources, the enterprise, establish new venture, etc., with the
mobilize resources, art of resolving conflicts, flexibility of decision-making required time. It
develop communication strategy, etc., in the tune moves in the frame cycle.
of promote strategy of a business development
plan. A business development concentrates on XV. Women Entrepreneurship
identification of site, structure of the organization, Women constitute about 50 percent of
manpower of the organization, production, population. Their participation by and large limited
financial flow, marketing strategy, working to the household activities which are not
structure, mechanism of conflict management, etc., recognized as a mode of income generation from
for growth and return on invested capital. the economic point of view. The phenomenon of
women entrepreneurship has become popular
XII. Achievement and Motivation especially in developed countries after Second
Achievement or output of any venture World War. In the United States, one fourth of
depends on motivation which emerges from the business run by the women and since 1980, the
internal arrangement of the venture. Motivation by concept of self- employment has also been
and large develops through internal human developed there. In Canada, one third and in France
relationship, effective implementation of labour one fifth of businesses look after by the women.
laws, benefit of social security schemes, incentive, Women across the countries has been playing a
compassion, training or skill up gradation timely, significant role in prompting of economy especially
etc. Motivation at working place can be achieved women living in the rural areas. The concept of self
by protecting values, dignity and sentimental of -help group empowering women in south -east
individuals, etc. Asian countries who tied up with income
generation. Beside this, role of women cannot be
XIII. Identification of Business Opportunity ignored in the field of agriculture and household
Identification of business opportunity is industries. In fact, they work more than men. In
one of the important aspects for sustainability of India, 7.7 per cent of the women are engaged in
any venture which depends on techno- small scale industries (survey carried out by the
economically, commercially viable and feasible Small-Scale Industries). Self - Employed Women
and environmentally suitable. Any entrepreneur Association (SEWA) is one of the oldest women
prior to establish enterprise need to collect basic organizations which established in 1972 with the
information from the local persons, visit relevant objective to promote empowerment among the
departments or contract reliable personnel who women through creating various cottage industries,
make suggestions, gather information about saving, banking, health, social security facilities,
opportunity of business, availability of required etc. The Government through District Rural
raw material water, electricity, approach road, Development Agency (DRDA), the non-
transport, marketing opportunities, responsible governmental organizations, bank like National
factors for failures of any venture, credit Bank of Agriculture and Rural Development,
institutions, etc. Cooperatives, Rural Banks, also promotes
enthusiasm of the women through capacity

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building and credit in group. Women for nutrition, health, education, mobilize skill
entrepreneurship is an illuminative example in development, etc., through management strategy of
north eastern India. Manipur market which is runs the business entities. The group of entrepreneurs
by the women as a kind of big market in Asia. which by and large active in the rural areas are an
Since Independence, both Central and State ideal example of social entrepreneurship including
governments have been promoting interest of the women self-help groups dominating in developing
women by providing Constitutional Guarantee and world.
privilege therefore, women are engaged in higher
level of entrepreneurship skill -oriented jobs such References
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Anita Kaul Basu, Priya Paul, Poonam Soni, Anita Development: Potential Beyond
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The term rural entrepreneurship confines Entrepreneurial Development and
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Villages in the ancient time were self- sufficient. Mumbai.
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village compound itself. India lives in village. 68 World” Oxford University Press
per cent of the population lives in the rural areas [4]. Drucker, P.F. (1985) “The Practice of
therefore, rural development is a prime concern of Innovation” Innovation and
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depends on agriculture and its allied activities, Harper & Raw, New York,
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energy, cottage or artisan-based occupations. The Entrepreneurship & Its Facets”. Wizard
people living in rural areas face problems of Publishers, Delhi.
unemployed, under employment, shortage of
infrastructures, migration, lack of technical skill or
updated knowledge, lack of communication, lack
of quality and high cost of production, marketing,
etc. Since Independence, Government has
formulated different policies and programmes for
both organized and un-organization sectors. In
1978, Integrated Rural Development Programs
(IRDP) was launched for prompting self-
employment in rural areas which were supported
with other schemes such as “Training of Rural
Youth for Self- employment in Rural Areas, and
Development of Women and Children in Rural
Areas (DWCRA). All the self-employment
schemes are now work under the framework of
National Rural Livelihood Project (Aajeevika)
since June 2011 with an objective to create
effective and efficient institutional mechanism to
promote suitable and sustainable livelihood for the
people living in rural areas.

XVII. Conclusion
Entrepreneurs, social entrepreneurs,
women entrepreneurs and rural entrepreneurs all
together play a very significant role to upgrade
economy of any nation. Entrepreneurship alleviates
poverty, control unemployment, improve capacity
of purchasing power, upgrade living standard, care

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