The Importance of Entrepreneurship

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The Importance of Entrepreneurship

Concept of Entrepreneurship

In order to ascertain what does the concept of entrepreneurship implies, it is vital to start off with its core definition. The term entrepreneurship has been defined as the one who is an organizational innovator and creator as well as undertakes the commercial enterprise. The concept of entrepreneurship from the economic standpoint and according to entrepreneur is a person who brings new things into the economy. The author further stressed on the fact that in a particular context entrepreneur is the decision maker who commands an assortment of attitudes that make the most of the opportunities available. Motivations along with the operations carried out are the crucial drivers of the development of the concept of an entrepreneur.


Both the authors referred entrepreneur to as the person who is impelled by the ambitions, personal goals, and idea and amalgamates facilities, equipment, people and financial capital in order to establish and manage a business enterprise. Few scholars while defining entrepreneur had utilized economic indicators such as profit and growth. They referred entrepreneurship to as an effective tool for diminishing poverty. The characteristics of human behavior must be taken into account while defining the concept of entrepreneurship. An entrepreneur is a person who prospects for or exploits opportunities. An entrepreneur is a person who has the tenacity to confront challenges. Despite the fact that entrepreneurship is typically viewed as an activity, the focus of few definitions is on the functional and operational characteristics. In a nut shell, it can be suggested that the concept of entrepreneurship can be analyzed from a range of angles; hence, creating opposing yet harmonizing views of the phenomenon.

Range of Researchers

A range of researchers has defined female entrepreneurs to those who utilize the resources and knowledge to create or develop new business enterprises. Female entrepreneurs also referred to the ladies who play an active role in managing their business and have been operating their business for more than a year. It is essential to view entrepreneurship as the distinct yet related concept to male entrepreneurship.  Conversely, Information Communication Technology is a means to Empowerment ICT correspond to the assimilation of the audiovisual systems, computers and telecommunications networks utilized in order to transmit, store, access and create and manipulate the information.


ICT plays a significant role in developing new businesses as it permits the groups and societies to transform their economic, political and social lives by reshaping the procedures. ICT presents a range of benefits including enhance communication and collaboration, effective transfer of knowledge, creation, sharing, faster accumulation, productivity and efficiency as well swift transfer of political and financial information. In the recent times, the creation of ICT is considered as the most promising developments for the reason that it acquires the capacity to bridge numerous gaps in the human socio-economic development. The use of ICT differ on the basis of the genders and this can be affirmed by the ITU report 2013, which had pointed out that 33% of the men utilize an internet in contrast to 29% of women in the developing nations. This difference in the usage of internet is also evident in the developed nations where 80% of the males utilize an internet in contrast to 74% females. The use of ICT by females had resulted in a range of significant benefits and the most crucial advantage of an internet that is also the focus of the current study is the creation of new employment as well as self-employment opportunities.


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