ENTREPRENEURSHIP IN NEW ECONOMIC MILLENNIUM: INDIAN PERSPECTIVE
Year: 2020

An Entrepreneur is and individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes Today's entrepreneur, a person, who has initiative in investment and decision to the enterprise; seeking all resource of factor of production, resources of Management, Behavior, cultural, Economical and Political factor for establishing, innovation and founded enterprise, having assumption of risk, profit and future growth. Entrepreneurship has rightly been identified with the individual, as success of enterprise depends upon imagination, vision, innovativeness and risk taking. The production is possible due to the cooperation of the various factors of production, popularly known as land, labour, capital, market management and of course entrepreneurship. Basic objective in developing entrepreneurship and multiplying them in the society has been to enable the society to generate productive human resource, mobilize and sustain the same in subsequent process of development. The government at the national and state level in India has been keen on promoting entrepreneurship. A well designed value chain is necessary for and enterprise to reap the benefits of market advantage and this should be modified to suit the demands of modern enterprise. Entrepreneurship is one of the four mainstream economic factors: Land, labor, capital, and entrepreneurship. The word itself, derived from 17 century French entreprendre, which means to 'undertake'those who "undertake" the risk of new enterprise. They are "contractor" who bear the risk of profit and loss. Early entrepreneurs where soldiers of fortune, adventurers, builders, merchants, and, incidentally, funeral directors. How the term "undertaker" became associated with funerals is a mystery, but there is a considerable body of literature on entrepreneurship. Early references to the entrepreneur in the 14 century speak about tax contractors individuals who paid a fixed sum of money to a government for the license to collect taxes in heir region. Tax entrepreneurs bore the risk of collecting individual taxes, if they collected more than the sum paid for their licenses, they made profit and kept the excess. If they failed to collect enough to match the cost of their licenses, they didn't care, because they had already had their money from license fees. Entrepreneurship was a common topic for discussion in economics for much of the 18 and 19 centuries. Notable early French, British, and Austrian economists wrote enthusiastically on entrepreneurs as the "change agents" of progressive economies. Entrepreneurship defies definition. It is very difficult to find an exclusive definition for it. However, Schumpeter provides us with a framework for understanding both in terms of process. Schumpeter's suggests that the role of an entrepreneur is, "to reform of revolutionize the pattern of production by exploiting and invention or, more generally, and untried technological possibility for producing a new commodity of producing an old one in a new way" (Entrepreneurship 7) Schumpeter does not equate entrepreneurs with inventors, suggesting instead that an inventor might only create a new product, whereas an entrepreneur will gather resources, organize talent, and provide leadership to make the product it a commercial success. Peter Drucker shares Schumpeters' view. He describes the entrepreneurial role as one of gathering and using resources, but he views that "resources, to produce results, must be allocated opportunities rather than to problems" (Entrepreneurship 8) "In Drucker's view entrepreneurship occurs when resources are redirected to progressive opportunities, not used to ensure administrative efficiency. This redirection of resources distinguishes the entrepreneurial role from that of the traditional management role, distinction. That Henry ford made in his decisions. "Robert Ronstadt" definition of entrepreneurship appears somewhat conclusive: he defines, "Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and or career commitment of providing value for some product or service. The product or service itself may or may not be new or unique but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources" In contemporary times and entrepreneur is looked upon as an innovator, But to view and entrepreneurship as an innovator raises many questions. Kirzner suggest that the process of innovation is actually of spontaneous "undeliberate learning" Leibenstein claims that the dominant, 97 Interscience Management Review (IMR) Volume 2 Issue 2 Entrepreneurship in New Economic Millennium: Indian Perspective necessary characteristics of entrepreneurs is that they are gapfillers i.e they have the ability to perceive where market fails and to develop new goods or processes that he market demands but which are not currently being supplied. They, have the special ability ot connect different markets and make up for market failures and deficiencies. Robert E. Nelson defines an entrepreneur as, "a person who is able to look at the environment, identify opportunities to improve the environmental resources and implement action to maximize those opportunities" (Entrepreneurship Wikipedia) Entrepreneurship as a stabilizing force limits entrepreneurship to reading market disequ8libria, therefore, the most appropriate definition or entrepreneurship that would fit in to the rural development context is, "a force that mobilizes other resources to meet unmet market demand" " the ability to create and build something from practically nothing" "and the process of creating value by pulling together a unique package of resources to exploit and opportunity" It combines definitions of entrepreneurship by Jones and Sakong, 1980;  1989; Stevenson, et al. 1985 The above views on entrepreneurship suggest characteristic feature of the entrepreneur. i. An entrepreneur is alert and no has no intrinsic skills than that of recognizing opportunities. ii. The entrepreneur has special skills that enable him to participate in the process of innovation. iii. Entrepreneurs make "creative imitation" iv. Entrepreneurs are risk bearers, Coordinators organizers, gap fillers, v. They are innovators and leaders. Though the idea that entrepreneurs are innovators is largely acceptable, it can be difficult to apply this concept of entrepreneurship to less developed countries LDCs) Often in LDCs, entrepreneurs are not truly innovators in the traditional sense of the word. The rarely produce brand new products: rather they imitate the products and production processes that have been invented elsewhere in the world (typically in developed countries) This process, which occurs in developed countries as well, is called "creative imitation" Creative imitation takes place when the imitators better unders6and how in innovation can be applied, used, or sold in their particular market niche (Namely their own countries) than do the people who actually created or discovered the original innovation. Thus, risk taking ability, self confidence, decision, maki9ng ability, knowledge of growing to harvesting technology, economic motivation, market orientation, achievement, motivation, etc. are indicators of entrepreneurial behavior. Challenges and Pressures of the environment Entrepreneurship has gained greater significance at the global level under changing economic scenario. Global economy in general and Indian economy in particular is poised for accelerated growth driven by entrepreneurship. Entrepreneurial ventures exhibit seven trends in their bid to survive, grow and remain competitive. Speed and uncertainty Advanced technology Influence of demographics. Loyalty Erosion. Virtualization of work Employment redefined Quality improvement Entrepreneurship has to overcome the challenges that confront it for survival and excellence. The challenges are Problems of raising equity capital Difficulty in borrowing funds. Problems of availing raw materials. Problems of obsolescence of indigenous technology Increased pollutions Ecological imbalance Problems of TRIPS (Trade Related Intellectual rights) and TRIMS (Trade Related Investment Measures) Exploitation of developing economies. Promotion of Entrepreneurship at the at the National level In Indian small and Medium sized enterprises (SMEs) have strategic importance for the national economy. Logically, the government shows interest in supporting Entrepreneurship and SMEs to create new job positions, increasing GDP and rising standard of population than supporting entrepreneurship and encouraging and supporting people who dare to start their own business. Every surviving and successful business means new jobs and growth of GDP. In supporting entrepreneurship and SMEs, The Government has created different types of support substitutions to i) To provide on regulations standard, taxation, custom duties, marketing issues ii) Advise on business planning, marketing and accountancy, quality control and assurance Interscience Management Review (IMR) Volume 2 Issue 2