The word Entrepreneur gained popularity by mid 1970’s and gradually became prevalent part of economy. According to Merriam Webster Online Dictionary an entrepreneur is defined as “one who organizes, manages, and assumes the risks of a business or enterprise.”

The word is derived from the French “entre” (to enter) and “prendre” (to take), and in a general sense applies to any person starting a new project or trying a new opportunity.  Hence successful entrepreneurs compete with themselves and believe that success or failure lies within their personal control.

Globalisation brought many changes. Our previous generation enjoyed employment security. In the present economic scenario change is the rule and routine work has shifted as outsourcing/offshoring which is a part of economy. The changes in political environments and with economic liberalisation there are ample opportunities to proceed in many fields which were once considered as government or corporate domains.

Moreover the rise of new technology and use of Internet made the world a global village where physical distances are no longer considered as obstructions. Hence, policy revolution and knowledge-based education emerged as the driving force behind growing competitiveness among common people, creating jobs with growth possibilities and innovations. Thus, Entrepreneurship has emerged as the proactive response to globalization.

Entrepreneurships are highly valued even the government is promoting in many ways like tax exemptions, management advice, inexpensive capital and many more. An entrepreneur has the greatest chance of success by focusing on a market which is either too small or too new where established businesses have not focused yet. Even many universities are establishing business incubators for entrepreneurs to help with new technologies to come into the market.

Some Famous Entrepreneurs:

Bill Gates, Michael Dell, Azim Premji, Lakshmi Mittal, Sir Richard Branson, Warren Buffet and many more…..

Entrepreneurship has great potential; it is capable to bring big impact in growth, recovery, and societal progress by fuelling innovation, employment generation and social empowerment. Entrepreneurship is playing an important active role when the entire world is dealing and as well as confronting with big challenges. It is now clear that the world needs more entrepreneurial societies who can address more complex, interlinked and fast changing problems with enthusiasm.