“Entrepreneurship and Entrepreneurial Opportunities”

By Anupam Agarwal (M066) MBA Tech. Civil Div. F

SUMMARY
Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem. Entrepreneurial opportunities exist and individuals just need to recognize them. If they have the willpower and decide to exploit an existing opportunity, this will lead to economic growth. There are at least two arguments which indicate that the relationship between opportunities, entrepreneurship, and economic growth is more complicated. First, opportunities do not fall from heaven they need to be created. Second, an individual needs to make the decision about whether or not to exploit the opportunity. Demographic and psychological characteristics are a powerful influence on the individual’s decision to start a business. The process of generating opportunities involves individuals, firms, universities, and other research institutions. Their research and development activities not only create new knowledge, they are also the precondition for the ability to identify, absorb, and exploit knowledge. With the new growth theory, knowledge is recognized as an essential driver of economic growth. Knowledge may increase productivity by stimulating technological progress. It was explained that economic growth through the accumulation and spillover of technological knowledge. New knowledge may lead to innovations and is capitalized by transforming it into new products, processes, and organizations. Private businesses, universities, and other research institutions generate new knowledge through research and development. The created knowledge may be exploited by the