 Innovates and identifies the possibility

10 ROLES OF of producing new products on the

basis of innovation.

 Industrialization of a country + Pace of

development depend on
entrepreneurs.
o In their absence, even if a
country is rich in natural
resources, its economic
development cannot
possible.
ENTREPRENEURS
 The focal point in the process of
economic development.
 Jale Brozen
o “Entrepreneur is the essential
means of economic
development”.
 The person who uses the untapped
natural resources, labour, and capital
in an optimum manner.
o Sets the wheel of economic
development moving forward.
 Marshall
o Renowned economist
o “The entrepreneur is the
captain of the industry +
Builder of economic structure
of a country”.
ROLES OF AN ENTREPRENEUR
1. ORGANIZING OF SOCIETY’S
PRODUCTIVE RESOURCES
 Optimum use of productive resources
of the country for benefits of the
people.
 Banig, Agriculture
2. PRODUCTION OF NEW ARTICLES
 Role in producing and presenting new
products in the market.
the
 Phones, Vehicles, Appliances
be 3. DEVELOPMENT OF NEW
PRODUCTION TECHNIQUE
 Uses the new method of product
techniques.
 Brings in the market varieties of
products at reasonable process.
 Makes efforts to bring in the present
technology of production.
4. PROMOTE CAPITAL FORMATION
 In a developing economy:
o Entrepreneurs promote capital
formation by investing in
industrial activities.
 Entrepreneurial activity is the base for
the development of capital market in a
country.
5. CONTIBUTES TOWARD CREATION
OF INDUSTRIAL CLIMATE
 Plays an important role in building
industrial climate in the country.
 Motivates other entrepreneurs to
invest in industrial activities.
6. CONTIRBUTES TOWARD
PROVIDING EMPLOYMENT
 Introduces new products and new
techniques.
o Results into the development
of new industries.
o Leads to opportunities for
direct and indirect employment
to the people.
7. CONTRIBUTES TOWARDS ENTREPRENEURSHIP
INCREASING STANDARDS OF
LIVING OF THE PEOPLE  Serves as the catalyst in the process
of industrialization and economic
 They develop and diversify new
growth.
techniques and new products
according to the needs of time.  Technical progress alone cannot lead
o This gives opportunities for to economic development, unless
technological breakthroughs are put to
people to consume different
economic use by entrepreneurship.
kinds of items of their choice.
o The use of substitute products
has increased.

8. AMBASSADORS OF SOCIAL
CHANGES
 New inventions cultivate scientific
outlook among the people living their
traditional beliefs and attitudes.

9. REMOVAL OF REGIONAL
DISPARITIES
 They contribute towards removal of
geographical imbalances and
economic backwardness.
 Sets up industry in backward areas of
the country in its efforts for balance
development of the country.

10. CONTRIBUTION TOWARDS

ECONOMIC DEVELOPMENT OF
THE COUNTRY.
 Contributes towards the development
of national economy.
 Sets up industry in priority areas by
the government in its Five Years Plan
programs.
 Makes resource of employment
available to the people.
 By optimum use of resources he
contributes towards increase in the
national income

ENTREPRENEUR

 Plays a vital role in economic

development.