Entrepreneurs are the mechanism by which our economy turns demand into supply. They create new ventures that provide new, improved products and services. Here we list some of the principal qualities of entrepreneurs and how those qualities help in shaping up our economy. Productivity Accelerators: Entrepreneurship raises productivity through technical and other forms of innovation. Entrepreneurs as risk bearers find resources and fill market gaps that would be missed by larger, more bureaucratic organizations. They allow a country to extract every last bit of marginal capacity out of whatever resources exist within the society. Brilliant Tips on Productivity by some Popular Entrepreneurs: Focus on one thing at a time: It may seem like a no-brainer, but multitasking can actually cut back on your productivity. Instead of juggling multiple projects at once, schedule out blocks of time — or even entire days — during which you only focus on one task or one project. Steph Auteri, @stephauteri, Word Nerd Pro Outsource, outsource, outsource: Everything may be a priority, but you are not equally brilliant at everything. Eliminate the unnecessary tasks and outsource your weaknesses so your time and focus is directed to where you’ll make the biggest impact for the business. Kelly Azevedo, @krazevedo, She’s Got Systems Define roles and divide work: Make sure everyone on the team has distinct roles defined, and divide work accordingly. Everyone on a proactive team will want to do everything, and clearly defined roles make it clear who should do what. David Gardner, @david_gardner, ColorJar Job Creators: It is a powerful tool of job creation –Entrepreneurship as a whole contributes to social wealth by creating new markets, new industries, new technology, new institutional forms, new jobs and net increases in real productivity. The jobs constructed through their activities in turn lead to equitable distribution of income which leads to higher standards of living for the population. Entrepreneurship facilitates the transfer of technology. Entrepreneurs play a strategic role in commercializing new inventions and products. They play a critical role in the restructuring and transformation of economy. Their behavior breathes vitality into the life of large corporations and governmental enterprises. Market Competitiveness: They make the markets more competitive and thereby reduce both static and dynamic market inefficiencies. Micro-preneurs working in the informal sector circumvent established government authority when governments and their programmes inhibit economic development. They stimulate redistribution of wealth, income and political power within societies in ways that are economically positive and without being politically disruptive. Social Welfare: They improve social welfare of a country harnessing dormant, previously overlooked talent. They create new markets and help in expansion into international markets. The unique feature of entrepreneurship – that it is a low cost strategy of economic development, job creation and technical innovations. Technology Innovation: Technology entrepreneurship is also important for sustainable development as Nobel Prize Laureate prof. Dan Schechtman puts it: “Technological entrepreneurship is a key to the well-being of the world”. India has been the first among the few developing countries to have assigned a significant and categorical state role to small scale industries from the first Five Year Plan itself, and the small scale sector has emerged as a dynamic and vibrant sector of the economy during the eighties. If the country develops pucca infrastructure and removes the hurdles in the operative environment politically and legally, no doubt the Indian economy will be scaling to greater heights. Surplus manpower (educated and un-educated), which has been a great liability can become an asset once those with potential are selectively groomed for self-employment and enterprise formation, leading to further job...

Have you ever thought about how to gain insight into yourself? Well, it is high time, if you really want to make it to the top of your career path and it is supposed to be the best personal strategy. Setting up of long range plans helps you to formulate your career strategies accordingly. To reach the destination, you need to have clear travel plans. Like wise, devising your career plans is inevitable to reach the ultimatum in your work environment. Following is a five step chart to help you create a solid career plan. Self Evaluation What do you enjoy? What are your priorities? Strengths and weaknesses? Name the things you want from a job? Skills Analysis What are your qualifications and experience? What are your key strengths and skills? What are your biggest achievements to date? What are your areas of development/ which area of interest excites you the most? Set your direction The broad industries that really appeal to you. The types of roles that would suit you best. How these options match your personal preferences? Key skills you’ll need to develop. Commit to a time frame Make milestones for the next six, twelve, eighteen  months. How will you achieve your training and education goals? How will you gain additional skills and experience needed? How will you expand your network, and by when? Review your career plan Now you know your goals and how to achieve them, monitor your progress at least every six months to stay on track. I reckon that the following tenets infuse some confidence to those who want to achieve: Set your goals highNever settle for lessNever under estimate yourselfYou are born to achieve somethingYou are different from othersYou possess that “in thing” that is going to take you places Career advancement, is something that is not the sole proprietorship of the managerial cadre. It applies to anyone who has the “will” to learn and move forward. One’s attitude towards time, achievement, change, material things, work etc., determines the extent to which he is prepared to pursue his career with a long range plan. managementguru.net Decision Making: Another important aspect of career planning is the tough preposition of decision making. If a qualified and experienced manager is adept in all areas of management, naturally he gets confused as to “which way to go”, when presented with a chance to take up another job, in pursuit of better career prospects such as pay or promotions. People sometimes tend to resist career planning for the fear of making decisions and sometimes due to the fear of failure of achieving goals in the new set up, which might be a big blow to their ego. This dilemma of choosing a goal is commonly noticed in students who want to pursue higher education. Since it involves not only decision making but also determines their capability to be successful in the chosen field of activity. If an individual wants to become a doctor, he or she has to give up to pursue other opportunities, say, to become a lawyer or an engineer. Commitment: Furthermore, career advancement means more involvement and commitment, which makes you a quick learner. And in the process to achieve your goals, you become well versed in the area of specialization, however complex the subject or situation may be. Psychology has its role to play in career planning too. People who are extroverts easily manage to work things up to their advantage, for the simple fact that they socialize well, which is important for a manager to be a good liaison. Time Frame: The planning horizon of your career depends on the time taken to make yourself qualified to suit...

Entrepreneurship in Developing Economies Entrepreneurial development is a complex process of change. It has been recognized as an important ingredient of economic development. The development of entrepreneurial activity depends upon the closely interlinked economic, social, cultural, religious and psychological variables. Developing countries of late have adopted a deliberate policy of promoting and encouraging small enterprises as a strategy, for the overall development of their countries. Practical Problems Faced by Developing Countries The numerous problems confronted by developing countries such as, a high rate of population growth, a relatively low rate of economic growth, a low level of capital income with nearly fifty percent of the population subsisting below the poverty line and mounting increase in the figures of educated unemployed-all these check the growth of entrepreneurial activities. Countries have to plan realistically, mobilize and harness resources, have control over factors of growth and development and give direction to the development process. Naturally then, the national and economic goals will be focused towards: Production and productivity to be increased in the primary, secondary and tertiary sectors Maximum harnessing and utilization of material and human resources Solving problems of unemployment Having a check on population growth Equitable distribution of wealth and income To increase the purchasing power parity To increase the gross national product To increase the real per capita income Improving the quality of life Industrial Development The larger scope and potential to achieve these goals lie in the development of the industrial sector of the national economy, and the only alternative to raise the level of living is development of industries. Here, we are not merely concerned with certain quantum of growth and development in the industrial field. Theoretically, the desired quantum of industrial development could be supported by a few large investments and capital intensive units run by a small number of big entrepreneurs. But what is envisaged is to have the same quantum of industrial development with a wider spread consisting of large number of small entrepreneurs all over the country. This would result in development of small scale and tiny sector industries all over the country and would generate employment opportunities to the educated unemployed, skilled people and other potential entrepreneurs from various segments of the society. Scenario of Asian Countries Most of the Asian countries like India and China are encouraging and promoting entrepreneurial development leading to industrial and economic development. India is now a hot spot for automobiles and its accessories. Being a cost-effective core market for auto components sourcing for global auto makers, the automotive sector is a potential sector for entrepreneurs. Entrepreneurs are risk bearers, find resources and fill market gaps that would be missed by larger, more bureaucratic organizations. Entrepreneurs improve the social welfare of a country by harnessing dormant, previously overlooked talent. Surplus manpower which is considered a great liability can be converted into assets once those with potential are selectively groomed for self-employment and enterprise formation, leading to further job...

Economic Growth Strategies A Purview on Economic Growth Strategies for Developing Countries A developing country is one where the per capita income is low relative to that of fully developed countries. In human terms developing countries typically have major population percentage with poor health, low levels of literacy, inadequate dwellings and meager diets. The key to development rests on four fundamental factors namely human resources, natural resources, capital formation and technology. Human resources: A lot of poor countries are forever running hard just to stay in place. Even as a developing nation’s GDP rises, so does its population. So it becomes a mammoth task for such nations to overcome poverty with birth rates so high. Equitable distribution of wealth cannot happen in an economy unless and until it becomes self sufficient. One strategy will be to curb the population, even if such actions run against prevailing religious norms. Strategies for Developement Economic planners in developing countries lay great emphasis on the following strategies of development with regard to human capital: Control disease and improve health and nutrition Improve education, reduce illiteracy and train workers Above all, do not underestimate the importance of human resources. Literate people are knowledgeable and resourceful; their analytical skills help them to weigh the pros and cons of specific social situations that affect their standards of living. Asian countries like India and China with exploding population figures are in a situation to invest their human capital for productive purposes. Pinning Your Way to Profit With Pinterest Natural Resources: Some developing nations with meager endowments of natural resources such as land and minerals have to divide the available resources among the dense population. Perhaps the most valuable of all the resources would be arable land, as most of the people in developing countries employ themselves in farming, which is the primary economic activity. Hence the productive use of land with appropriate conservation, fertilizers and tillage will go- far in increasing a poor nation’s output. More over land ownership patterns are a key to providing farmers with strong incentives to invest in capital land’s yield. When farmers own land, they are more willing to make improvements, such as irrigation systems and undertake appropriate conservation practices. The governments have to think in these lines if their economy is based on agricultural activity: Farmers should be appraised about modern farming techniques and provided with farming equipments and fertilizers at subsidized rates. Note:-nothing should be given as free as freebies make them lethargic and unmotivated. Much of cultivable lands are being destroyed for commercial purposes which have to be checked. Power generation and supply should be copious and uninterrupted as farming, solely is dependent on availability and usage of ground water. Pumping of water is done through jet pumps and electric motors. Budding population can make a marked difference in the field of farming, as it is impossible for a nation to generate white collar jobs for everyone and it definitely elevates the capacity of youth from being mere employees to that of owners. Organic farming has found a place for itself in international market and human capital of developing nations can be employed in research and development of new strains that will facilitate to capture the global market. Capital formation: Rates of productive capital formation are low in developing countries because of deprived income; little can be saved for the future. The financing of growth in poor countries has always been an unstable link in the productive mechanism. Countries should definitely have a balanced and cautious approach when they plan to finance ambitious development programmes as they will be forced to borrow heavily from other developed countries or the World Bank. Technological change and innovations: This is...