Entrepreneurship in Rural Industry: Key Prospects & Challenges

The liberalization of the economy in the 1990s has enabled a vast amount of people to become entrepreneurs. Dynamic entrepreneurs look for growth; they do not have only a vision but are also capable of making it happen. Economic vitality of a country largely depends on the overall level of entrepreneurial capacity, i.e. on its ability to create rapidly growing companies. 

Entrepreneurship can be defined as: “a force that mobilizes other resources to meet the 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 an opportunity”. The entrepreneurial orientation to rural development accepts entrepreneurship as the central force of economic growth and development. “Youths in the rural areas have little options”, this is what they are given to believe. This is the reason that many of them either work at farm or migrate to urban land. The need is to plant other options in the minds of rural youth. Entrepreneurship could be the best option. If planted and nurtured in the minds of rural women and youth, it could result in revolutionizing the Indian economy. 

“Entrepreneurship is the transformation of an idea into an opportunity”. It is the “Essential agent of change who accelerates the generation, application and spread of innovative ideas and in doing so not only ensure efficient use of resources but also expand the boundaries’ of economic activity.” This paper deals with the following two issues: firstly, it sets out the various opportunities and prospects and challenges in the field of rural entrepreneurship development, secondly, it deals with what policies are necessary in order to create an environment in rural areas conducive to entrepreneurship.[1][2]

Keywords: Entrepreneurship, Strategic Intervention, Rural Development & Policies, KPO.

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