An Entrepreneur is considered to be as the one who manages
plans, organises, and finds out the risk for an enterprise. An entrepreneur himself
controls and looks after a business, takes bold steps to establish an
undertaking, coordinates the various factors of production and gives it a startup.
He is the owner of the business who is contributing the capital and bears the
risk of uncertainties in business life he is building up. Entrepreneur is an action
–oriented and highly challenging aspect. An entrepreneur has the ability to
evaluate business opportunities, to gather the necessary resources to take
advantage of them, build business and to initiate appropriate action to ensure
success in future. An entrepreneur is associated with innovation as per demand
of the market. He is the main factor of production as per consumer expectations.
He takes decisions regarding what to produce, how to produce, where to produce
and for whom to produce which ultimately depends on the customers’ expectations.
He mobilizes other factors of production namely, land, labour, organization and
initiates production process at that particular place. He is responsible for
both the profit and the loss of the business. In recent years, the promotion of
entrepreneurship is considered to be the possible source of job creation in the
market, empowerment and economic dynamism in a rapidly globalizing world has
attracted increasing policy and scholarly attention. This paper has resulted in
the search of an adequate understanding of the potential benefits of
entrepreneurship as a means of improving livelihoods globally.
2. OBJECTIVE OF THE STUDY
The main aim of this research paper is to stimulate
policy debate on the potential benefits of entrepreneurship as a viable career
option, highlighting and eliminating hurdles that stand on its way, policy
measures and strategies that can be initiated to support it. It is divided
basically into six sections. After brief
introduction, section one defines the term entrepreneurship and its need. In
section two, the importance of entrepreneurship is examined. This is followed
by a discussion of the role of cultural attitude towards
entrepreneurship across. The barriers/challenges of starting and running up an
enterprise then follow in the fourth
section. The last section identifies suggested actions relevant in
promoting the entrepreneurship.
2. RESEARCH METHODOLOGY
source of data for this paper was collected through various publications which
include; government and non-governmental organization’s publications,
international organisations as well as private and individual contributions
through various published and unpublished manuals in recent times. The study is
centered on the theory and applicability of entrepreneurship in the newly
industrializing economy using Kenya
as especial reference. The data has been completed and well presented in the theoretical
manner for the better and elaborative understanding as well as applicability of
the term entrepreneurship.