ROLE OF ENTERPRENEURSHIP

IN REGIONAL STABILITY

& BALANCE ECONOMIC

DEVEOPMENT

What is balance development ?It can be defined as the creation of equal opportunities for all people to participate in, contribute to and benefit from development.The study argues that the requirement for such a balanced development is human development, which is the process of enlarging people’s choices as to what they do and can do in their lives. Poverty limits the opportunity of many people to develop their capabilities and thereby limits their choices as to what they can do in their lives and how they can participate in development.

REGIONAL STABILITY It can be defined as the consistency of people in a region in their social activity and economic condition.It depends on many factors like culture, tradition, location, politics & agro-economic conditions of that region.

CAUSE OF REGIONAL INBALANCE

Imbalance is the result of three sets of factors: - natural differences,sociocultural conditions and policy decisions. Natural factors, such as differences in agro-climatic conditions, natural resources or geographical location determine the potential for economic development of an area or a region. Sociocultural factors, such as values and traditions may discourage social and economic mobility.

REMEDIES TO REGIONAL INBALANCE

Natural factors can be improved through infrastructure, transportation, irrigation &development of enterprise etc. Sociocultural factors, such as values and traditions that discourage social and economic mobility, can be changed by inspiration,moti-vation & innovation.

ROLE OF ENTERPRENEUR

Entrepreneurship is the active process of recognising an economic demand in an economy, and supplying the factors of production (land, labour and capital) to satisfy that demand, usually to generate a profit. Entrepreneur has a great role to make an equality in property in the society by introducing small scale enterprises in the undeveloped or rural area.

Continued...Entrepreneur introduces new ideas and create new market by utilizing the local resources and generating employment for the local people.Large industries lead to disparities between rural and urban areas, so for social stability regional balance small scale enterprise is the ultimate option which can only be done by entrepreneur.

There is a wide range of significant contributions that entrepreneurs can make to the development process :- Entrepreneurship raises productivity through technical and other forms of innovation. Entrepreneurship is a powerful tool of job creation. Entrepreneurs play a strategic role in commercialising new inventions and products.

VISIONARY ASPECTS OF ENTREPRENEURSHIP

Entrepreneurs play a critical role in the restructuring and transformation of economy in rural area.Entrepreneurs help reduce the ossification of established social institutions and the concentration of economic power. Entrepreneurs make markets more competitive and thereby reduce both static & dynamic market inefficiency

Continued...

Entrepreneurs make markets more competitive and thereby reduce both static and dynamic market inefficiency. Entrepreneurs stimulate a redistribution of wealth, income and political power within societies in ways that are economically positive and without being politically disruptive. Entrepreneurs improve the social welfare of a country by harnessing dormant, previously overlooked talent.

Continued...

The unique feature of entrepreneurship is that it is a low cost strategy of economic development, job creation and technical innovations. Other agents of change may accomplish the same ends, but not as cost effectively as entrepreneurs. And this is accomplished by setting up enterprises, initially as a small scale.

Cost-Effective Strategy

CONCLUSIONEntrepreneurship can bring a great change in socioeconomic condition of undeveloped areas and there by accelerate the growth & development of a nation in a sustainable way.

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