The concept of ‘Entrepreneurial Studies’ has appreciably changed in nature and content over the years. It is no longer considered an assortment of all sorts of arbitrary facts and figures to choose from. Instead, it is now increasingly becoming more of a systematic, purposeful and objective study a wide range of disciplines, cultural variances, value systems and environment around us.
Entrepreneurial development and management has come to be recognised globally as the key to rapid and sustainable economic development as well as the welfare and progress of mankind.
More so, it is the entrepreneurs who have been largely instrumental in forming a strong link between agriculture and industry. Indeed, the entrepreneurs with their vision and innovative qualities lay down a strong foundation for sustainable growth, be it the industry, agriculture, trade or the service sectors. Moreover, sustainable growth is most conducive for a healthy society, i.e., an entrepreneurial society.
Successful new business ventures and economic development do not just happen. They are the result of the combination of right environment, planning, effort, and innovation. And this right mix can only be achieved by the entrepreneurs. They provide a clear blueprint for stimulating research, technology, finance to help promote matured enterprises. At the same time, they enrich the eco-system and give a boost to economic growth. Economic growth refers to an increase in a country’s production or income per capita, with economy’s total output of goods and services being measured by Gross National Product (GNP). At the present juncture, the country needs much more than growth. Economic development, on the other hand, goes beyond economic growth to include changes in output, distribution and economic structure, which may affect such things as improvement in material well-being of the poor, technical breakthrough, increase in economic activities, increase in the educational level and improvement in health.
Entrepreneurship management is basically concerned with the development, and coordination of entrepreneurial functions. An effective organisation, sound planning, proper coordination of business activities and rational decision-making are the important aspects of entrepreneurship management. The foundation of effective management needs both policy and strat