The Job-Creating Power of Entrepreneurship - Essay Example

The term entrepreneurship has been derived from the French word that signifies between-taker or go-between. (Hisrich et al, 2004:6) In popular parlance, entrepreneurship signifies the commencement of one’s personal business independently, generally at small or medium level, where the professional, technical, clerical and other staff members are hired and assigned different responsibilities to perform as the part of entrepreneurship. Hence, it enjoys an imperative place in the creation of job and indirectly supporting the government to eradicate joblessness and unemployment from the society.

An entrepreneurship plays vital part in respect of job creation in the business environment. It is not possible for public sector to fill the gap of unemployment by offering jobs to even a small proportion. It is therefore, the private businesses devise their strategic schemes, allocate their funds and resources, make investment of both time and money and take great risks to provide the customers and consumers with multiple range of products and services in an innovative way according to their growing needs and requirements.

Entrepreneurship is the process of initiating a new venture, organizing the resources it requires, and assuming the risks it entails. (Kuehl & Lambing, 1990:26) In the same way, they adopt such policies, during the course of their adventures, which could be beneficial for the generation of various kinds of jobs for the qualified and talented people. Entrepreneurship has brought significant alterations for the betterment of both the economy and the contemporary society. Since the demand for services continues to grow, entrepreneurship continues to innovate in order to meet the unfulfilled needs of the consumers on the one hand, and satisfy their growing requirements on the other.

Bovee et al, 1993:370) Schumpeter considers