A Definition of Entrepreneurship

The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur. The word entrepreneur originates from the French word, entreprendre, which means "to undertake." In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise. Austrian economist Joseph Schumpeter 's definition entrepreneurship placed an emphasis on innovation, such as: new products new production methods new markets new forms of organization of

Wealth is created when such innovation results in new demand. From this viewpoint, one can define the function of the entrepreneur as one of combining various input factors in an innovative manner to generate value to the customer with the hope that this value will exceed the cost of the input factors, thus generating superior returns that result in the creation of wealth.

The importance of entrepreneurship

The role of entrepreneurship and an entrepreneurial culture in economic and social development has often been underestimated. Over the years, however, it has become increasingly apparent that entrepreneurship does indeed contribute to economic development. Transforming ideas into economic opportunities is the crux of entrepreneurship. History shows that economic progress has been significantly advanced by pragmatic people who are entrepreneurial and innovative, able to exploit opportunities and willing to take risks. Entrepreneurs produce solutions that fly in the face of established knowledge, and they always challenge the status quo. They are risktakers who pursue opportunities that others may fail to recognize or may even view as problems or threats. Whatever the definition of entrepreneurship, it is closely associated with change, creativity,

knowledge, innovation and flexibility-factors that are increasingly important sources of competitiveness in an increasingly globalized world economy. Thus, fostering entrepreneurship means promoting the competitiveness of businesses. The Bangladeshi economy, if it is to remain competitive, needs more entrepreneurial people. It needs people in every walk of life to behave much more entrepreneurially. In particular it needs the creativity and energy of its young people. Entrepreneurship, in its widest sense, is any enterprise or effort that adds value to the lives of the people on which it has an impact. Entrepreneurial people take calculated risks in order to progress projects that make a difference to the lives of people. Change that adds value to peoples lives, lies at the heart of entrepreneurship. One of the most popular ways in which entrepreneurship is understood is in the area of new business venturing. In this context the emphasis is on business start-ups and on identifying and helping those with the determination to do so to develop the competencies to set up and manage a business enterprise. Entrepreneurship is also crucial within larger, more established companies. If such businesses are to remain competitive, given the dynamics of current markets, then they need to find ways of maintaining the entrepreneurial effort of the business. Entrepreneurial people are equally important in the area of social and community renewal and development. So many of the Bangladeshs inner cities are in need of innovative, visionary people who can make a difference to the lives of people who live there. In each of these contexts, that of new business venturing, enterprise development and social entrepreneurship, there is a need for people who have been encouraged to think and behave in entrepreneurial ways and who have the competencies to solve problems and manage change, often in the face of great difficulties and opposition. Entrepreneurial people are innovative problem solvers. They are opportunity focused, calculated risk takers, people who are comfortable with change and frustrated with the status quo. They are strong communicators, effective negotiators and strong team players. They are people who can combine essential attitudes, such as tolerance of risk and uncertainty and low fear of failure, with managerial competencies in such a way that helps them make a difference. Young people right across the Bangladesh need to be helped to identify and develop these attitudes as well as to develop appropriate managerial competencies if they are to stand a chance in the world of work, of new venturing or community development. They are a crucial resource in the Bangladeshs effort to build and maintain a vibrant entrepreneurial economy into the future. Recent research and numerous government initiatives have endorsed

this fact and sought to stimulate a greater engagement with the entrepreneurship agenda across all sectors. They have suggested that the education sector at every level could do much more to build the awareness of students about entrepreneurship and to encourage their greater engagement with it. The fact is that the vast majority of students at the end of their education careers will seek to find employment in established enterprises, be they private, public or community. Only a few will take the new venturing option. All, however, will need to be given some insights to who the entrepreneur is, what it is he or she does and how the entrepreneurial process might be understood. They will need to be allowed to experiment with their own entrepreneurial potential and to explore in how many ways they might be entrepreneurial themselves, people who make a difference. If students throughout the education sector are to be encouraged to engage with entrepreneurship and to explore their entrepreneurial credentials then this has to be done, in the first instance, through curriculum development. The key challenge to those within the education system from Education Managers through to course planners and those directly involved in curriculum development is to examine how key learning outcomes for entrepreneurship might be introduced to and embedded throughout programs of learning from school, to further and ultimately higher education. Targeting no business faculties, the project has sought to increase the awareness of students within the Science, Engineering and Technology faculties of the entrepreneurship agenda and to encourage their engagement with it. This has largely been achieved through an intensive curriculum strategy combined with business enterprise competitions. The impact has been impressive. Experience suggests that this approach of seeking to embed the agenda within the curriculum is the most effective approach to draw out the latent entrepreneurial potential of students. Much more needs to be done.

Scope of entrepreneurship development in Bangladesh:

In Bangladesh there is a dearth of quality people in industry, which demands high level of entrepreneurship development program through out the country for the growth of Bangladesh economy. The scope of entrepreneurship development in country like Bangladesh is tremendous. Especially since there is widespread concern that the acceleration in GDP growth in the post reforms period has not been accompanied by a commensurate expansion in employment. A result of the Economy statistics shows the amount of Entrepreneurship development is 11%, which stood the 25 th position among the world.

But there is always problem of underemployment. As a result, increasing the entrepreneurial activities in the country is the only solace. Incidentally, both the reports prepared by Planning Commission to generate employment opportunities for 15 lak people over the next ten years have strongly recommended self-employment as a way-out for teaming unemployed youth. We have all the requisite technical and knowledge base to take up the entrepreneurial challenge. The success of Bangladesh entrepreneurs in Silicon Valley is evident as proof. The only thing that is lacking is confidence and mental preparation. We are more of a reactive kind of a people. We need to get out of this and become more proactive. What is more important than the skill and knowledge base is the courage to take the plunge. Our problem is we do not stretch ourselves. However, it is appreciative that the current generations of youth do not have hang-ups about the previous legacy and are willing to experiment. Theses are the people who will bring about entrepreneurship in India. At present, there are various organizations at the country level & state level offering support to entrepreneurs in various ways. The Govt. of Bangladesh & various State Govts. have been implementing various schemes & programs aimed at nurturing entrepreneurship over last four decades. Various Chambers of Commerce & apex institutions have started organizing seminars & workshops to promote entrepreneurship. Incidentally, various management colleges have incorporated entrepreneurship as part of their curriculum. This is indeed a good development. This shows the commitment of the Govt. & the various organizations towards developing entrepreneurial qualities in the individuals.

Prospects of Entrepreneurship development in digital Bangladesh:

The scope Entrepreneurship of Digital Bangladesh is not yet clear. We assume that the government wants to make Bangladesh fully digitized by 2021 through application of third generation information and communication technology (ICT). Digitization helps increase operational efficiency and productivity provided the supporting infrastructures work properly. This is a tool that will help accelerate economic development and increase competitive edges of Bangladesh in the world market. Wide-scale digitization is likely to help Bangladesh become a mid-income country sooner than otherwise possible. However, for proper management the government needs to define its vision, mission and goals and formulate strategies and prepare action plans supported by necessary financial and human resources so that the plans can be implemented.

The scope of Digital Bangladesh is very wide. It is not only egovernance or e-commerce or e-banking, or operating a country-wide mobile phone network through which one can access the daily newspapers or other internet devices. In fact, it is a combination of all of them. It is a country-wide application of 3G ICT to institutionalize the best management practices in every sector and sub-sector. To make DB happen, highest priority must be given to science, technology and management education. Besides, to be productive, the educated people must be in good health. This means digitization should start simultaneously with the education and health sectors. If the Digital Bangladesh is as the above, then there is a big opportunity for the Bangladeshi entrepreneurs to develop their business in the ICT sector. Moreover e-banking, e-commerce, ebusiness which are the symbol of digitization, will help the Entrepreneurs most in their success. So we can conclude that the prospect of Entrepreneurship Development in Digital Bangladesh is productive so far. If the government can achieve this goal, the percentage of Entrepreneurship development will definitely be decreased. Conclusions There are ample opportunities in small businesses in Bangladesh and such opportunities will transform Bangladesh in the coming future. For such transformation to happen there needs to be support both at the governmental and societal level. For the government it is important to realize that the goal of small business owners will be to remain self-employed. Such people may not need financial assistance but they will need marketing and legal assistance in order to sustain themselves. Practical and cost effective programs need to be developed to address their needs because self-employed people will represent an important segment in economic revitalization. Entrepreneurship development is the key factor to fight against unemployment, poverty and to prepare ourselves for globalization in order to achieve overall Indian economic progress.