CHANGING ROLE OF ENTREPRENEURSHIP IN THE ERA OF LIBERALIZATION, PRIVATIZATION AND GLOBALIZATION

Challenges of liberalization, privatization and globalization call upon the entrepreneurship to play a more creative and dynamic role than ever before. Entrepreneurship can now set the goal of making India a developed country. They need not just aspire but make it a mission take it up and accomplish it. Ignited mind of entrepreneurs can be powerful resources, which can help India, becoming a big economic power in the years to come. It is indeed characteristic of entrepreneurs to have foresight, a vision and skill to see an opportunity and exploit it.

Globalization, which means integration with the world economy, brings the influence of external sources into our society. Experts have pointed out that these are economic of trade or market forces and the have a beneficial influence in developing our core competencies in area which have a competitive advantage. As already discussed we have a good scope for developing our services. Entrepreneurs have to exploit this opportunity and with their sense of efficiency help the service sector to start, grow and develop perfectly. Direct linkages of technology to the nation’s strategic strengths are becoming clear since the last decade. Entrepreneurs have to realize that technology is the core strength of our nation and therefore help it get on the path of technological development.

By core strength and competency it is meant that in certain areas we have inherent strength and therefore show better result in a shorter period of time. Indian human resource based is one of the greatest core competencies. Indiais known for  A-1 class entrepreneurs. The Indian entrepreneurial history is rich with examples or entrepreneurs who have contributed towards India’s economic activity even during the colonial rule and in the face of all opposition. Indians not only have a greater learning capability but also competitive entrepreneurial spirit. It is this spirit that is to be released to meet the challenges of 21st century.

India has the core strength of its natural resources. It is abundant supplies of most of them; it has a vast coast line, which stores resource and energy supply. The can become our future strength if entrepreneurs, exploit them and put them to productive use. Entrepreneur’s role is even called upon to explore undersea resources.

Services in Indiahave a vast scope of development in India. Entrepreneurs are called upon to study and identify India’s strong base and to initiate activities in those specific areas, there are technologies that dramatically change India’s social and economic conditions. Indiacan excel and usher in a new era in agriculture. India can emerge as a global power in terms of agricultural produce and agro- based industries.

Entrepreneurs have the p [potential to explore the spirit of adventure, the capability to initiate, organize and undertake risks and the ability to face challenges. It is the role of an entrepreneur that is called upon in this new era the role of innovating and imitating entrepreneurs. The slogan of the entrepreneurs in the new international scenario, in the words of Subrahmanya Bharathi can be

“We will take many mines,

And take out gold and many other things,

And go eight directions to sell these,

And bring home many things!”

Changing role of entrepreneurs may be summed up as follows:

In the era of liberalization, privatization and globalization, an entrepreneur will have to

• Explore and exploit opportunities for trade in the world economy
• Discover, utilize, and develop the core strength of the economy.
• Conduct R&D activities to meet the global standards
• Improve the quality of technology and quality of manufacture to be able to complete well with foreign competition.
• Reduction of cost of production to make the product/service available at a competitive price.
• Undertake advertising, sales promotion, marketing, packaging effectively for capturing foreign markets.
• Develop new products, new areas of production for widening the countries trade.
• Search new markets and capture more and more markets.
• Expanding the geographical base of the marketing.
• Increase production to accelerate economic growth rate
• Come up with innovative ideas to solve financial, economic and other problems of the countries.
• Play the role of imitating entrepreneurs i.e. study the latest changes in the advanced countries- and use them gainfully.
• Utilize the underutilized/ unutilized capacity so that full benefits can be enjoyed e.g. Hydropower capacities are still unutilized.