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E-Pao! Essay - Is entrepreneurship the key to economic rejuvenation?

Is entrepreneurship the key to economic rejuvenation?

By: Aheibam Joyshankar *



Just as a forest consists of trees so also an economy, it consists of entrepreneurs. It is their role which has a direct effect on the development of a society.

By entrepreneur, it is emphasizing here the creative role it plays in building national economy. It is high time that our society appreciate their unique role in terms of enhancing the GDP, employment generation, and as an important economic institution whereby an individual can create job not only for himself but also for others.

It is an institution which enlivens families as it creates jobs and enhanced productivity for prosperity through ones initiatives. Thus the positive impacts of enterprise are unbound.

Beside we have seen powerful and ethical concepts are in the forefront now just as the corporate governance issues and concepts which bind the businesses to be more accountable socially, legally, environmentally and user friendly wise.

There are lots of misinterpretations and tendency to distort the concept of free trade, somehow in the name of social justice, the great concept of the INVISIBLE HAND is diluted. According to Adam smith, the economic system is guided by the ?invisible hand?. A great concept!

According to the concept of the invisible hand, the economic system is self regulating. Say producers are led by the profit motive to produce those goods and services which consumers want. They try to do at the minimum possible cost in order to maximize profits.

Moreover, if there is competition among a number of producers, they will each try to keep the price of their product low in order to attract the consumers. The goods produced are made available in the market by the traders. They also act in their own self interest.

However, in a self regulating economy, there is rarely any shortage of goods and services. And the economy is vibrant to cater to the ever increasing needs and demand of the consumer.

Every society strives for excellence. Progressive societies prioritized and value the institution of entrepreneurship because it fuels the economic activities.

Why can,nt we appreciate this great institution and paid its due regard? Don?t you think it may have the potential to rejuvenate the state economy?

Now from this level of internal contradiction and inertia that is prevailing in the Manipur society, it will be an uphill task to energize the economy and put on tract-the lost path of growth and order.

We may consider this option -just as sustaining a forest needs to plant more trees, we also need to plant more and more entrepreneurial seed to sustain the economy.

And with the kind of opportunity which is availing as globalization and internet technology revolution unveil; one can say sky is the limit to create wealth. One can think global, and act locally.

Lastly it is high time that the people of the Land show up some reasonable restraint and give some space for thought.

Is entrepreneurship the key to economic rejuvenation?


* Aheibam Joyshankar contributes for the first time to E-pao.net
The writer can be reached at jshank_m1@yahoo.com
This article was webcasted on May 30th, 2006



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