Peter F. Drucker - He is the great entrepreneur in the world. He was born in November 19, 1909 in Vienna. Drucker was educated in Austria and England. He is focus on the entire thing which is effect on all the economy. He had suffered from various problems when he starts the business. Drucker says that when a person starts the business then many qualities in every business man like: leadership, control power, take decision immediately, not short temper.
He is the founder of the economist. He wrote a first book “The Theory of Economic development". Drucker was awarded in July 2002 by President George W. He says that entrepreneur is not an individual person. Drucker was a professor of management at the New York University From 1950 to 1971. He was awarded the Presidential Citation, the university's highest honor. Drucker had long wished to have the name of a benefactor attached to the school that bore his name. His wish was fulfilled in January of 2004, when his friend Masatoshi Ito, was added to the school.
Concept/Theories of Entrepreneurship: When various theories are elaborate then different-2 expert understand the same situation in the different way. So that many theories are developed:
- Economic approach
- Sociological approach
- Psychological approach
- Anthropological approach
Economic approach:
Economic theory is an economic activity which is the main purpose to earn profit but sometime in this situation they became popular or become flop. Entrepreneur is the key figure for the economic development. It is the main source of the economy Because Entrepreneur always brings innovation in the economy. He is focus on the entire thing which is effect on all the economy. When the Entrepreneur is more efficient then it is very helpful for the economic development of the country. In every entrepreneur, they are capacity to change the economy. Improper economic policy, Lack of incentives, unfavorable market condition tends to reduce the vigor of entrepreneurship.
Acc. to the Schumpeter, All problems in economic theory could be solved with the help of equilibrium theory.
Sociological approach:
Sociologists suggest that entrepreneurship can be conceptualized as a social movement. Any entrepreneur who are strong relationship only with their family members then he can’t never believe the outside party. So that strong relationship also with their outside party for the development of the economy. In other words, we can say that when any person start the business then always believed, trust, faith, loyalty, in employee, employer otherwise business can't run properly. It gives always incentives to the employee for the growth of company and economic development.
Psychological approach:
These are those entrepreneur which are aim not only earn profit also he thinks to create something new and become popular in the world. The joy of creating which means the satisfaction of getting things done. He thinks always to create new innovations, new creativity in business. Self-actualization is the basic features of the Psychological approach.
Anthropological approach:
Barth says that when the two extreme spheres of society which have and which don't have is called Anthropological approach. Moreover, it reduced the gap between the societies. For example: Mobile is launched in the market 1880-1890. Then it is not possible for every person to purchase the mobile. This problem is only solved by the Anthropological approach to reduce the gap between the societies. Thus, entrepreneurship is the outcome of a complex and varying combination of socio-economics, psychological and other factors.
Problems in developing entrepreneurship in India:
· When entrepreneur start the business then he can take loan from the government. It is not an easy task. However, government provides many facilities like subsidies, backward area, but also suffer from various problems when they start the business.
· Lack of entrepreneur in our country.
· There are a large number of legal formalities like government approval, licensing, preparation of project report, sales tax, registration etc.
· Various problems arise for developing entrepreneurship in India like: political changes, social changes, workers strike. It means when change the rule, change the taste of the consumer, when workers go on strike then create various problems arises for developing entrepreneurship in India.
· It is not a particular problem. It is depend on the situation like work force, level etc.
· Another major problem to entrepreneurship is poor and incompetent management to manage the enterprise.
· Entrepreneur also suffers from various problems of inputs like shortage of raw material, skilled man power.