Govt - Non Govt - in Entrepreneurship

REPORT ON GOVERNMENT AND NON-GOVERNMENTAL ASSISTANCE IN ENTREPRENEURSHIP
SUBMITTED TO:
SUBMITTED BY:
INTRODUCTION:
Entrepreneurship plays a dominant role in the growth and development of the economy. Entrepreneurship can solve the problems like unemployment, concentration of economic power in few hands, imbalanced regional development, increasing wastage of youth power in destructive activities. Entrepreneurship is the ability to start a new enterprise to earn profits by producing or marketing of goods & services to meet the needs and requirements of customers. It is the ability & quality of entrepreneur to identify an investment opportunity & to organize an enterprise in order to contribute for the real economic growth.
ENTREPRENEURSHIP Entrepreneurship is the investing and risking of time, money, & effort to start a business & make it successful. Entrepreneurship is essentially a creative activity or it is a n innovation function. The process of innovation may be in form of : Introduction of a new product. Use of a new method of production. Opening of a new market. The consequent of new source of supplying raw material. A new form of organization. According to Jagroop Singh, Entrepreneurship is what an entrepreneur doesinnovation, risk-taking, decision making, organization building, leadership, gap filling, exploiting an economic opportunity. There are basically two types of entrepreneurship, viz., (1) Opportunitybased entrepreneurship--in which an entrepreneur perceives a business
opportunity and chooses to pursue this as an active career choice and (2) Necessity-based entrepreneurship--in which an entrepreneur is left with no other viable option to earn a living, that is, here it is not the choice but compulsion, which makes him/her, choose entrepreneurship as a career. According to the present day theory, an entrepreneur is one who is innovative. The necessary characteristic of the entrepreneur is alertness, and no intrinsic skills other than that of recognizing opportunities, are necessary. Leibenstein (1995) opines that an entrepreneur must be dominant, and be gap-filler, i.e. have the ability to perceive where market fails and to develop new goods or processes that the market demands but which are not currently being supplied. Thus, entrepreneurs must have the special ability to connect different markets and make up for market failures and deficiencies. Innovation means a new way of doing something and may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. Invention is different from innovation, in that it is an idea made manifest, whereas in innovation, an idea is applied successfully. Entrepreneurship and innovation are two terms that are often seen together. Creating an entrepreneurial firm requires innovation to enjoy high rates of growth and higher than industry rates of profitability. To achieve this requires innovation: an ability to solve problems profitably while offering superior quality of service or goods. One of the reasons why innovation seems to go hand in hand with entrepreneurship is that entrepreneurs would not achieve success in building a high growth, highly profitable business if they did not bring innovative approaches to the marketplace.
Innovation and entrepreneurship are two sides of a coin. While there is a need for the innovations to occur which should be facilitated and even encouraged deliberately by entrepreneurs, it is equally important for them to create opportunities and environment to realize those innovations. There is no single, but a combination of factors such as market opportunity, family background in entrepreneurship, a new idea with business potential, the prospect of challenge offered by Entrepreneurship, as well as long cherished dreams and desire, that lead to successful entrepreneurship.
Today, innovation is about many more than new products. It is about reinventing business processes and building entirely new markets that meet untapped customer needs. Most important, as the Internet and globalization widen the pool of new ideas, it's about selecting and executing the right ideas and bringing them to market in record time. In the 1990s, innovation was about technology and control of quality and cost. Today, it's about taking corporate organizations built for efficiency and rewiring them for creativity and growth.
LOCAL GOVERNMENT ROLES AND RESPONSIBILITIES

The local governments roles and responsibilities are outlined in 24 CFR Part 570.501. As the applicant, the local government is responsible as follows: Management and Oversight: The elected officials are legally, financially, contractually and programmatically responsible for the CDBG project. The local government is responsible to the State of North Carolina and the Federal government even if they have a contract administrator or sub-recipient relationship. Financial Management: The local government must ensure proper accounting of funds in order to avoid disallowed costs. This includes accurate identification of project costs and cash balances and proper internal controls.
Statement of Assurances and Certifications: The local government elected officials and administrators should read and understand these documents and the implementation obligations. Grant Agreement (24 CFR Part 570.501 and .502): If awarded, the local government will receive a grant agreement and funding approval from the State. These documents are contractually binding. The documents cannot be changed without State approval.

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REPORT ON GOVERNMENT AND NON-GOVERNMENTAL ASSISTANCE IN ENTREPRENEURSHIP

LOCAL GOVERNMENT ROLES AND RESPONSIBILITIES

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