Role of Social Entrepreneurship in Economic Growth of Country

Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model structure, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship 'economic system or we can say ecosystem. In recent years, "entrepreneurship" has been extended from its origins in business to include social and political activity. Entrepreneurship within an existing firm or large organization has been referred to entrepreneurship and may include corporate ventures where large entities spin off subsidiary organizations. Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing, and employing resources, often by innovating new or improving existing products. More recently, the term entrepreneurship has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social, political knowledge entrepreneurship. According to Paul Reynolds, founder of the Global Entrepreneurship Monitor "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers. In recent years, entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe. Likewise, the asian countries also exercise the entrepreneurship in order to promote the economic growth.