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Introduction

Emerging Economy and the Role of Entrepreneurship: Antoine W. Van from World Bank has defined emerging market economy (EME) an economy with per capita income from lower to a middle. Countries have undertaken numerous reforming programs that lead to stronger and improved economic levels. These are reflected through capital income. Internal and external investments attracted by means of efficiency, transparency and present and future performance prospects (Hoskisson, Eden, Lau and Wright, 2000).

Investment in EME also has a high risk associated with the possibilities for some economies fall back, as a result of the change in government policies. According to Focus Economics (2015), India is one of the leading emerging economies around the world as it has exceeded the growth rate of China in 2015 and it has one of the largest economies among the emerging countries as well.

The size of the economy is $2056 billion as of the year 2014 and it has experienced a growth rate of 7.3% in the respective year. The GDP of India has grown at a consistent rate over the years and the rate of investment in the economy has also been high over the last few years. The role of entrepreneurship has been significant in the economic growth of India as the local businesses have grown steeply in the recent years and their success has enabled the economy to sustain such higher rate.

The essay discusses India as an emerging economy and analyzes the role of entrepreneurship in economic growth of India and the state of industries in the country. The essay is based on two theories i.e. entrepreneurship in emerging economy and Characteristics of Emerging Economy and Opportunities for Entrepreneurship in India as discussed in the body of the essay below.

Theory 1: Entrepreneurship in Emerging Economy

In the view of Jones and Spicer (2009), the entrepreneurship plays a significant role in an economy and the role is even greater in the case of emerging economies. The role of entrepreneurs is discussed in detail below.

Who is an Entrepreneur?

Entrepreneur exercises initiative through the implementation of a project to take advantage from available opportunities decides what, when and how much of a good or service will be produced for the target market. The size of the economy is $2056 billion as of year 2014 and it has experienced growth rate of 7.3% in the respective year.

By position an entrepreneur holds majority of shares in an enterprise or commonly a sole proprietor, a partner deemed to be an Entrepreneur. He/she plan, implements, monitors and controls the business activities.
Entrepreneurs convert business opportunities available in an economy, increase return on capital. They harmonized blend of sources with resources while having focus toward positive outcome.

Jones and Spicer (2009) claimed the dark side of the image carries the story, that it is unlikely that who tries to start a business or take initiative may have required traits to become a successful as predecessors where. Other hurdles to success are restricted access to Investment, lack of credibility (being new), and discouraging regulatory blockings, including market entry level friction and the can also be lengthy formalities for licensing or permits.

How entrepreneurs impact the economy:

The economic condition provides opportunity to benefit enterprises, either by investing or by de-investing (closing unproductive parts of the business). Emerging marketing embraces foreign investment as a result of high returns compared to developed or underdeveloped economies.

They provoke competition growth as new businesses intensify competition for existing market holders. Lower pricing and product varieties prove advantageous to costumers. This might reciprocal effect on end customers in form or quality. Studies have established a measure of market trends, which identifies the impact of new business formation on existing firms and consumers buying patterns.

Emerging Economy and the Role of Entrepreneurship: European Central Bank announced that the studies indicate that Brazil, Russia, India and China (BRIC), collectively, could represent more than half the size of the six largest industrialized economies by 2025, and it may surpass them in less than 40 years.

Before the boom to the Indian economy, entrepreneurship was a family legacy (it may still be), funding was limited and India had very few success stories. Society was risk aversive and individual looked primarily for stable source of income rather than adventures to meet their responsibly. The realization of the fact, that if businesses were to be succeed, enterprises would have to re-orient themselves to contest on a global standards and pace, in competitive environments (internal and external).

India has swept its neighboring countries through a wave of transformation in a huge economical hub for entrepreneurs. Multi-dimensional openings helped enterprises to generate healthy returns. Now there are emerging opportunities in the every sector. Country has witnessed huge growth of various sectors. Business services like logistics, IT services, financial, travel, mobility and hospitality, Emerging Economy and the Role of Entrepreneurship domestic cleaning (house and rug cleaning) services, and even advertising and branding.

Theory 2: Characteristics of Emerging Economy and Opportunities for Entrepreneurship in India
Culture and the Role of Entrepreneurs

Unaddressed cultures hold the key for the breakthrough as enterprises can develop or revolutionize designs for their products and services offered. Many times such solutions may look more likes
Need to modify or create products and services designed for the local conditions of markets.

The enterprises can be found in India which aims to meet the demand of Muslims for halal food, offer Islamic financial services and cellular phone services that target the customers who want to talk to Mecca. This is primarily due to the fact that every one of the five persons in India is a Muslim Emerging Economy and the Role of Entrepreneurship. It shows that the entrepreneurs in India have focused on the needs of every individual as they have been able to cater the minority as well. It is important for the entrepreneur to identify the needs of every group as they have been able to do in this case…