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Asian Journal of Management
Year : 2017, Volume : 8, Issue : 4
First page : ( 1343) Last page : ( 1346)
Print ISSN : 0976-495X. Online ISSN : 2321-5763.
Article DOI : 10.5958/2321-5763.2017.00204.9

System Dynamic Modeling on Entrepreneurs Role in Economic Growth

Dr. Satsangi Falguni*

Post-Doctoral Fellow, Dept. of Management, Dayalbagh Educational Institution, Agra

*Corresponding Author E-mail: falgunisatsangi@gmail.com

Online published on 2 June, 2018.

Abstract

The use of System Dynamics Modeling in economic growth of India has recently re-developed after a long period. Present research based on System Dynamics Modeling in economic growth of India emphases on qualities of entrepreneurs, visionary, risk taker, innovator and who have good business acumen. Entrepreneurs are the persons who not only create the innovation of new products and established new venture by undertaking business and financial risk. They play an important role in the development of service, industrial and agricultural sector. Entrepreneurs aid in improving the economic growth of the country directly or indirectly such as reducing un-employment, increasing in purchasing power etc. High living standard of the people is a specific feature of economic development of the country. Entrepreneurs are a person who plays an important role in improving the living standard of the people by providing employments, latest innovation of goods and services, supporting facilities for society. An economic activity is constantly related with production and consumption of goods and services within the society. Thus, the impact of existing economic activities, inflation, new policies, technological changes were directly affect business organization. The System Dynamic Model shows the connectivity of entrepreneurship with creative ideas, employment generation to increase in national income, and reducing poverty of the country. As a result, the entrepreneurs play vital role in contributing Indian economy.

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Keywords

Entrepreneurs, Economic Growth and Development, System Dynamic Modeling and Industrial Development.

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