ZENITH International Journal of Business Economics & Management Research
ISSN 2249- 8826
ZIJBEMR, Vol.6 (4), APRIL (2016), pp. 28-40
Online available at zenithresearch.org.in
Researcher: Richa Rajput
YMCA University of Science & Technology
An entrepreneur is a person who starts a new business venture by taking various financial and other related risks for earning higher profits. Entrepreneurship is a systematic process which involves various activities that are done for establishing a new enterprise to earn higher returns and continuously diversify from the new opportunities available. It is affected by various external and internal factors. This paper provides an overview of the interrelation of innovative entrepreneurship and economic development. It is mandatory for the entrepreneurs to be innovative in the way they operate their business as it is not only necessary for the success of the business but has also become the need of the hour in such a competitive environment of Globalization. Innovative entrepreneurship is affected by several factors and creates a multiplier effect thereby leading to the growth of the nation in economic terms. Finally the contribution of different Indian innovative entrepreneurs in the economic development of the country and different challenges that are faced by them have been discussed.
KEY WORDS: Entrepreneurship, Economic, Development, Innovation.
An entrepreneur is a person who sets up a business by taking various financial and other related risks in the hope of earning higher profits. Entrepreneurship is a process involving various actions that are performed in order to establish a new enterprise to earn profits on new found opportunities. Entrepreneurship involves various risks and uncertainties especially when new products are created for which there is no existing market. It is through entrepreneurship that important innovations enter into the market resulting in the introduction of new products and new uses of existing products which increases efficiency by resulting in healthy competition in the market. As a result of healthy competition consumers can avail various benefits and get new introduced products at reasonable prices. Their innovativeness introduces new ways of production and new markets that have not been exploited. It is through entrepreneurship that new source of supply are discovered and creation of new business organizations that directly affect the economy. Creation of new business opportunities through entrepreneurship, productivity and innovation leads to economic growth of the country. This therefore means that when there will be more entrepreneurship and its related innovation then growth in an economy is expected. Hence the economic development of a country and amount of entrepreneurs are in direct proportion with each other as more the number of entrepreneurs in the country more will be the development of a country in economic terms.
OBJECTIVE OF THE STUDY
The main objective of this study is to explore the role of the innovation based entrepreneurship in economic development of a country.
Joseph A. Schumpeter (1934;103) for the first time in 1934 discussed about the important role played by ‘Innovation’ in the entrepreneur in his magnum opus ‘Theory of Economic Development’. Schumpeter considered economic development as a dynamic change brought by entrepreneur by using new combination of factors of production which he called as ‘Innovation’. According to him, the Innovation i.e. introduction of new combination of factors of production may occur in any of the following forms.
- Introduction of a new product
- Introduction of new methods of production
- Exploring of new markets
- Finding of new sources of supply of raw materials
- Running a new form of organization of any industry.
According to Harvard School approach entrepreneurship consists of any purposeful activity that initiates, maintains and develops a profit-oriented business along with the economic, political and social factors surrounding the business (Cole 1949; 85-107).
Robert Bednarzick also presented an argument that entrepreneurship is not solely affected by the traditional factors of economic growth. In his article “The Role of Entrepreneurship in U.S. and European Job Growth,” Bednarzick identified seven main factors that influence entrepreneurship in a given country: the opportunities for entrepreneurship present, the demographics, the level of education, the entrepreneurial capacity, the infrastructure, the extent to which culture encourages entrepreneurship, and whether the country capital is controlled chiefly by banks or public markets (Bednarzick, pp. 14-15). Bednarzick also argues that there is a positive relationship between entrepreneurship and economic growth (Bednarzick, p. 14).
Entrepreneur is a self employed person with vision in his mind and having an original idea and tries to create something new with his decision making skills and one who arranges all the factors of production. He undertakes various risks and handles economic uncertainty involved in an enterprise. He acts as a risk bearer and as a coordinator or organizer.
Entrepreneurship is the process of designing, launching and running a new business. In a conference on Entrepreneurship held in United States, the term Entrepreneurship was defined as follows: Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruition (Kao and Stevenson 1984)
An innovation is the way of doing the things differently and in a better modified way. Innovation involves application of information and imagination to produce greater and different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of their customers. There is a basic difference between Invention and Innovation. Invention is the creation of something new which results in the creation of new knowledge while an Innovation is the transformation of an idea or resources into their useful application. It results in the formation of new products, services and processes. An inventor produces an idea while an innovator converts that idea into reality.
Along with the traditional factors such as the amounts of labor, capital and technical knowledge innovation has also become an important factor in the success of a business in such a competitive environment. Innovation is closely related with changes in the structure of the economy and technological up gradation in production. The innovation in the Entrepreneurs includes the development of new products, new processes, new sources of supply along with the exploitation of new markets and the development of new ways to organize a business. It is mandatory for the entrepreneurs to be innovative in the way they operate their business as it is not only necessary for the success of the business but has also become the need of the hour in such a competitive environment of Globalization.. Even in the traditional economic sectors such as textiles, leather, or food processing, innovation along with the technological advancement has become for the growth of the business. The same applies for service sectors such as distribution and retailing, financial services and ICT services. In developing countries, innovative entrepreneurs initially focus on doing improvements in the existing foreign designs rather than getting involved in the risky development of products and new advanced technologies. Once the entrepreneurs have established themselves then they gradually shift to innovations ways which in the later stages ultimately help the growth of a country in economic terms.
FACTORS AFFECTING ENTREPRENEURSHIP
An entrepreneur is affected by various External and Internal Factors. The Internal Factors are related to the personality of an individual and are psychological in nature that encourages a person to become an entrepreneur.
External Factors include Political environment, Social environment, Economic environment, Legal environment and Technological environment.
ECONOMIC FACTORS: Economic environment has the most direct and immediate influence on entrepreneurship. It is affected by various sub factors. First sub factor is Markets of the business. The size and composition of market both influence entrepreneurship in their own ways. Practically, monopoly in a particular product in the market becomes more influential for entrepreneurship than a competitive market. Second is Capital. Availability of capital helps to bring together the labour, machine and raw material and combine them to produce products and services. Third is Labour. Labour is the most important factor of economic condition of entrepreneurship. It appears that if there is labour problem then entrepreneurs can not emerge at a faster pace. Next is Raw materials. Without raw materials business can not be started because of the absence of production process. Last is Industrial and Fiscal policy. Industrial policy includes rules and incentives whereas Fiscal policy includes value added tax. Environmental Factors consists of various circumstances like lack of employment opportunities, little opportunity for advancement and available economic resources in a country
SOCIAL FACTORS: Social environment in a country has a significant impact on the emergence of entrepreneurship. The main components of social environment are Social Mobility, Security and Legitimacy of entrepreneurship. Social Mobility means the people of society transfers from one place to another, exchange culture, attitude etc. If mobility is positive then growth is also positive. Entrepreneurship security is an important facilitator of entrepreneurial behavior. Insecurity does not hinder entrepreneurship. Different kinds of insecurity results in different kinds of entrepreneurship.
POLITICAL FACTORS: A country’s economic growth largely depends on its political factors. The political factors include Political stability and Nature of change in political ideology. Political stability of government influences the development of entrepreneurship and if it is favorable to business growth then entrepreneurs takes new initiative to bring out innovation. Due to the change of government the political ideology also changes again and again. As a result new sectors arise by declining the previous already established sectors.
LEGAL FACTORS: It means the country’s law and order situation. If the rules and regulations of the government of the country are framed in such a way that it promotes liberal trade policies, then entrepreneurial growth will be high. Various types of legal factors include Income tax law, Labor law and Wage law.
FACTORS AFFECTING INNOVATIVE ENTREPRENEURSHIP
The level to which innovation exists in an entrepreneur depends upon various factors like access to Financial resources. Innovative entrepreneurs often face greater difficulties when it comes to accessing to finance than larger firms.
Another important input is Skilled Labour. The challenge of accessing labour can also be particularly difficult for innovative start-ups The administrative burdens of employment are often more difficult for smaller businesses to handle than for larger firms. Finally Knowledge also plays a crucial role to enhance the innovation of the entrepreneurs. Access to knowledge can be particularly important for innovative entrepreneurship as collaborations may allow overcoming disadvantages related to size of the business firms. The phenomenal success of the Indian Software Industry, India’s Education system and Public Policies largely affects the Entrepreneurship, Innovation and Growth.
NEED FOR ENTREPRENEURS
The entrepreneurs are considered as change agents in the industrial and economic development of a country. In fact they are the spark plug who transform the country in economic sense. For example Japan, China and United States are developed because of their entrepreneurial development while Bangladesh and Nepal are underdeveloped because of the lack of their entrepreneurial development. The same is true in the case of India. Within India, Gujarat and Punjab are developed states because of the large number of emerging entrepreneurs while Bihar and Orissa are backward or underdeveloped because of the lack of entrepreneurial development. Mr. Rahul Bajaj, Chairman and Managing Director of Bajaj Auto emphasized the need and significance of entrepreneurs in India in these words : “If we could have a entrepreneur in every family, India’s economy would sky rocket. We could then be able to take our rightful place as an economic super power in the community of nations. Entrepreneurs create jobs. They create wealth. They create products and services.” Thus, with entrepreneurs the societies develop and prosper and without them they are poorer.
IMPACT ON ECONOMIC DEVELOPMENT
Entrepreneurship is one of the most important factor in the economic development of a country. He plays a crucial role not only in the development of the industrial sector of a country but also in the development of service sector. Economic Development of a country means an increase in Real GDP. Economic growth means there is an increase in national output and national income. Economic growth is caused by two main factors: an increase in aggregate demand and an increase in aggregate supply (productive capacity). Increase in the capital stock, advances in technology, entrepreneurship advancement and improvement in the quality and level of education & knowledge are considered as the principal causes of economic growth.
Entrepreneurs promote capital formation by increasing the savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of activities by the entrepreneurs leads to value addition and creation of wealth, which is very essential for the industrial and economic development of the country. Entrepreneurs provide large-scale employment to the unemployed people. With the setting up of more units by entrepreneurs numerous job opportunities are created for others. As these enterprises further grow they provide direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation.
Moreover Entrepreneurs help to remove regional differences by setting industries in less developed and backward areas of the country. The growth of industries and business in these areas results in large number of public benefits like road transportation, education, entertainment and health facilities. Setting up of more industries lead to higher development of backward regions and thereby promoting balanced regional development. which will help reduce the concentration of economic power among the population. Entrepreneurship helps in the equal distribution of wealth and income among the people of the country and geographic areas, thus giving benefits to the larger sections of the society. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy. Entrepreneurs always look out for opportunities. They explore and exploit various opportunities, encourage effective resource utilization of capital and skill, bring in new products and services and develop markets for growth of the economy. In this way, they help in increasing the gross national product as well as per capita income of the people in a country. Increase in gross national product and per capita income of the people in a country, is a sign of economic growth.
Increase in the standards of living of the people is a characteristic feature of economic development of the country. Entrepreneurs play a key role in increasing the standards of living of the people by adopting latest innovations in the production of various goods and services at a lower cost. This enables the people to avail better quality products at lower prices which results in the improvement of their standard of living. Further Entrepreneurs help in promoting a country’s export-trade, which is an important ingredient of economic development. They produce goods and services in large scale for the purpose earning huge amount of foreign exchange from export in order to tackle the import dues requirement. Hence import substitution and export promotion ensure economic independence and development.
Entrepreneurs like to work in an environment of change and try to maximize profits by innovation. When an enterprise is established in accordance with the changing technology, it induces backward and forward linkages which stimulate the process of economic development in the country. Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is established, the process of industrialization is set in motion. This unit will generate demand for various types of units required by it and there will be so many other units which require the output of this unit. This leads to overall development of an area due to increase in demand and setting up of more and more units. In this way, the entrepreneurs multiply their entrepreneurial activities, thus creating an environment for overall development of the area.
INDIAN INNOVATIVE ENTREPRENEURS
Mr. DIRUBHAI AMBANI
Assisted by his two sons, Mukesh and Anil, Dhiru Bhai Ambani built India’s largest private sector company, Reliance India Limited, from a scratch. Over time his business has diversified into a core specialisation in petrochemicals along with telecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets, and logistics. He is credited for shaping India’s equity culture attracting millions of retail investors in a market. He revolutionised capital markets and generated billions of rupees in wealth for those who put their trust in his companies. With innovative instruments like the convertible debenture, Reliance quickly became a favorite of the stock market in the 1980s. In 1992, Reliance became the first Indian company to raise money in global markets with its high credit-taking in international market. Reliance also became the first Indian company to feature in Forbes 500 list. Dhirubhai Ambani was named as the “Indian Entrepreneur of the 20th Century” by the Federation of Indian Chambers of Commerce and Industry (FICCI). A poll conducted by The Times of India in 2000 voted him as the “greatest creator of wealth in the century”
Mr. JAMSETJI TATA
Jamsetji Nusserwanji Tata born in a Parsi family in 1839 started India’s first steel company Tata Steel, first major indian power company Tata Hydro Electric Power and India’s first Technical education Institute Indian Institute of Science at Banglore. According to Jamsetji there are three basic ingredients to economic growth i.e. steel, electric power and technical education combined with research. He has left remarkable foot prints in the Indian Industry with his unique way of management, social commitment, philanthrophy and ethics in Business.
Mr. N.R. NARAYANA MURTHY
N.R. Narayan Murthy is the Chairmen and Chief Mentor at Infosys Technologies Limited, a global Information Technology consulting and software service provider where business and technology strategies converge. The approach is focused on new ways of business by combining IT Innovation and adoption in order to develop new products and services. Today India is recognized internally as having IT potential because of companies like Infosys.
Mr. GHANSHYAM DAS BIRLA
The India’s wealthiest and most powerful family of industrialists, G.D. Birla was a unusual combination of businessman, philanthropist, public servant, scholar, artist and holy man. He pioneered several key industries such as shipping, match industry, steel industry, fiscal and forex rules, aluminum, viscose fibre and built hundreds of schools and temples all over India. He made a significant role in bringing the education to ordinary people. In just one year he opened 400 schools. He lured the worlds famous MIT to India to help him establish BITS, Pilani in Rajasthan.
Ms. SHAHNAZ HUSSAIN
Shahnaz Hussain Group is one of the largest producers of Ayurvedic and Herbal products in the world offering “Natural Care and Cure” as well as a number of commercial formulations for the treatment of specific problems like acne, pimples, pigmentation, dehydration, hair loss etc. She adopted an innovative idea for marketing her Ayurvedic products as a substitute for chemical cosmetics which she believes do more harm than good. she believes that “One should be innovative, dynamic and willing to try every avenue towards success”
Ms. EKTA KAPOOR
Creative Director of Balaji Telefilms; Awarded with Ernst & Young (E&Y) Startup Entrepreneur Of The Year award in 2001 Ekta Kapoor can be called as the rising queen of Indian television industry. The serials produced by her company Balaji Telefilms are a great hit with the masses and are dominating all the major T.V. channels in India. She was not interested in academics and ventured into TV-serial production at the age of 19. And slowly she changed the face of Indian television industry and completely dominated it. Her company has produced more than 25 serials and have captured the imagination of mass people. She has broken all previous records of TV serial production and popularity in India. For her entrepreneurial skills and achievements she was awarded with Ernst & Young Startup Entrepreneur Of The Year award in 2001.
Mr. ADI GODREJ
Adi Godrej is the chairman of Godrej Group and was born in a business family. The Godrej products were among the first manufactured products to displace entrenched foreign brands. Adi Godrej left India at the age of 17 to study at the Massachusetts Institute of Technology. After his return to India, he joined the family business and modernized management structures and implemented process improvement. After the liberalization process, Adi Godrej restructured company’s policies to meet the challenges of globalization. In the early 2000s, the Group completed a 10-year restructuring process through which each business became a stand-alone company with a CEO from outside the Godrej family. The group is also involved in philanthropic activities and is major supporter of the World Wildlife Fund in India. It has developed a green business campus in the Vikhroli township of Mumbai, which includes a 150-acre mangrove forest and a school for the children of company employees.
Mr. AZIM PREMJI
Azim Premji is Chairman of Wipro Technologies which is one of the largest software companies in India. He is an icon among Indian businessmen and his success story is a source of inspiration to a number of new entrepreneurs. Born on July 24, 1945, Azim Hashim Premji was studying Electrical Engineering from Stanford University, USA when due to the sudden demise of his father, he was called upon to handle the family business. When he occupied Wipro, it dealt in hydrogenated cooking fats and later diversified to bakery fats, lighting products ethnic ingredient based toiletries, hair care soaps, baby toiletries, and hydraulic cylinders. Thereafter Premji made a focused shift from soaps to software. Under his leadership Wipro has diversified from a Rs.70 million company in hydrogenated cooking fats to a venture providing integrated business, technology and process solutions on a global delivery platform. Today, Wipro Technologies is the largest independent R&D service provider in the world. In 2000, Asia week magazine, voted Premji among the 20 most powerful men in the world. He was among the 50 richest people in the world from 2001 to 2003 listed by Forbes. In April 2004, Times Magazine, rated him among the 100 most influential people in the world by Time magazine and he is also the richest Indian for the past several years. In 2005 Government of India honored him with Padma Bhushan.
Mr. ANAND MAHINDRA
Anand Mahindra is the Managing Director and Vice Chairman of the Mahindra & Mahindra Group which is amongst the top ten industrial enterprises in India. This renowned group was established by his grandfather K.C. Mahindra in Ludhiana, Punjab. Anand Mahindra was honored as the Knight of the Order of Merit by the President of the French Republic in 2004 and also received the Rajiv Gandhi Award for his outstanding contributions in the field of business. In 2005 he was awarded the Person of the Year award from Auto Monitor and the Leadership Award from the American India Foundation for the commitments to corporate social responsibility done by him and the Mahindra & Mahindra Group. In 2006, he received the CNBC Asia Business Leader Award and the Ludhiana Management Association presented him with the Entrepreneur of the Year Award. Then in 2007, he received the title of the ‘Most Inspiring Corporate Leader of the Year’ from NDTV Profit and has been entitled as the Business Leader of the Year (2008-2009) by the Economic Times Awards. Recently, Anand Mahindra was ranked as one of the most influential men & women in Mumbai by Daily News and Analysis.
Mr. RAHUL BAJAJ
Rahul Bajaj is the Chairman of the Bajaj Group, which is ranked among the top 10 business houses in India. The Bajaj Group has diversified interests ranging from insurance, automobiles, home appliances, lighting, iron and steel, , travel and finance. Rahul Bajaj is one of India’s most respected business leaders and internationally known for his business and entrepreneurial spirit. He is an alumnus of Harvard, St. Stephen’s and Cathedral and took over the responsibility of Bajaj Group in 1965. Under his leadership the turnover of the Bajaj Auto has risen from Rs.72 million to Rs.46.16 billion. He created one of India’s best companies in the difficult days of the licence-permit raj and established various factories. In 1980s Bajaj Auto was among the top scooter producer in India and its Chetak brand had a 10-year waiting period with a strong brand loyality. Liberalisation brought threat of cheap imports and FDI from top companies like Honda. As a result of this the scooter sales went down since people were more interested in motorcycles and the rival Hero Honda was a pioneer in it. The recession and stock market collapse of 2001 hit the company hard but Bajaj Auto managed to re-invente itself and established a world-class factory in Chakan, invested in R&D and came up with Bajaj Pulsar Motorcycle. Recently Rahul Bajaj was elected to Rajya Sabha from Maharashtra.
There are many challenges which an innovative entrepreneur has to face. Some of these challenges can be explained as below:
RISK TAKING ABILITY OF ENTREPRENEURS
Indian entrepreneurs often prefer established technology for starting their business and hesitate to take on innovative ideas because of the risks involved including the low availability and high cost of funds that often arrive too late. As a result, they look for minimum risk and quick returns. The potentially higher returns from innovation take time to realize and as a result most of the entrepreneurs are not willing to do so.
The general education system is still too focused on grades and careers and is not oriented toward innovation and entrepreneurship. This situation is further aggravated by the problems of lack of infrastructure and good facilities in the educational institutions and delays in the funds or other support reaching innovation projects. While industry expects solutions to their problems, the academic institutions are generally too busy performing their routine academic exercises, to bring out educated manpower that is generally not suitable for either innovative industries or entrepreneurship.
INTELLECTUAL PROPERTY RIGHTS
In India, the intellectual property regime is not up to the mark. Innovators do not generally seek protection for their intellectual property unless forced to. Most entrepreneurs feel that patents and other forms of protection is a costly process and take too long. The knowledge of Patents is very low even among educated innovators and there is a lack of available expert advice except in the medicine and pharmaceutical industry.
FUNDING FOR RESEARCH AND DEVELOPMENT
Little national funding is available for Research and Development even for the academic and R&D institutions. Hence entrepreneurs hesitate to involve in R&D activities because of the lack of funding facilities.
INEFFICIENT POLICY IMPLEMENTATION
There has been no comprehensive policy focusing on the innovation and entrepreneurship so far. Also, the mechanisms to operate existing policies are not uniform, which results in failure to achieve the desired results of such policies.
COMPLICATED FUNDING PROCEDURES
Although funding is available from banks and public sources the procedures for accessing such funding are often complex, lengthy, and bureaucratic. Moreover, despite these difficult and lengthy procedures, the system expects immediate returns. However, the returns from innovation are often uncertain and late and cannot be achieved immediately.
LIMITED RELATIONS BETWEEN STAKEHOLDERS
The linkages between industry especially medium and small-scale enterprises and R&D institutions are weak. Industry requires proven technologies, but the institutions can only offer technologies at considerably earlier stages i.e. at mostly a laboratory or pilot scale meaning there is still much work to be done to bring the technologies to market. There is also considerably less funding and mentorship support available from the private sector. There is no easy exchange of manpower between the industries and R&D institutions which limits their capacity for mutual understanding and technology transfer.
POOR INFRASTRUCTURE FACILITIES IN VILLAGES
Basic infrastructure facilities such as electricity, Internet, roads and the availability of a skilled workforce are not evenly distributed in India and often weak in smaller cities or towns and rural parts of the country. Thereby, there is less scope for innovation and entrepreneurship to grow in such areas.
RESULTS OF STUDY
The major roles played by an entrepreneur in the economic development of a country are promotion of capital formation, creation of various employment opportunities, promotion of balanced regional development, equal distribution of money, wealth creation and distribution, Increase the Gross Domestic Product and Per Capita Income, Improvement in the standards of living of the people, increased Export Trade and finally resulting in the overall development of the nation. Entrepreneurship in a given country is not solely affected by the traditional causes of economic growth in that country i.e. the amounts of labour, capital, technical knowledge and the presence or absence of market friendly government policies but is also affected by various external and internal factors. The level to which innovation exists in an entrepreneur depends upon various factors like access to Financial resources, availability of skilled labour and access to knowledge.
The level of entrepreneurship, innovation as well as the number of entrepreneurs in a given country has a positive impact on the level of economic development in that country. Hence, the efforts should be made by the entrepreneurs to be innovative in the way they operate their business as it not only necessary for the success of the business but has also become the need of the hour in such a competitive environment of Globalization. Moreover young professionals should be motivated to become entrepreneurs and not force them to do only jobs for life time as more the entrepreneurs more the country will prosper!!
Journals, Research Papers and Articles:
- Ahuja G. Lampert C. M., Tandon V., (2008) Moving Beyond Schumpeter: Management Research on the Determinants of Technological Innovation, The Academy of Management Annals Vol. 2, No. 1, 1–98.
- Audretsch, David and Keilbach, Max. “Entrepreneurship and Regional Growth: An Evolutionary Interpretation.” Journal of Evolutionary Economics, Vol. 14, No.5, 2004, 605–616.
- Baumol, W. (2002), The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism, Princeton University Press, Princeton.
- Daniel Smith “The Role of Entrepreneurship in Economic Growth”, Volume 6, Issue 1,Article 7, 2010
- Pontus Braunerhjelm (2010) “Entrepreneurship, Innovation and Economic Growth”, Swedish Entrepreneurship Forum and the Royal Institute of Technology, February 2010.
- Schumpeter, Joseph A. The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge: Harvard University Press, 1934.
- R.V. Badi and N.V. Badi, “Entrepreneurship”, 2nd edition, Vrinda Publications Pvt. Ltd., ISBN 978-81-8281-442-4
- Dr. S.S. Kanka, “Entrepreneurial Development”, S Chand and Company, 1999, ISBN 81-219-1801-4
- Adam Szirmai, Wim Naude and Micheline Goedhuys, “Entrepreneurship, Innovation, and Economic Development”