1. Introduction An entrepreneur is one who organises, manages andassumes the risk of an enterprise. An entrepreneur visualizes a business, takesbold steps to establish an undertaking, coordinates the various factors ofproduction and gives it a start. He is the owner of the business whocontributes the capital and bears the risk of uncertainties in business life.Entrepreneur is action –oriented and highly motivated. He has the ability toevaluate business opportunities, to gather the necessary resources to takeadvantage of them and to initiate appropriate action to ensure success. Anentrepreneur is associated with innovation. He is the main factor ofproduction.
He takes decisions regarding what to produce, how to produce, whereto produce and for whom to produce. He mobilizes other factors of productionnamely, land, labour, organization and initiates production process. He isresponsible for both the profit and the loss. In recent years, the promotion ofentrepreneurship as a possible source of job creation, empowerment and economicdynamism in a rapidly globalizing world has attracted increasing policy andscholarly attention. This has resulted in the search of an adequateunderstanding of the potential benefits of entrepreneurship as a means ofimproving livelihoods. 2. Objective of the studyThe main aim of this paper is to stimulate policy debateon the potential benefits of entrepreneurship as a viable career option, highlightingand eliminating obstacles that stand on its way, policy measures and strategiesthat can be initiated to support it.
It is divided into six sections. After brief introduction, section one defines theterm entrepreneurship. In section two, the importance of entrepreneurship isexamined. This is followed by a discussion of the role of culturalattitude towards entrepreneurship. The barriers/challenges of starting andrunning an enterprise then follow in thefourth section. The last section identifies suggested actions relevantin promoting entrepreneurship.
2. Research MethodologyThesource of data for this paper was collected through various publications whichinclude; government and non-governmental organization’s publications,international organisations as well as private and individual contributionsthrough various published and unpublished manuals. The study is centered on thetheory and applicability of entrepreneurship in the newly industrializingeconomy using Kenyaas especial reference. The data has been completed and well presented in theoreticalmanner for better and elaborative understanding as well as applicability of theterm entrepreneurship.