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1. INTRODUCTION

An entrepreneur is one who organises, manages and
assumes the risk of an enterprise. An entrepreneur visualizes a business, takes
bold steps to establish an undertaking, coordinates the various factors of
production and gives it a start. He is the owner of the business who
contributes the capital and bears the risk of uncertainties in business life.
Entrepreneur is action –oriented and highly motivated. He has the ability to
evaluate business opportunities, to gather the necessary resources to take
advantage of them and to initiate appropriate action to ensure success. An
entrepreneur is associated with innovation. He is the main factor of
production. He takes decisions regarding what to produce, how to produce, where
to produce and for whom to produce. He mobilizes other factors of production
namely, land, labour, organization and initiates production process. He is
responsible for both the profit and the loss. In recent years, the promotion of
entrepreneurship as a possible source of job creation, empowerment and economic
dynamism in a rapidly globalizing world has attracted increasing policy and
scholarly attention. This has resulted in the search of an adequate
understanding of the potential benefits of entrepreneurship as a means of
improving livelihoods.

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2. OBJECTIVE OF THE STUDY

The main aim of this paper is to stimulate policy debate
on the potential benefits of entrepreneurship as a viable career option, highlighting
and eliminating obstacles that stand on its way, policy measures and strategies
that can be initiated to support it. It is divided into six sections. After brief introduction, section one defines the
term entrepreneurship. In section two, the importance of entrepreneurship is
examined. This is followed by a discussion of the role of cultural
attitude towards entrepreneurship. The barriers/challenges of starting and
running an enterprise then follow in the
fourth section. The last section identifies suggested actions relevant
in promoting entrepreneurship.

 

2. RESEARCH METHODOLOGY

The
source of data for this paper was collected through various publications which
include; government and non-governmental organization’s publications,
international organisations as well as private and individual contributions
through various published and unpublished manuals. The study is centered on the
theory and applicability of entrepreneurship in the newly industrializing
economy using Kenya
as especial reference. The data has been completed and well presented in theoretical
manner for better and elaborative understanding as well as applicability of the
term entrepreneurship. 

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