Most of the economists say that entrepreneur is one who bears the risk of new venture to achieve the profit. Other says that entrepreneur is an innovator and markets his innovation. Today's economists also say that an entrepreneur searches the changes and responds to these changes and also exploits these changes as an opportunity.
Entrepreneurship is an important ingredient to stimulate the growth and other opportunities in the society. It is appropriate to say that entrepreneurship is the primary engine to create the jobs in developing countries. Small business companies have adopted this concept with optimism to reduce the poverty and developing the income growth. Therefore the governments help to these small business companies is a crucial strategy to get the country out of economic troubles. It is accepted that entrepreneurship fostering policies are necessary to create more jobs and economic growth.
European economy depends upon the small enterprises which are source of key jobs and also source of the business ideas. Europe is making its best efforts to bring the small business agenda at the top of the economy development. Small businesses are more sensitive towards the changes in business environment. These small businesses flourish from the initiative to achieve the success by cutting the red tape. At Lisbon, it was aimed that European Union must become the dynamic and competitive based upon the entrepreneurship knowledge in the world and creating the better jobs and sustaining the economic growth and cohesion.
The concept of the entrepreneurship is frequently used in the European small businesses; and their position can be improved by stimulating the entrepreneurship. The evaluation of existing measures to make the small business friendlier and ensuring the policy makers their concerns for the small businesses and their needs. The concept of entrepreneurship yields very optimistic results used in the business.
Marketing and entrepreneurship in small businesses are connected in different ways. Marketing is the operational manifestation of the entrepreneurship and entrepreneurs reconfigure the market exchange. Entrepreneurs are always aware of the potential demands of customers and managers of these small businesses express the marketing concepts based upon innovation and entrepreneurship. Decision making is judged by the entrepreneurs who provide the framework of an institution in heterogeneous market. New research on the interaction between the marketing and entrepreneurship has very promising objectives and ideas of an entrepreneur contribute the future development of small businesses in Europe and all around the world.
In USA the life of a Henry J. Kaiser, who was a road and dam builder also involved himself in mass-producing Liberty ships during the Second World War. Henry belonged to an innovative family which ran the privately-owned largest grain trader company. It is also seen that innovation and entrepreneurship exist in USA but their level varies in their ability to harness and bringing the business to a scale by asset building and economic strategies.
It can be concluded that an entrepreneur's ideas are innovative to create a new model for the business as well as any other field of life. The ideas of entrepreneur are very profitable for the small businesses to obtain the useful results within a short period of time.