Entrepreneurship

2. Entrepreneurs are people who take on some sort of risk
as they try to innovate in order to exploit a business
opportunity. They are the pioneers of business who try
(and sometimes fail) to do things that have not been
done before. Entrepreneurs are, therefore, very
important in promoting imports and exports. They hunt
for opportunities to make money by importing and/or
exporting. Because they are constantly trying to find
new business ventures, they come up with lots of new
ideas for (in this case) importing and exporting. By
doing so, they drive the growth of importing and
exporting.

3. Trade promotion (sometimes also export
promotion) is an umbrella term for economic
policies, development interventions and private
initiatives to improve the trade performance of
an economic area (like countries or regions
within countries) or enterprises. Improvement is
mainly sought by increasing exports both in
absolute terms as well as relative to imports, but
trade promotion also, for example, enhancing a
company's sourcing of inputs through imports.

4. Import substitution industrialization (ISI) is
a trade and economic policy which advocates
replacing foreign imports with domestic
production.ISI is based on the premise that a
country should attempt to reduce its foreign
dependency through the local production of
industrialized products.

5. The role of entrepreneur as import
substitution
Import substitution means to produce goods
and services with in the country, to establish
needed industries for it and to reduce imports
by placing high import traffic on international
trade.
Benefits of benefits to the country
1. Industrial development can be made rapid by
using import tariff.
2. The economy can become self-independent.

6. 3. The balance of payment becomes balanced at
international level.
4. The problems of shortage of foreign exchange
can be reduced.
5. Local industries of the country develop rapidly.
6. Foreign companies have to establish their
industries in such countries for selling their
products.
7. More and more opportunities for employment are
generated at industrial level.
8. The economy of the country is developed
balanced
In this way, the role of entrepreneur as a medium
of export promotion and import substitution is of
extreme importance

7. The role of entrepreneur as an export
An entrepreneur gives benefits to the economy on large
scales by export promotions. In international trade,
there are a number of opportunities for entrepreneurs.
Hence entrepreneurs can try for export promotion by
developing business activities abroad. The role of an
entrepreneur as an export promoter can be discussed
from two point of view.
 To search feasibilities of export promotion
 To develop methods for export

8.  To search feasibilities of export promotions
First of all, an entrepreneur has to search
opportunities available for exporting product in
foreign market. For this he should consider political,
legal, social, cultural, economic facts etc of foreign
market.
 To develop methods for Export
An entrepreneur can utilize either direct export
method or indirect method for exports. In direct
method, an entrepreneur exports products directly,
while in indirect in indirect export method, an
entrepreneur utilizes various middlemen for exporting
product in foreign market

9. In this way, by searching export opportunities
and developing export method: an entrepreneur
can earn foreign exchange for the nation, which
helps in maintaining suitable balance of
payments. For making the role export promotion
more active, various govt. and private agencies
are playing very important role.