Common Facility Centre (A Success Strategy of Entrepreneurship Development)

Abstract

Entrepreneurship is one of the most important elements in the process of economic growth and development for different reasons in any developing country. It is a process by which society changes technological information into products and services. This type of entrepreneurially ambitious innovation in products or services and processes is a critical engine driving the change process in a capitalist society. Entrepreneurship develops and grows not only technologically, but also sequentially and spatial inefficiencies in an economy. Entrepreneurship development related factors have inspired the emergence of entrepreneurship as a field of research and practice to any developing country. While this is one side, for the betterment of existing members those who are having industries in tiny, small and medium industries are in need of support to succeed in their business. In many developed and developing country, a facility called Common Facility Centre has been introduced, which can offer all sort of support within the same area where a group of industries are located by providing the most commonly needed facility such as marketing centers, testing laboratory centers, quality measuring centers, motivates the members and new entrants to come forward to develop their business with help of the Common Facility Centre, it can help them to reduce their operational costs and investment along with time management to complete the entrepreneurial commitment honestly. This study explores the features of Common Facility Centre as a Midas touch to entrepreneurs in increase their confidence level and decrease their operating cost, so that existing members get accelerated and new entrants got activated.

Keywords: Entrepreneurship, Tiny Small and Medium Industries, Developing Country, Common Facility Centre, Innovation.

View PDF