ENTREPRENEURSHIP AND INDUSTRIAL CLUSTERS
Keywords:
Industrial Clusters, Entrepreneurship, Small Medium Enterprises.Abstract
Industrial Clusters have become the focus of the public debate, economic policy and academic research. The industrial cluster is not a new economic phenomenon. It was evolved a far long back, but its actual implementation started in the end of this nineteen century when globalization and liberalization took place in many developing countries. Clusters can be defined as sectoral and geographical concentration of enterprises, in particular Small and Medium Enterprises (SME), faced with common opportunities and threats which can: a) give rise to external economies (e.g. specialized suppliers of raw materials, components and machinery; sector specific skills etc.); b) favor the emergence of specialized technical, administrative and financial services; c) create a conducive ground for the development of inter firm cooperation and specialization as well as of cooperation among public and private local institutions to promote local production, innovation and collective learning. This Paper brings outs the Concept of Industrial Clusters. Its role in Economic Development. Characteristics of Industrial Clusters, the relationship between Entrepreneurship and Industrial Clusters, Factors contributing development of clusters, Problems faced by Industrial Clusters.
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