ABSTRACT
This chapter suggests some general principles relating to the performance of entrepreneurial functions in the process of economic growth, in general, and in the developing countries, in particular. The concept of entrepreneurship as advanced by Schumpeter has been modified in light of the developments, especially in Asian and African countries. Most of the business leadership in these countries is carried out by managers of large private or public enterprises, or by small or medium-scale entrepreneurs. It may be useful to cite a few figures indicating the general significance of small and medium-scale private entrepreneurs in the process of industrialization and general economic growth in developing countries. Successful entrepreneurship implies the exercise of leadership, maturity of character, a sense of security and knowledge of, or familiarity with, the skills related to the entrepreneur's undertakings. Growth and improvement in the performance of the public sector stimulate demand for the output of private entrepreneurs.
