Entrepreneurship has gained utmost importance as it is the major ingredient for the development of the economy. It can be the development of the industry, any kind of regional growth or employment opportunities, all are dependent on Entrepreneurship. In other words we can say that an Entrepreneur lays the foundation on which industrial development and employment openings help in building up a developed society, rise in the per capita income, an elevated standard of living, rise in individual savings, taxes which add to the revenue of the government leading to a balanced development of the nation as a whole.
The world has witnessed drastic changes in the economies of various nations, markets and industries. The credit of this change goes to the Entrepreneurs around the globe who have brought innovation in the services/products, brought new organizations into existence and even changed the means of production. The entrepreneurs introduced new and latest technology for more productive uses and thus brought about the reallocation of resources for optimal utilization. Many innovations have brought about a change in the society and altered its style and way of living.The introduction of many services has also given rise to new service industries.
India, during its 40 years of independence 1947 to 1980’s developed its entrepreneurial capabilities in the basic industries like steel, fertilizers, rail wagon building, locomotives, cars, cement and chemicals and so on. All these