~ENTREPRENEURSHIP AND

NATIONAL DEVELOPMENT
"Innovation is the specific instrument of
entrepreneurship.the act that endows
resources with a new capacity to create
wealth." Peter Drucker,

Entrepreneurship is considered as a leading
element in the progress oI many developing
countries like India. It is one oI the most
important inputs in economic development.
The number and competence oI
entrepreneurs aIIect the economic growth oI
the country An entrepreneur is a person who
is able to look at the environment, identiIy
opportunities to improve the environmental
resources and implement action to maximize
those opportunities (Robert E. Nelson).

In India there is a dearth oI quality people in
industry, which demands high level oI
entrepreneurship development programmes
throughout the country Ior the growth oI
Indian economy. The scope oI
entrepreneurship development in country
like India is tremendous especially since
there is widespread concern that the
acceleration in GDP growth in the post
reIorms period has not been accompanied by
a commensurate expansion in employment.
In addition there is always problem oI
unemployment. As a result, increasing the
entrepreneurial activities in the country is
the only solace. We have all the requisite
technical and knowledge base to take up the
entrepreneurial challenge. The success oI
Indian entrepreneurs in Silicon Valley is
evident as prooI. The only thing that is
lacking is conIidence, support, resources,
initiative and motivation. We are more oI a
reactive kind oI a people. We need to get out
oI this and become more proactive. What is
more important than the skill and knowledge
base is the courage to take the plunge.

With the survey it is Iound out that
entrepreneurship can also be aIIected by the
Iactors like schooling, inIlation, investment
in Iixed assets, climate, institutional quality
and property rights. It is important to gain
insight in alternative explanations Ior
economic growth next to entrepreneurial
activity. The highly rigid educational system
should be more Ilexible one, so that students
can choose their own subjects oI interests
and thus design their own curriculum.
History had recorded many school and
college leaders blossom into business
pioneers. Be it N Hira Nandani, Lakshmi
Mittal or Arun Jaietly or Sabeer Bhatia.
Recently some young students Irom R.A
Poddar School start their very own cookie
company under the guidance oI the school
authorities. Grants given by universities and
educational institutions help students to
upgrade themselves and to start their own
innovative and creative ventures being
successIul entrepreneurs. Students moreover
need motivational Iorces in order to be
successIul entrepreneurs.

II India is able to use its true potential oI
becoming leader in entrepreneurial activities
then the resultant Iinancial gain are always
oI beneIit to a country. The budding sectors
to innovate and in which Indian
entrepreneurs can prove themselves the
leaders are Bio-Technology and InIormation
Technology.



Minisha Gupta is a Research Scholar at
Department oI Management Studies, IIT
Roorkee. She has completed her MBA Irom
U. P. Technical University in 2009. She is
having the working experience oI 22 months
in academics.