*Research Scholar, Department of Commerce and Business Management, Kakatiya University, Warangal, Andhra Pradesh, India
**Faculty, Commerce and Business Management, Kakatiya University, Warangal, Andhra Pradesh, India
Online published on 22 April, 2013.
Entrepreneurship is the backbone of the economic development of a country. Without entrepreneur, labor, capital, resources and technology remain idle. In developing countries like India, it has been recognized widely that the entrepreneurship development is essential not only to solve the problem of unemployment, development of regional imbalance, concentration of economic power but also to achieve higher level of economic development. The role of entrepreneurship in economic development involves more than just increasing per capita income and output. It involves initiating and constituting change in the structure of business and society. Entrepreneurship is the process through, which innovation develops and commercializes through entrepreneurship activity, which in turn stimulates economic growth. Economic growth requires more and more people with personal qualities of initiative and leadership, combined with skills in organizing and managing.
There is a close relation between development of small scale industries and the development of entrepreneurship. The entrepreneurial development paves the way for the development of small enterprises. This is not only enhance employment opportunities but also reduces the concentration of economic power among few industrialists.
