The Indispensable Attitude, Skills and Knowledge (ASK) Components in Human Resource Management Practices (HRM) for Entrepreneurial Ventures

India has an immense capacity of human resource (HR) and the major part of this resource is channelized to foreign nations through Business Process Outsourcing (BPO) and call centre units. Factors of production are different in nature and type like people, money, material, capital and technology. The major differences between these factors are those with emotions and without emotions. There are different strategies to deal with these factors. This paper particularly deals with the human factor. The management of human factor especially deals with emotions, intelligence, physical and mental efforts, knowledge and skills involved with human factors. The best utilization of human resources leads to good human resource practices and these resources are an essential component for entrepreneurial development. Now-a-days, getting employment is an onerous task and young graduates are waiting to get placed. Graduation does not mean certification, it should equip the graduates to get placement or to give placement for others. The status of unemployment in the recent survey made by the Centre for Monitoring Indian Economy (CMIE, 2018) shows that 31 million Indians are unemployed and looking for jobs. This survey accounts only for the educated-unemployed. Unemployed still includes illiterates and less educated as well. Hence the problem of unemployment is a very serious one. A lot of the upcoming educational institutions produce a growing number of the educated-unemployed. Hence, self-employment or entrepreneurship is the only solution to solve this unexplainable issue. It not only requires qualification, even without qualification entrepreneurs can shine with good communication, interpersonal skills, problem-solving skills and self-confidence. Human resource practices are very helpful for successful management of the entrepreneurial environment. Therefore, the development of entrepreneurship with the inclusion of best human resource practices is need of the hour. The government should also take effective steps to develop entrepreneurial qualities like attitude, skills and knowledge among the student community and general public. All the government and private agencies must co-ordinate for effective implementation of Best HR practices for entrepreneurial ventures with special importance to attitude, skills and knowledge (ASK).