INTRODUCTION

Every man is in a quest to engage himself in some activity or the other to earn money. Even though many people have money and other resources required to do business, they are not prepared to promote any business or industrial activity since they are risk averse. Some people are unable to select a business though both in urban and rural areas more and more opportunities are available to promote various industries. Only a handful establishes new business or set up industrial units. The Central and State Governments are keen to promote entrepreneurship, but the industrial promotion in India is not in tune with the growth of population. One of the main limitations is that there is no proper training, guidance and entrepreneur development programmes for promoting industries and to establish new units. This paper discusses the pitfalls and prospects of entrepreneurial development in India.

Entrepreneurship

Good Entrepreneur can create a healthy economy and it helps to distribute wealth equally. Entrepreneurship is an important facet of industrial growth and development of a nation. It is the backbone of a nation that sets its eyes on maximizing its performance in every field. The spirit of entrepreneurship brings about enthusiasm, persistence and the ability to seek entrepreneurial opportunities that lead to success. A nation’s ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities. Entrepreneurs are essentially the engines of growth for a nation. There are several factors that go into making a successful entrepreneur, and he or she need not necessarily possess a strong business and financial background. On the contrary, well-conceived and well directed training can always produce an outstanding entrepreneur.

In addition, today’s world with its burgeoning population offers limited avenues of employment. This makes entrepreneurship all the more necessary for self -employment and small-business. The employment situation in our country is marred by a number of ugly marks. Large many are underemployed. Many are with out work. Quite a number though educated find no or little work to use their talent or skill.

What kind of Entrepreneurship needed?

Entrepreneurship describes strategic thinking and risk taking behavior that results in the creation of new opportunities for individuals and organizations. An Entrepreneur is someone who engages in Entrepreneurship. An Entrepreneur recognizes a viable idea for a business product or services and carries it out. This means finding and assembling necessary resources – money, people, and machinery, location to undertake the business venture. The entrepreneur also assumes the risks and reaps the rewards of the business. They assume the financial and legal risks of ownership and at the time enjoy achieved business profits.

Aggressive Entrepreneurs

There are plenty of entrepreneurs in the world. Everyday thousands of entrepreneurs are coming into the world. Entrepreneurs start with a vision. Often they are unhappy with their present jobs and see an opportunity to bring together the resources needed for a new venture. However, the image of entrepreneurs as bold pioneers probably is overly romantic. A survey of the United States fastest growing small firms found that entrepreneurs could be best characterized as hard working and practical with great familiarity with their market and industry. A number of studies have investigated the personality characteristics of entrepreneurs and how they differ from successful managers in established organizations. Some suggest that Entrepreneurs in general want something different from life than do traditional managers. Entrepreneurs seem to place high importance on being free to achieve and maximize their potentials.

Entrepreneurial Development Programme

Entrepreneurs are not just born; they can be developed and trained to undertake ventures and be creative. However, everyone does not have the potential to become an entrepreneur. Entrepreneurial development is essentially an educational process and an endeavor in human resource development. The entrepreneur as a person brings in overall change through innovation for the maximum social good. Human values remain sacred and inspire him to serve the society. He has firm belief in social betterment and he carries out this responsibility with conviction. In this process, he accelerates personal, economic as well as human development. The entrepreneur is a visionary and an integrated man with outstanding leadership qualities. With a desire to excel, he gives top priority to Research and Development. He always works for the well-being of the society. More importantly, entrepreneurial activities encompass all fieldss and foster a spirit of enterprise for the welfare of mankind.

Elimination of unemployment

Basically unemployment in India is structural in nature. It is associated with the inadequacy of productive capacity to crate enough jobs for all those able and will to work. In India not only is productivity capacity much below the needed quantity, it is also found increasing at a slow rate. As against this, additions to labor-force are being made at a fast rate on account of the rapidly growing population. Thus, while new productive jobs are on the increase, the rate of increase being low, the absolute number of unemployed persons is raising year to year. This sort of unemployment is not a temporary phenomenon in the sense hat it will pass off on its own after a lapse of time. It is chronic. It requires for its solution the application of long-term measures for remedying the defects in the economic structure. In other words, it is the development of the economy alone that can take care of unemployment.

By encouraging new entrepreneurs, we can easily reduce the unemployment rate. Also in this regard financial and subsidy support, technical support, marketing support and regulation on pricing and other important facilities are needed for stimulating entrepreneurs.

Conclusion

In a developing country like India, development of entrepreneurship is essential for economic growth. India, being an agricultural country, shifting to self- employment has started late and is yet to find a shape. While diversifying from the traditional occupations and enter the new fields, entrepreneurial development programmes need to be conducted vigorously. Setting up of small scale industries is said to be the first step in the evolution of entrepreneurs. The self entrepreneurs are the solution to the concentration of economic power, regional imbalances, exploitation of monopolies and many other giant problems. In the olden days, it was believed that entrepreneurs are born and not made. But effective entrepreneurial training has proved that entrepreneurial skills can also be inculcated. Entrepreneurial competencies developed through proper and effective training definitely result in superior performance. A trained and successful entrepreneur can set as a right example besides being a catalyst for industrial development and economic progress