An entrepreneur is defined as someone who organizes a business venture and assumes the risk for it. But an entrepreneur is much more than just a creator of organisations; entrepreneurship in itself is the characteristic and a trait of an individual.
Historically, India has been a country of the self-employed and not of employees. Even with the influx of large corporate organisations into the economy, the bulk of the income generation in the country today is centred on small and medium business owners. These businesses are the largest contributors to national income & employment, and have increasingly been courted by financial institutions and policy makers.
The self employed are the backbone of the nation. From the corner tea shop, mom-and-pop grocery, scrap dealer and the internet start-up, all these entrepreneurs need encouragement and help to be able to compete in the global economy, and the Government of India has been at the forefront to promote private entrepreneurship by providing the right socio-economic ecosystem for innovation & development.
Basics of Entrepreneurship
An activity to convert ideas into economic opportunities is the core of entrepreneurship. Entrepreneurship is referred to as a source of improvement and change resulting into improvements in productivity and economic competitiveness. In fact, it is closely associated with knowledge and flexibility as well.
With technological advancement and global competitiveness brought about by globalization and economic liberalization, fostering entrepreneurship increases a country's competitiveness in the ever changing economic forefront. Influence of entrepreneurship to economic growth can be expressed through competition, innovation.
The key to transforming an individual from being "self-employed" to become an "entrepreneur" is the establishment of a business organisation. The Ministry of Micro, Small and Medium Enterprises is the harbinger of this change, as a majority of new business entities are launched with minimum capital and maximum vision.