I

NTRODUCTION:

.Entrepreneurs are the backbone of a Nations progress.They organize different factors of production like land, labour & capital and in this process, provide goods & services to the people. Entrepreneurs are people who do things, which are not generally done in the ordinary course of a business. It is not surprising that every fortune 500 Enterprise in existence is the result of an entrepreneur's enterprise and perseverance. Entrepreneurs, according to Karl Vasper, are pillars of industrial strength the movers and shakers who constructively disrupt status. To be a successful Entrepreneur it requires practicing as a manager by acquiring various skills and efforts in learning to understand a business. Entrepreneurship is the future of the modern society. It reflects a ray of hope for the unemployed to earn a living and maintain a dignified life and also for the economic development of the country. The present paper focuses mainly on the dual aspect of Economic Development and how entrepreneurship can improve the status of women in the Indian Society.

Entrepreneurship is not all about opportunism, the potential start up dreamers need to pick up an important business problem right from the outset. The Millennium Indian Entrepreneur faces a challenge to create a spirit in the form of continuous, careful but rapid experimentation and capturing opportunities that emerge. In an economy as big as India there is always money to encourage an Entrepreneur.

MEANING:
The term entrepreneurship comes from the French verb entreprendre and the German word unternehmen, both means to undertake. entrepreneurship is not a state of being nor is it characterized by making planes that are not acted upon. Entrepreneurship begins with action, creation of new organization. This organization may or may not become self-sustaining and in fact, may never earn significant revenues. But, when individuals create a new organization, they have entered the entrepreneurship paradigm. Entrepreneurship was previously considered to be unknown quality of an individual and hence it was believed that entrepreneurs are born and not made. But recent studies have proved that Entrepreneurial activities can be planned and developed in an individual through creation of opportunities, extended Facilities, Allowing Incentives, Developing Competence and group sensitiveness in an individual for all those factors.

DEFINITIONS:
"Entrepreneurship is about marrying Passion and Process with good dose of perseverance"

The Oxford English Dictionary defines as an one who undertakes an enterprise, especially a contractor _acting as intermediary between capital and labour.

TYPES OF ENTREPRENEURS:
1. INNOVATIVE: Introduction of something new to the nation (e.g: Dhirubhai Ambani, Indian entrepreneur); 2. IMITATING: One who adopts a method of production or technology already adopted by someone else and may not be able to afford resources for entrepreneurial research; 3. FABIAN: Those who are cautious in adopting any changes and are shy and lazy to adopt new methods 4. DRONE: Those who resist changes and continue to use old or traditional methods of production.

THE

ENTREPRENEURIAL

PROCESS:

An Entrepreneur is the key figure in the process of economic growth. He is an economic person who tries to maximize his profits by innovation and thus aggressively contributing towards economic development. He is an organizer and speculator who is doing new things or doing things that are already being done in a new way. Entrepreneur is the individual who lies at the heart of Entrepreneurial process that is the Manager who drives the whole process forward.

Resources

Opportunity

Organization

Process

OPPORTUNITY: It's the potential to serve customers better than they are being served at present. An entrepreneur is held responsible for scanning the business landscape for unexploited opportunities. The improved way of doing is the innovation that the entrepreneur presents to the market. RESOURCES: Resources include the money invested in the venture, the people include their efforts, Knowledge and skills to it etc.It also includes the intangible assets such as brand name, reputation of the company and the goodwill of the company. ORGANIZATION: Every organization consists of number of factors such as their size, their rate of growth, the industry they operate in and the type of products they deliver.

hallenges faced by entrepreneur:

1. No rules protecting employers: There are rules, the world over, upholding the interests of employees. But there is little an employer can do, if at the receiving end. For example, if you discover that an employee has secured a job with your company by means of duplicate certificates or fake experience, all you can do is to ask them to leave with full pay. You hired him/her and it is solely your mistake! 2. Global competition: You submit a proposal for a requirement to a prospective customer, after taking into account the cost of your employee, his allowance, certain percentage of the money that has gone into building the product and a little margin. You do the best costing possible, as you want to penetrate this account and have a longterm association with the client. You'd think your price would be best, considering the Indian advantage of labour, materials, etc.

3. Changes around the globe:

You have made some profit, and plan to use it to fuel your global expansion. You hire the best man, train him and get him stationed in another country to give a local presence and comfort factor to your prospective customers. You are burning a lot of money on a daily basis with a hope that, sooner or later, you will start getting returns. 4. Balance between projects and personnel: The first assignment with the customer, you cannot afford to compromise on quality -- after all, you are expecting bigger business from the same customer. Such an experience makes you wise enough to do some advance hiring the next time around and, guess what -- this time, the opposite happens.

5. Delayed payments: You finished the work as planned and it is now time to collect payment. You have made plenty of plans for that money, from hiring more people in sales, to acquiring another office, to investing in a new idea. But, for no apparent reason, the money is delayed, especially if you are dealing with a large customer. 6. Return to the investor: So far, you may have heard stories of successful entrepreneurs becoming venture capitalists to help budding entrepreneurs. You may also have been advised not to be 'sticky' and to try and have a smaller pie of a bigger cake, rather than a bigger pie of a smaller cake. Sounds great! But, in reality, let's admit, these 'mother hen' entrepreneurs are successful because they are smart. They know how to grow their money and that is precisely the reason why they have so much money under their belt to manage.

QUALITIES OF AN ENTREPRENEUR:
1. Willingness to Assume Risk: Entrepreneur are persons who take decisions under the condition of uncertainty, and therefore they are willing to bear the risk. Risk bearing calls for absolute clarity in thinking and co-ordinated actions. Every decision pertaining to enterprise involves a risk. No risk, no business or no gains. 2. Leadership: Leadership is the basic quality of entrepreneurs. As a leader of the industry he encourages good performance, creates trust, and listens to everybody calmly as well as clarifies priorities. The qualities of leadership is clear from his personal relationship, more of handling a problem, generation resources and taking others in his own strides. 3. Creative Thinking: Innovation is the process of growing new things and creativity is a prerequisite to innovation. An entrepreneur should be creative because ideas usually evolve through a creative process whereby imaginative people bring them into existence nurture them and develop them successfully. Basically an entrepreneur should be creative and imaginative.

4. Confidence in Projects: Setting up of any new business is a very challenging task. Right from the conception of a business idea till the starting of production and distribution, a number of decisions have to be taken. 5. Technical knowledge: An entrepreneur must have sufficient technical knowledge about his field. He should be well conversant with manufacturing and trading process and also know about the economic aspects of technology including costs and benefits. 6. Flexibility: Successful entrepreneur are persons with open mind and not rigid instead they do not hesitate in revising their decisions. They are more flexible in their decisions-making process. 7. Determination, Courage and Perseverance: An entrepreneur must have judgment, perseverance and knowledge of the world as well as of the business. He must possess the art of superintendence, and administration. 8. Honesty: This is the most important factor which plays a major role in the successful operation of the business. If as entrepreneur is not honest he cannot stand for a long time in the market. Honesty is the best policy in any business. 9. Drive to achieve and Grow: The entrepreneur should have a strong desire to achieve high goals in business. Such high achievements motivate and strengthen them to overcome new alternatives to run a business successfully.

FACTORS AFFECTING ENTREPRENEURIAL GROWTH:

Culture Factors: Culture refers to the customary practices and beliefs that have a significant impact on the basic values, perceptions, preferences, and behavior of people. Culture and entrepreneurship intervene in many ways. y People traditionally engaged in business have a pro business attitude and disdain working as employees. y Many people fall outside the establishment and remain unsuited for the traditional job market due to a strong culture of independence or other reasons. y Business school students come under the missionary zeal of teachers who exhort them to become entrepreneurs even if the opportunity cost is very high. y People engaged in jobs and other services pressure their children to find secure jobs and crush their entrepreneurship spirit at very early age. 2. Political Factors: The following are some of the ways in which he political environment influences entrepreneurship: y Unstable political conditions where government policies change frequently discourage business, as investors fear for the safety of their investment. y Government support to economic development through infrastructure development, facilitation, industrial parks, and the like all encourage entrepreneurship. y High taxes that cut into the returns usually discourage entrepreneurs. On the other hand, tax holidays to encourage business attract start-ups.

y The availability of infrastructure and utilities such as good roads, power, communication facilities, and lack of corruption and bureaucratic delays in obtaining such utilities encourage entrepreneurship. 3. Economic Factors: The nature of the economic is a major factor that influences entrepreneurship. y The general purchasing power of the people, manifested by income levels and economic prosperity of the region, plays a major role in the success of entrepreneurial ventures. y During times of economic slowdown or recession, the purchasing power declines and people remain reluctant to invest, effecting entrepreneurship adversely. y In a subsistence economy, most of the people engage in agriculture, consuming most of their output and bartering the rest for simple goods and services. Entrepreneurial opportunities are few in such scenarios.

SPIRIT OF ENTREPRENEURSHIP:
The spirit of entrepreneurship brings labor and capital together in the productive enterprise. It is a catalyst without which both labor and capital would be idle.

The spirit of entrepreneurship is easy to recognize when we see it, but it is difficult to define formally. We might see it as a dynamic integration of four elements:

(1) the development of marketable innovations, (2) the charisma to attract capital for their exploration, (3) the leadership to organize labor and technology for their production, and (4) the marketing skills to distribute and sell them. Each element may be well known by itself, but their integration is a less process.

CONCLUSION:
Entrepreneurs are people who do things, which are not generally done in the ordinary course of a business. It is not surprising that every fortune 500 Enterprise in existence is the result of an entrepreneur's enterprise and perseverance.