Need for Successful Entrepreneurs in India

Abstract

The present study has been conducted with aim to give an overview on need for successful entrepreneurs in India. An entrepreneur performs a series of functions necessary right from the genesis of an idea up to the establishment and effective operation of an enterprise. He carries out the whole set of activities of the business for its success. He recognises the commercial potential of a product or a service, formulates operating policies for production, product design, marketing and organisational structure. He is thus a nucleus of high growth of the enterprise. The success of an enterprise new or old depends upon the qualities or characteristics of an entrepreneur or entrepreneur. In order to be successful, an entrepreneur must possess certain qualities which are unique of its kind. If we go through the business history of India, we come across the names of Tata, Birla, Modi, Dalmia and others who started their business with small size and made good fortunes. This is possible only because they possess all the entrepreneurial qualities. The knowledge of entrepreneurial competencies or traits has been sharpened over the last five decades. It made the people to believe that entrepreneurs are made not born. According to this view, a person possessing a judicious combination of knowledge, skill and motives can be a successful entrepreneur. Entrepreneurship Development Institute of India (EDI) study to identify what makes an entrepreneur successful found that possession of a set of entrepreneurial competencies or characteristics is necessary for superior performance. Mere possession of competencies is not enough. One should develop these competencies through training, experience and guidance.