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Entrepreneurship has been recognized as one 8of the necessary conditions for economic development. Many developing countries have evolved policies to support people at different level to embark on entrepreneurship. Entrepreneurs play major role in accelerating the pace of economic development with their innovative and creative approach to produce goods and service. Entrepreneurs are the pillars on which the economic health of society is built. Entrepreneurship is very important for development through the creation of increased job opportunities and consequent economic prosperity. Entrepreneurship contribute immensely to the economic growth and there by plays a vital role in the development process. Emerging economies, in particular and the global economy in general are poised for accelerated growth and provide great opportunities in the globalized and liberalized era. There are number of fast growing economies that are poised to play a leading role in the global market. The most critical input in taking these economy to still greater heights in the global market would be the entrepreneurial mindset of their human resources. The role of an entrepreneur would be to innovate and create economic opportunities for others, and the role of a government and its partners would be to create a dynamic enterprise environment and a well functioning market so that the economy becomes inherently entrepreneurial and innovative. Entrepreneurship act as a fulcrum around which economic development through value addition resources takes place. Adam Smith, in Wealth of Nations (1776) traced the role of various factors, including entrepreneurship. Entrepreneurship contributes not only to the growth in gross national product and per capita income but also to the development process through bringing in structural changes in the society. This change, by way of structural transformation helps to achieve equitable distribution of income and greater opportunities to people belonging to the bottom of the pyramid and, in turn, contributes to their prosperity. Entrepreneurial development in an economy is the key to economic development. It is the most critical and crucial input in the process of economic development of a local area, region, country and global economy. It accelerate the process of growth and development by channelizing the factors of production in areas where in they contribute the maximum possible value addition, resulting in higher rate of economic growth, dispersal of economic activities and development of backward region.


 

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