Entrepreneurship and Its Impact on Economic Growth: An Indian Perspective

Abstract

Individuals who create business and employment are entrepreneurs. Entrepreneurship is actually the ability to develop and sustain a business associated with risk, and ultimately make profit. Every entrepreneur aims to make profit for his own concern. Entrepreneurship is also associated with conversion of new innovation and technology into business, which ultimately generates employment and profit in the economy and thus the entrepreneurs contribute towards the growth of an economy. According to Schumpeter, innovation in business is the primary reason for increased investment and business ups-and-downs in an economy. Recently, women entrepreneurship in India is also making a mark in the society. Indian women have started taking initiative to make a start-up and start their career as entrepreneurs with small businesses and they are having success in their field as well. This means women in our society are progressive and capable of sustaining a business, which in turn helps in economic growth. Hence, the study also focuses on the women entrepreneur’s contribution to the society. Along with this, the paper has also tried to focus on the growth aspects of entrepreneurship and its impact on the society and economy. Innovation in business improvises it as well as the role of the entrepreneur. It helps entrepreneurs to take decision to implement these new innovations in the business by taking risk and uncertainty. The paper will also highlight on this aspect of use of innovation by entrepreneurs in business expansion and analyse its impact on the sustainable growth of Indian economy.

Keywords: Entrepreneurship, Start-up, Growth, GDP, Women Entrepreneurs

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