Innovative Practices in Entrepreneurship Development | Original Article

ABSTRACT:

Innovation has been derived from the Latin word "innovatus" which means the introduction of something new to the existing world and the order of things or the improvement of resources productivity.  Innovation and Entrepreneurship are recognized as key building blocks of competitive and dynamic economies. Countries and regions with vibrant innovation and entrepreneurship ecosystems tend to witness. It can be inferred that innovation and successful entrepreneurship are very closely related. Nowadays, innovation has become the most necessary factor for success of an entrepreneur. Innovation can be attributed to understand the needs and problems of the customer - both internal and external. Innovators globally create the mainstream of the wealth, new or an unprejudiced jump from the existing, while the managers and others tend to preserve it. These entrepreneurs bestow new value to old assets and create entirely new functions of capital. Apple, Google, Toyota, Microsoft, Nokia, IBM, Samsung, Sony, Dell, BMW, Intel, Wal-Mart, Honda, etc. have been pioneers in their respective areas for continuous innovation. It is very often said that "India is a rich country inhabited by the poor". India is endowed with plenty of rich natural resources and good climatic conditions but economic development is not achieved to what extent it should have been due to various favourable factors. There must be people with vision, insight, proactive, attitude, and urge to take initiative. In India we need to promote entrepreneurship so as to integrate resources and enhance economic growth. Entrepreneurs perform vital function in economic development. They are referred to as the human agents required to "mobilized capital" to exploit natural resources, to create markets and to carry on trade.  Every organ of our society will have to think how they can now modify their action patterns, so that the ability of our nation and its people, to progress at a rapid pace is enhanced. Failing to do so will not only mean the repeat of past that is backwardness but a worst kind of backwardness. Our economy has seen the divide between east and the west in agricultural age, in industrial age, but the effect of  digital divide in knowledge age would be far greater to be ever being able to bridge, if we are not able to keep the pace with OECD ( Organization For Economic Co-operation And Development) countries now, we will never be able to realize our dream of standing by their side, according to our vision 2020.