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Role of Entrepreneurship in Indian Economy

Mitushi Jain , Mitushi Jain

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Journal of Social Welfare and Management 5(3):p 123-128, July - September 2013. | DOI:

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Abstract

An entrepreneur is someone who has an “idea”, works out a business strategy, gets the strategy approved by financiers, secures the dough, gets a office, sets up a business and living beings (staff), revels in skyrocketing profits. The entrepreneurs in India play a different role from their counterparts in an advanced economy. For instance, entrepreneurs in an advanced economy enable early stage innovation, risk-taking and creation of wealth and we have seen this in limited measure in India. This exploratory paper discusses some of the challenges facing the creative thinking process leading to technological innovation. It presents various idea engineering approaches that have been successfully implemented in American innovative companies, specifically those that benefit technologists, designers, and engineers. It is important to identify the roadblocks that prevent the engineering of ideas in a company, because these roadblocks lead to restrained thinking and jeopardize the creative process that leads to innovation. 

Keywords: Major challenges/Roadblocks to creative thinking in the innovation cycle; and way to confront creative thinking obstacles. 

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