ENTREPRENEURSHIP AND INNOVATION IN INDIAN ECONOMY

Enterprises throughout the world are experiencing revolutionary changes: rising
energy and material costs, fierce international competition, new technologies,
increasing use of automation and computers. All these changes demand positive
response from the entrepreneurs if the enterprise is to survive in competitive
environment and prosper. Without innovation enterprises become obsolete. Success
in any business today demands constant innovation. In a dynamic environment,
success comes from looking for the next opportunity and having the ability to find
hidden connections and insights into new products or services as desired by
customer. Introducing new products us seen as part of the process of innovation, this
is itself seen as the engine driving continued growth and development. To grow and
prosper, most enterprises need to constantly improve their existing products and
services through continuously innovating needed changes. Enterprises that rely
exclusively on innovation will prosper until their products and services become
obsolete and non-competitive. Thus, entrepreneurs and enterprises are continuously
creative and innovative to remain relevant to the customers, which is the purpose of
every business. Innovation and entrepreneurship are the two important pillars of
economic growth which India need to develop as it progresses towards becoming a
knowledge-driven economy.