eChapters

Introduction

Fisheries is a fast-growing and important sector for providing nutritional security and supporting livelihood in many countries. The global fish production currently stands at 179.9mt with a contribution of 112mt from marine and 65.43mt from inland sector (FAO, 2022). India is no exception to this; fisheries provide nutritious food and livelihood to millions. Our country ranks second in the world next to China in total fish production and aquaculture production. It contributes 14.7% to world fish production. Currently, fisheries is one of the fastest growing food production sectors in India with annual growth rate of 10.34% and annual production of 16.25mt. It contributes 1.1% to the national GDP, 6.7% to the agricultural GDP and provide livelihood to about 14 million. The inland fisheries and aquaculture contribute 12.12mt to the total fish production (DAHDF, 2023).

Fish production in India has gradually and definitively shifted from marine to inland fish production due to the rapid growth of the inland fisheries sector. Aquaculture development, including refinement of production protocols, introduction of new species and culture system, concomitant growth in input supply (seed, feed, medicine and chemicals), emphasis on education, training and skill development, intensive network of extension system and policy support has led to a notable increase of inland aquaculture, which currently contributes to more than 70% of inland fish production of the country. In addition, high profits in aquaculture coupled with limited water and land resources have led to system intensification using high rearing density and high protein feeds to boost productivity in closed or semi-closed systems (Zaki et al., 2020). In order to reduce mounting pressure on land resources, vis-a-vis to meet the country’s fish demand, the production must come from comparatively under-exploited fisheries resources through technological interventions. India has abundant and diverse inland aquatic resources with huge fisheries potential (Sharma et al., 2010). Reservoirs are the most important and potential inland water resources (3.5mha) that can play a major role in boosting fish production in the country. However, the recent scrutiny shows the average fish yield from this mega resource is 110kgha-1 (Sarkar et al., 2018).

Introduction

The Himalayan and peninsular regions of India comprise of diverse coldwater resources in terms of upland rivers, fast flowing streams, high, mid and low altitude natural lakes and reservoirs (Singh and Akhtar, 2015; Singh and Sarma, 2017; Sarma et al, 2018). The Indus, the Brahmaputra and the Ganga basins in the Indian Himalayan Region (IHR) is a domicile of over 4 % of the country’s population having rich repository of biodiversity, a natural habitat of over 8000 species of flowering plants, 816 tree species, 675 edibles, nearly 1740 species of medicinal plants and about 258 species of fish (Singh and Akhtar, 2015; Pramanik and Bhaduri, 2016; Singh and Sarma, 2017). IHR mainly encompasses the states of Jammu & Kashmir, Himachal Pradesh, Uttarakhand, Sikkim and Arunachal Pradesh where the diverse natural resource-base and wide climatic range, harbour huge inhabitants of endemic, indigenous and exotic coldwater fish species extending an enormous scope of developing upland farming practices (Singh and Sarma, 2017; Singh, 2020), game and ornamental f isheries of large extent (Zaidi et al., 2018). These can provide an excellent opportunities for augmenting livelihood security of upland people residing in the Himalayan terrain, where opportunities to earn revenue is difficult and hard to adopt the farming practices. Today, the Himalayan states offer a unique value proposition in coldwater fisheries to harness its potential. There is an increasing trend of coldwater fish production from the present level of 52,084 MT to 90 thousand MT by FY 2024-25 boosting current productivity from ~1 ton/ha to 3 ton/ha. Coldwater fisheries in the country is now occupying a key place among India’s freshwater fishes, contributing significantly to the nutritional security and job creation in rural hilly areas. More than 1.40 lakh fishermen in India directly depend on coldwater fisheries in hilly areas. In Himalayan region, aquaculture and fisheries represent an essential, often irreplaceable source of high quality animal protein crucial to the balance of diets in marginally food secure communities. The aquatic resources in the IHR are quite valuable for the development of aquaculture and fishery for food, sport, recreation and employment. In this paper, the author has attempted to present possible opportunities in coldwater aquaculture and fisheries which has great promises of future for job creation and nutritional security.

Mushrooms is known for its delicious and nutritious food with highly digestible lysine rich protein, vitamins and minerals, Mushroom serves as a low calorie food which lacks fats and are low in carbohydrate. They are rich in folic acid, phosphorus, potassium, calcium, copper and iron and vitamin-B complex. In place of starch, mushroom contains sorbitol and linolenic acid. They are excellent sources of thiamine, riboflavin, niacin, pantothenic acid, biotin, folic acid and vitamin B-12. Further, mushrooms are also reported to have high medicinal attributes. A large number of mushrooms contain biological active polysaccharide protein complex having anti-tumor, immune-modulating and antioxidant properties.

Introduction

Dried fish is a staple food for various communities and considered a ‘hidden’ sub-sector within small-scale fisheries. Dried fish defined broadly as aquatic animals preserved using simple techniques such as sun-drying, salting, fermentation, and smoking that permit storage as foods at ambient temperature for extended periods without specialized packaging (Belton et al., 2022). The nutritional quality of dried fish remains intact, sometimes retains higher quality standards compared to fresh fish (Faruque et al., 2012). Fish drying is an age old practice followed for preservation of fish. Over the years, it has grown from a subsistence occupation to a full flourishing business (Sanjeev et al., 2020). This traditional method is followed for the preservation of fish especially in rural areas (Chakrabarti and Varma, 1999). Drying method is considered as the least expensive method of fish preservation (Balachandran, 2001). Dried f ish attracts greater demand during fishing ban period or lean seasons, as the fresh fish availability is relatively low (Das et al., 2013). Dry fishes are used as food and the deteriorated Dried fish business can play an important role in the national economy in multiple ways including minimizing post-harvest losses of fish providing a source of animal protein, enlarging livelihoods, utilizing idling labor into the production process and as a dish, especially for rural poor (Wickrama et al., 2021). Dry fish marketing chain begins with a farmer (dry fish producer) and concludes with the final consumer with several intermediaries in between. These marketing middlemen provide services for producing, assembling, loading, packaging and transporting dry fish, resulting in cost increase at every stage of marketing processing (Mallick et al., 2022). Dried f ish are usually low in price, easily divisible and can be stored and transported for accessibility by the poorest and most vulnerable communities throughout the year. Dried fish can therefore play a vital role in nutrition security. In India, dry fishes are widely sold at local markets and commercially important species are also exported to other countries (Immaculate et al., 2013). Dry fish are used for production of poultry/fish feed. Today, dried fish products business provide employment for millions of people, particularly women, who are the majority of the fish- drying workforce in many locations (Belton et al., 2022).

Fisheries: A glance

The fisheries sector is a complex enterprise that includes capture and culture based fisheries, including mariculture, coastal aquaculture, freshwater aquaculture, and cold-water fish culture that contribute to the country’s food, health, economy, exports, employment, and tourism. Fisheries and aquaculture continue to provide millions of people with food, nutrition, revenue, and a means of subsistence. Fish is an inexpensive and high-quality source of animal protein, making it an excellent choice for reducing hunger and malnutrition in the country. In 2020, global aquaculture production reached a new high of 122.6 million tonnes, including 87.5 million tonnes of aquatic animals valued at USD 264.8 billion. Inland aquaculture produced 54.4 million tonnes, while marine and coastal aquaculture made 68.1 million tonnes. Over time, the Indian fishing industry evolved and became a significant socioeconomic asset for the country (FAO, SOFIA, 2022) India is the world’s third-largest producer of fish and aquaculture, accounting around 16% of total inland and 5% of total marine fish production. In 2021 22. The overall marine and inland fish production in India was 162. 48 lakh tonnes, with 121.21 lakh tonnes and 41.27 lakh tonnes coming from the inland and marine sectors, respectively. The fishing industry is vital to the national economy and is a major contributor to the country’s foreign exchange gains. India’s fish production has risen from 56.56 lakh tonnes in 2000-01 to 162.48 lakh tonnes in 2021-22.The majority of fish produced is for human consumption, and this proportion is predicted to increase from 89% in the base year (2016-18) to 91% by 2028 (OECD/FAO, 2019). In 2021-22, frozen f ish, cuttlefish, and squid contributed 6%, 3%, and 5% of total marine product export value, respectively.

Introduction

Aquaculture and Fisheries remain important sources of food, nutrition, income, and livelihoods for hundreds of millions of people around the world including in India. Total fisheries and aquaculture production reached a record of 214 million tonnes in 2020, comprising 178 million tonnes of aquatic animals and 36 million tonnes of algae (FAO 2022). Global aquaculture production continued to grow amid the worldwide spread of the COVID-19 pandemic. Global aquaculture production consisted of; 87.5 million tonnes of aquatic animals predominantly used as food for human consumption; 35.1 million tonnes of seaweeds and other micro-algae for both food and non-food uses. Global consumption of aquatic foods has increased significantly. In 2019, global aquatic food consumption was estimated at 158 million tonnes and consumption increased at an average annual rate of 3.0 percent from 1961, compared with a population growth rate of 1.6 percent. In India, the total fish production during the year 20-21 is estimated at 14.73 Million Metric Tonnes (MMT) with a contribution of 11.25 MMT from the inland sector and 3.48 MMT from the marine sector. The fisheries sector contributes about 1.24% to the gross value added (GVA) and 7.28% to the agricultural GVA. In India, the changing consumer preferences, advancements in technology and income growth are the real drivers that augur well for further expansion and demand of food from aquatic origin. Against this backdrop, this sector is poised for unprecedented growth and opening various avenues of entrepreneurship.

Introduction

With the growing population of the country and the increasing requirements for f ish protein, the need for sustainable development of the post-harvest fisheries sector is now felt much more than ever before. Fish and fishery products serve as a part of a balanced diet because fish is known to be an excellent source of proteins, essential fatty acids, vitamin D, vitamin B12, and many useful trace elements such as selenium and iodine. Especially, Omega-3(n-3) fatty acids such as DHA and EPA are plenty in fish, contribute significantly for the functioning of vital organs viz heart, brain, immune and reproductive systems. Over the years the demand for fish is on the rise all over the world due to such health benefits.

The harvest and post-harvest handling, processing and distribution of fish provide livelihood for millions of people as well as provide valuable foreign exchange earnings. India’s scale, its large and growing population and its over 500 million strong labour force pose a daunting challenge to job creation. The rising population in India is also accompanied by the rise of unemployment in all the sectors. Indian economy is also being hampered due to this problem. Meanwhile, it is also not possible for any government to create job for all. Probably, the solution of this burning problem is to encourage and support entrepreneurship.

Entrepreneurship is a dynamic process of creating incremental wealth and impact, and entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services. Over the years, entrepreneurship has played a vital role in shaping the Indian economy, and it is set to play an even more important role in the future. Startups and small businesses are often more nimble and able to adapt to changing market conditions, which allows them to bring new products and services to market more quickly. The government has introduced a number of programs and initiatives aimed at promoting entrepreneurship, such as the Start-Up India program and the Pradhan Mantri Mudra Yojana.

1. Introduction

India completed its 75 years of independence in the year 2022. Government of India celebrated the country’s journey across its 75 years of independence and its magnificent achievements during that period as ‘Azadi Ka Amrit Mahotsav’. The official journey of Azadi ka Amrit Mahotsav commenced as a 75-week long countdown from 12th March 2021 up to the 75th anniversary of India’s independence on 15th August 2022 and continued for a year beyond up to 15th August 2023. The Azadi Ka Amrit Mahotsav was commemorated as a Jan-Utsav in the spirit of Jan-Bhagidari, which means, a public festival with public participation.

The Hon’ble Government of India has, through this campaign envisioned the foundation of a self-reliant India and he said, “The Azadi Ka Amrit Mahotsav means elixir of energy of independence; elixir of inspirations of the warriors of freedom struggle; elixir of new ideas and pledges; and elixir of Aatmanirbharta. Therefore, this Mahotsav is a festival of awakening of the nation; festival of fulfilling the dream of good governance; and the festival of global peace and development”1.

Azadi ka Amrit Mahotsav paved way to envisage a vision for the country, set goals and realize where the country would be in 2047, when India marks 100 years of its independence. Government of India termed the journey from 75 years to 100 years, the next 25 years, as the “Amrit Kaal,” which means a most auspicious period to start a new venture, signifying that it’s a time to make resolutions and achieve them (Sankalp se Siddhi)2.

Introduction

The Aquaculture and fisheries sector in India is a multi-disciplinary sector that provides food security, employment, economic gains, and socio-economic upliftment for those involved in fish exploitation, production, and processing. Sustainable fishing practices, improvements in fish breeding and husbandry technologies, along with the introduction of new species, have helped increase production levels through small-scale rural aquaculture, largely through governmental and non-government organizations.1Aquaculture and f isheries entrepreneurship are crucial for youth economic empowerment in India, providing and promoting sustainable development and employment opportunities within the fisheries sector. Technological advancements in aquaculture can enhance productivity, optimize resource utilization, minimize environmental impacts, and improve profitability. Aquaculture and fisheries entrepreneurship can promote environmental sustainability by adopting eco friendly practices and establishing strong market linkages. It has significant potential in rural areas where employment opportunities are limited, reducing migration and contributing to local economic growth. Government initiatives and policies that promote entrepreneurship, youth development, and sustainable fisheries are instrumental in supporting young individuals interested in aquaculture.

Fisheries and aquaculture sector is highly diverse (Figure 1) and an important source of livelihood for about 28 million fishers and fish farmers in the country. India is the 3rd largest fish producing country with about 8% of global fish production. Globally, India stands 2nd in aquaculture production and is one of the top shrimp-producing and seafood-exporting nations. The fisheries sector in India has shown a sustained annual average growth rate of 8.61% for the 8-year period from 2014–15 to 2021–22 (at constant prices). The sector has reached a record fish production of 162.48 lakh tonnes in FY 2021–22 and has immense potential for growth.

Introduction

Ornamental fishes have been recognized as the important avenue for the income and employment generation in the country. The economic activities of ornamental fish culture involve a complete chain of the entrepreneurs and enterprises i.e. fish collectors from natural water bodies, local traders, exporters, manufacturers of the aquarium, fish breeders, ornamental fish farmers, vendors etc. With the increase in income and urbanization, the habit of keeping ornamental fishes has been increasing at rapid pace. However, there are no consitenet markets for Indian ornamental fish and a regular fluctuation with respect to destinations is reported since the geographical spread of the markets has exhibited an ever changing hue. The top markets of ornamental f ish from India are Singapore, USA, Hong Kong, Malaysia and Japan, which jointly accounted for about 70% of total India ornamental fish export. Amongst them Singapore alone accounts for almost 43% of total export in ornamental f ishes followed by Japan (14%) and Malaysia (10%). USA and Hong Kong both accounted for 7.5% each. However, contribution of India in world market is negligible. In India, the main objectives of ornamental fisheries are employment generation, women empowerment and earning foreign exchange. Keeping the imense potential of ornamental fish trade in mind the sector is identified as one of the thrust areas for development to augment exports in the country. To prosper any trade there are three pre-requisites called sustainability, quality and quantity.Potential natural resources of indigenous ornamental f ish of high value in the country has greatly contributed in development of ornamental fish industry.It provides enhanced cash income and thus provides better living standards for those involved in the trade. About 400 species of marine ornamental fish and 375 freshwater ornamental varities are available in varoius parts of our country. The domestic trade of ornamental fish is mainly dominated by production and marketing of low value ornamental fish like Gold fish, Koi carp, Sharks, Gourami, Angels, Barbs, Live bearers etc. The retail prices for these fishes vary around INR 15-50 each. The sustainable growth in this segment is possible through captive breeding to ensure a constant supply of hatchery-bred young ones to the global markets round the year. Breeding and culture of ornamental fish can be a promising alternative livelihood for women and unemplyed youth. The key factors for success in commercialization of ornamental fish farming are cluster/group approach in farming with wide species variability, production scale, and quality. The price competitiveness is limiting the middlemen to possible extent in the marketing and overcoming the supply or delivery limitations. Recognizing the potential and possibilities, Government of India has envisaged a program to unlock the country’s ornamental fisheries sector through implementing different activities in this sector. Implementation of Ornamental Fisheries on pilot basis, in its scope and reach, focuses mainly on creating an enabling environment for a sustainable and holistic development and management of ornamental fisheries for the socio-economic benefit & development of ornamental fisheries in India. Thrust areas have been identified for enhancing ornamental fish production through farming and conservation of natural resources through habitat restoration and creating mass awareness amongst the stakeholders.

Introduction

From a scientific perspective, weeds are plants that grow in locations and times when we desire to cultivate other plants or no plants at all. Weeds are uninvited, rapidly spreading, competitive and environmentally detrimental vegetation that can be found in both cultivable and non-cultivable lands. Globally, approximately 30,000 plant species have been classified as weeds, out of which 18,000 pose significant threats to crop productivity, leading to substantial losses. Among the different factors causing crop productivity losses, weeds are a major biotic constraint and account for 33%.

Introduction

The development of ornamental fish and aquarium industry in India could be divided into three phases i.e., pre-juvenile, juvenile and post juvenile phase. The period, since independence till the beginning of the 21st century was the pre-juvenile phase of ornamental fish and aquarium industry. It was characterised by few numbers of aquarium shops mainly in metro and major cities of the country, availability of limited varieties of fish and aquarium products, high cost of products, very few number of hobbyists and lack of any institutional support. The ornamental fish and aquarium industry during this period had developed because of the individual efforts of ornamental f ish producers and aquarium traders. The total value of domestic aquarium trade was Rs. 55 crores, the export of ornamental fish from country was Rs. 1.74 crores (US$ 0.40 million) during 1999-2000 and aquarium keeping was known to be the hobby of rich only.

The span of juvenile phase was from the beginning of the 21st century to the year 2019-20. The hobby of aquarium keeping grew significantly during this period as about 1.25% of the urban house-hold were estimated to keep an aquarium at home or workplace. It was because availability of aquarium and aquarium accessories increased in the domestic market due to entry of Chinese products, the cost of fish and aquarium products reduced, the number of aquarium shops increased with existence even up to small cities and most importantly the availability of institutional support. The Marine Products Export Development Authority (MPEDA), Ministry of Commerce and Industry, Government of India, started providing financial assistance from 2006-07 to beneficiaries to set up ornamental fish production units. The schemes of MPEDA initially covered the coastal states of Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal and later inland states of Himachal Pradesh, Madhya Pradesh, and Rajasthan. A total of 579 ornamental fish production units of different grades were established in all these states but the scheme was closed in the year 2014 15. It was followed by another pilot project implemented by National Fisheries Development Board (NFDB), Ministry of Fisheries, Animal husbandry and Dairying, Government of India (GOI) with a proposed investment of Rs. 61.98 crores. It covered six coastal states namely Gujarat, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal, an inland state Bihar and one hilly state of Assam from north-east. The total value of domestic aquarium trade was about Rs. 555 crores during 2019-20 and the export of ornamental fish from country was Rs. 10.84 crores. The aquarium keeping was known to be the hobby of common man now.

Introduction

Coconut palm (Cocos nucifera L.), a perennial horticultural crop, is a symbol of national and international integration involving more than 93 producing countries and more than 140 consuming countries. It is eulogised as ‘Kalpavriksha’- the ‘tree of heaven’ as each and every part of the palm is useful to mankind in one way or other. There are countless uses of this coconut palm. It is bestowed with multiple benefits like health, wealth and shelter to mankind. It is also denoted as “heavenly tree”, “tree of abundance” and “nature’s supermarket”. India is the largest producer of coconut followed by Indonesia and Philippines. In India, Tamil Nadu ranks first in production followed by Karnataka, Kerala and Andhra Pradesh. These states account for more than 90 per cent of the area and production of coconut in India. However, it is also cultivated with varying success in other states like Assam, Goa, Gujarat, Maharashtra, Nagaland, Orissa, Tripura, West Bengal, Andaman and Nicobar Islands, Lakshadweep and Puducherry.

The total milk production in the country for the year 2013-14 has been estimated at 126 million metric tonnes and the demand is expected to be 180 million tonnes by 2020. To achieve this demand annual growth rate in milk production has to be increased from the present 2.5 % to 5%. Thus, there is a tremendous scope/potential for increasing the milk production through profitable dairy farming.

a. Requirements of project report for setting up dairy units

Project report can be prepared by a beneficiary after consulting local technical persons of State Animal Husbandry Department, DRDA, Dairy Co-operative Society / Union / Federation / commercial dairy farmers.

Schemes and projects are functioning in our country for promotion of entrepreneurship development among rural youth, women and would-be entrepreneurs. Agri-Clinics and Agri-Business Centres (ACABC) central sector scheme jointly managed and implemented by National Institute of Agricultural Extension Management (MANAGE) and National Bank for Agriculture and Rural Development (NABARD), Atal Incubation Centre (AIC) supported by NITI Aayog, Rural Self Employment training Institute (RSETI) managed by Banks with active co-operation from the Government of India and State Government in the line of RUDSETI (Rural Development and Self Employment Training Institute), Rural Technology Park (RTP) of NIRD, MUDRA Bank established under Pradhan Mantri MUDRA Yojana (PMMY), Agriculture Skill Council of India (ASCI), Rural Livelihood programs under ASPIRE Scheme of Ministry of Micro, Small and Medium Enterprises etc. are some support schemes and institutions for entrepreneurship development in India. Her are the some of the entrepreneurship Development Programmes and Schemes:
1. PM VIshwakarma Kaushal Samman (PM VIKAS)
• Launched on 1Feb, 2023
• To empower traditional artisans and craftspeople by integrating them with the MSME value chain, financial support, access to latest technology.
2. Self-Reliant India (SRI) Fund
• Launched on 2020
• Launched under: Atma Nirbhar Package
• Fund: Rs.10, 000 cr
• Objective: objective of supporting Venture Capital (VC) / Private Equity (PE) firms to invest in the MSME segment

Introduction

In recent past, ‘entrepreneurship’ has been a buzz word in Indian livestock business sector. It literally means ‘turning innovations into incomes’. As a whole, livestock is a fast growing sector in Indian agricultural economy, growing at an annual rate of approximately 4.5%. This has opened avenues for commercialization of more and more technologies involving livestock health and production. According to a recent estimate by FAO (2009), meat sector in India is also growing at a rate of 4.5% per annum over last decade and pigs, contributing about 8.2% of country’s total meat production, have a tremendous role to play in the face of globalization, strict WTO regulations and emerging IPR issues. The ‘knowledge economy’ is coming to play an important role in such situation, meaning, much wider application of livestock technologies in livestock business.

Introduction

Cashew (Anacardium occidentale) is valued as one of the most important commercial horticultural crops in India, belonging to the family Anacardiaceae and widely grown in tropical areas. The name Anacardium refers to the shape of the fruit, which looks like an inverted heart (ana means “upwards” and - cardium means “heart”). It is native to Brazil, introduced to India by Portuguese for afforestation and soil conservation and now grown widely in the traditional and non-traditional regions of our country. Cashew is well adapted to warm humid climatic conditions. It is restricted to altitudes below 700 m, where temperature does not fall below 20°C for prolonged periods.

India is the second largest producer, processor as well as consumer of cashew. Yet, nearly 50% of the requirement of cashew processing industries is met through import. As against the processing requirement of approximately 20 lakh MT per annum, the domestic production of raw cashew nut is only about 9 lakh MT per annum. Major cashew producing states in India are Maharashtra, Andhra Pradesh, Orissa, Kerala, Karnataka, Tamil Nadu, Goa, West Bengal and interior tracts of Chasttisgarh, A & N islands, Gujarat, Jharkand and North Eastern regions. Though, there is limited scope for expansion of cashew producing area there is scope to increase income through cashew based commercial enterprises.

Introduction

Fish is a source of valuable animal protein and is considered a health food. This has resulted in increased consumer demand. Fish is now more expensive than meat and other animal foods. Being a highly perishable commodity, fish require immediate processing and various options are available for the value addition of fish. Fish processing, particularly seafood processing and marketing have become highly complex and competitive and exporters are trying to process more value added products to increase their profitability. Value can be added to fish and fishery products according to the requirements of different markets. These products range from live fish and shellfish to ready to serve convenience products. In general, value added food products are raw or pre-processed commodities whose value has been increased through the addition of ingredients or processes that make them more attractive to the buyer and/or more readily usable by the consumer.

Entrepreneur

The word “Entrepreneur” is derived from the French verb ?Entreprendre?. It means ?to begin something? or ?to undertake?. In the early 16th century the Frenchmen who organized and led military expeditions were referred as ?Entrepreneurs?. In the early 18th century French economist Richard Cantillon used the term entrepreneur to business. Since that time the word entrepreneur means one who takes the risk of starting a new organization or introducing a new idea, product or service to society. An entrepreneur is a person who starts an enterprise. He has right to own his business and to make a profit. Some economist says that entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur?s role as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. Different researchers have elaborated qualities of Entrepreneurs. Schumpeter said that entrepreneurs are innovators who use a process of creative destruction of the established ways of creating/doing existing products and services, to set up new products, new services. David McClelland proposed that an entrepreneur is a person with a high need for achievement. He is energetic and a moderate risk taker. Peter Drucker said that an entrepreneur searches for change, responds to it and exploits change as an opportunity. In the words of Albert Shapero, Entrepreneurs take initiative, accept risk of failure and have an internal locus of control. Entrepreneurship as explained by various scholars laid emphasis on a wide spectrum of activities such as self employment of any sort, creation of organizations and innovation.

Entrepreneurship

Entrepreneurship is an activity which helps the entrepreneur to bring changes in the process of production, innovation in production, new usage of materials, creator of market etc. It is a mental attitude to foresee risk and uncertainty with a view to achieve certain strong motives.
The word entrepreneur derived from French verb ‘Enterprendre’ means “to undertake”.

An entrepreneur should have “creative and innovative ideas”. It refers to successful business men who strive hard not only for gain himself in his economic activities but also to grow in all spheres of life.

According to Joseph A. Schumpeter: Entrepreneur is one who innovates, raises money, assembles inputs, chooses managers and sets the commercial organizations going with his ability to identify them and opportunities which others are not able to identify and is able to fulfil such economic opportunities.