Innovative entrepreneurship: a gateway to economic development supervisor

An entrepreneur is a person who starts a new business venture by taking various financial and other related risks for earning higher profits. Entrepreneurship is a systematic process which involves various activities that are done for establishing a new enterprise to earn higher returns and continuously diversify from the new opportunities available. It is affected by various external and internal factors. This paper provides an overview of the interrelation of innovative entrepreneurship and economic development. It is mandatory for the entrepreneurs to be innovative in the way they operate their business as it is not only necessary for the success of the business but has also become the need of the hour in such a competitive environment of Globalization. Innovative entrepreneurship is affected by several factors and creates a multiplier effect thereby leading to the growth of the nation in economic terms. Finally the contribution of different Indian innovative entrepreneurs in the economic development of the country and different challenges that are faced by them have been discussed.