1. Small scale enterprises:Entrepreneur as innovater: Small scale enterprises include those businessunits which are of small size kess capital and machinery investment, generally managed by its owner in a personalised manner until it grows to a certain level at which assisted certain managers may be added, without sharing in decision making, with its owner at a single risk bearer an claimer of the whole profits. Such enterprises serve a local or regional market rather than a national and international market.
2. Economic development: Economic development essentially means a process of upward change whereby the real per capital income of the country increased over a long period of time through growth and development of business enterprises. It involves initiating and constituting changes in the structure of business and society. These changes are accompanied by growth and increased output, which allows more wealth to be divided by various departments. Innovations play key role in the economic developnent. The economic history of the present developed countries like USA, Russia and Japan, as well as developing countries like India tends to support the fact that economy is the effect and entrepreneurship is the cause.
3. Generation of employment opportunities: Growing unemployment especially in qualified or educated youths is a teasing problem in many countries. The available employment opportunities cater to only a meagre part of the unemployed lot. A more explicit case for encouraging entrpreneurship lies in its employment creation potential. If hundred persons become entrepreneur and form new enterprises, they not only create 10 jobs for themselves but also provide employment to many more individuals, and to still more when their enterprises grow and develop.
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