Abstract:
Gujarat enjoys the position of one of the industrially advanced states in India, second only to Maharashtra in terms of economic development. It's contribution to the manufacturing sector of the economy is higher than the national average. The private sector that has been the backbone of the industrial development of the state and entrepreneurial initiative the prime motivational force behind the quick paced industrial progress achieved by the state. The fabric of industrial environment in Gujarat consists of a multitude of such entrepreneurs who according to Bema (1960)[4], are the 'humbler' entrepreneurs as compared to the 'Schumpeterian innovators' but nevertheless a formidable presence in terms of their contributions to the overall economic development of the region. This makes it imperative to understand the behaviour and the socio-economic background under which these dynamic entrepreneurs operate. Economic theory is resplendent with discussions as to who the entrepreneur is. However, less attention has been grasped by what the entrepreneur does. This study attempts to examine the crucial decisions and choices effected by the entrepreneur of small/medium size factory units.
