Dynamics of Industrial Entrepreneurship in Punjab and Haryana

Abstract

Industrialisation holds the key to the rapid economic development of a developing economy. Developing countries rely heavily on this to cope with the problems of poverty, insecurity and over-population. The key factor in the industrialisation process is the entrepreneur. Developing countries lack not the resources but required skills to transform those resources into useful enterprise. Entrepreneurship has been the main force behind the fast economic development of the advanced countries. In the present era it is being realised that Entrepreneurship leads to industrial development of a country in several ways, viz., harnessing the various resources, meeting the risks, innovating and adopting the techniques of production to reduce the cost and increase its quality and quantity and expanding the horizons of the market. The rapid industrial development of a country crucially depends upon the role and abilities of entrepreneurs. Role of entrepreneurship is the result of several factors such as, personal attributes of the entrepreneurs and their socio-economic background, business environment and government support, etc. Entrepreneurship role, thus, depends upon (i) Competencies of the entrepreneurs; (ii) Institutional support Policy support however, has been quite favourable to the development of small business entrepreneurship. However, the development of entrepreneurship In Punjab & Haryana has been quantitative and qualitative. Punjab & Haryana have witnessed a fast rate of industrial growth during the last four decades. The state has plenty of small-scale entrepreneurs but there are a few persons who have medium and large scale sector. The entrepreneurs have outperformed their counterparts in developed regions in risk-meeting capacity and other skills. Whatever, the two states have been able to achieve is mainly due to the efforts of its entrepreneurs. It is the unique feature of industrialisation which was responsible for the choice of Punjab & Haryana State for the present study. The pattern of entrepreneurship of Punjab & Haryana has lessons for the development of other regions. So it is of interest to study the entrepreneurial efforts in Punjab & Haryana and the factors which have contributed to their success. There are many factors which generally affect the growth of entrepreneurship. These may include previous occupation and family background, caste, education, technical know-how, financial position, government help and personality of entrepreneurs etc.