Entrepreneurship refers to the process of identifying a business opportunity, developing an innovative idea, organizing resources, taking calculated risks and creating a new business venture with the objective of earning profit and generating value. An entrepreneur is a person who combines factors of production such as land, labour, capital and technology and converts an idea or opportunity into a productive enterprise. Entrepreneurship involves innovation, initiative, decision-making, risk-bearing and the ability to respond to changing market conditions. It is not limited to starting a business; it also includes introducing new products, improving production methods, entering new markets and developing innovative business models. Entrepreneurship development means the process of developing entrepreneurial abilities, knowledge, skills, attitudes and competencies among individuals so that they can successfully establish and manage enterprises. Entrepreneurship development is particularly important for India because the country has a large population, a significant young workforce and considerable potential for new businesses. The creation of adequate employment opportunities is one of the major needs of the Indian economy. Government and private organizations alone cannot provide employment to the entire growing workforce. Entrepreneurship encourages self-employment and creates additional employment opportunities for others. Another important need is the utilization of local resources. India has abundant natural resources, traditional skills, agricultural products and human talent. Entrepreneurs can convert these