Abstract

Entrepreneurship is the risk taking by innovators called entrepreneurs in an economy. Typically, entrepreneurship involves the creation of new products, new ways to produce products, or new businesses. Innovation is the intrinsic characteristic of every developed nation. Innovation fuels a nation’s growth, and a highly innovative country has the potential to reach pinnacle of prosperity.  The actions of entrepreneurs are so valuable to the operation of a dynamic, changing economy that some economists consider entrepreneurship to be a fourth factor of production joining natural, human, and capital resources. This paper focuses on the importance of innovation in entrepreneurship development as it is only innovation, which made the products and services better from the others. This paper clearly depicts the current role of innovation in entrepreneurship development. It also highlights how these innovations can lead to economic growth of our country.

Key words: Entrepreneurship in India, growth of Indian economy, innovation in business.