Economic development is the main priority for any country. Economic development means a process of upward change that is whereby the real per capita income of a country increases over a period of time. To accelerate the economic development we have to use the entrepreneurship as a tool. The most industrially developed countries like USA, Germany, and Japan are the evidence that an economy is an effect for which entrepreneurship is the cause. In fact, the entrepreneurs play an important role in contributing for the development of an economy of a nation. It is all the more in a developing world where there are ample opportunities for innovations to exploit the available resources and initiate entrepreneurial ventures. A country might remain backward not because of lack of resources or dearth of capital (as it is many times believed) but because of lack of entrepreneurial talents or talent existing in that society.