Book excerpt: 1.1 Introduction: The entrepreneurs of the small industry have a prominent role in a developing economy, as the success of these industrial enterprises depends largely upon the capabilities and the talents of the entrepreneurs and there by promotes the industrialization process. To make the small scale industry more dynamic in accelerating industrial development for facilitating larger employment generation and output expansion, there is an imperative need to promote the entrepreneurial talents as inadequate supply of entrepreneurs, constrains the process of rapid industrialization and that of sustaining the economic development. Industrialization has been considered as one of the strategies for accelerating the process of economic development particularly in the developing countries, and this in turn depends on the availability of a large number of innovative and dynamic entrepreneurs and it is necessary to promote the entrepreneurial base in the economy through expansion and diversification of the entrepreneurial talents since they generate employment opportunities and thereby reduce the regional imbalances and the concentration of economic power.