Our basic stance in this paper is to treat entrepreneurship as a process which flourishes when the interlinked dimensions of individual entrepreneurial traits, societal encouragement, and business opportunities convene to a common goal. From the process perspective, one does not become an entrepreneur by the mere act of starting or owning an enterprise. More important is the nature, degree and extent of innovations that the entrepreneur introduces and that too on a continuous basis.Those individuals, especially in family businesses, who on inheritance fail to add value lo their output in terms of productivity increases through market-place innovations, would not qualify as entrepreneurs.