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Entrepreneurship is the vital tools for socio-economic progress of every economy of the world. Entrepreneurship is crucial for economic development. Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify competition, and may even increase the productivity through technological change. Entrepreneurship will thus translate directly into high levels of economic growth. However, the reality is more complicated. As the failure rate of the entrepreneur’s new venture is very high. The new venture that the entrepreneurs establish is subject to the careful exploration and plan as the nature of new venture creation is more complex than expected.