The entrepreneur is someone who is creative an innovative and involves himself with the economic growth of the society, and tries to find solutions to the problems faced by the general public producing goods and services that can meet the need of the people. Entrepreneurship is important because it Spurs the growth and development of any society given it the direction that it deserves.
There are many reasons why entrepreneurship is important. For one, entrepreneurship creates jobs. It has been estimated that for every new business that is created, approximately six new jobs are created as well. This is important because it helps to reduce unemployment and underemployment.
In addition, entrepreneurship is important because it helps to stimulate economic growth. When new businesses are created, they often times create new products or services which can lead to increased economic activity and growth. Lastly, entrepreneurship is important because it can help to improve the standard of living for a society as a whole. When new businesses are created, they often lead to new innovations and higher quality products and services which can help to improve the overall standard of living for everyone.
Why is entrepreneurship an important component of economic development:
- Entrepreneurship increase economic growth and development
- Entrepreneurship brings innovation
- Entrepreneurship encourage social activities
- Entrepreneurship brings about research and development for the economy
- Entrepreneurship gives support to existing and new entrepreneurs
- Entrepreneurship increase small and medium enterprises.
ENTREPRENEURSHIP increase economic growth and development:
The activities of enterprenuers brings about buying and selling of goods and services in the economy, increasing the flow of money from one person to another encouraging economic growth and development, reducing poverty for household and increases the standard of living of the mases that are in the nation.
Entreprenuership brings innovation:
Innovation about new ideas and products are driven by enterprenuership, bringing the latest trend of economic activities, finding solutions to the current challenges face by individuals and potential customers. To be innovative you need to be creative in all what you do in the business world.
Entreprenuership encourage social activities:
Entreprenuers provide provide that encourage society activities such as entertainment,sport,music festival, cannivals etc. This social activities inturn support the growth of the economy, because when this activities are carried out buyers and sellers advitises their products for people to buy, revenue is also generated to the government purse through tax by the appropriate authorities.
Entreprenuership brings about research development:
As entreprenuers plan to venture to a business they usually embark on research so as to know the pros and cons of the business they are planning to go into. This encourage the research and development practice for the overall benefits of the economy,in the process of this new ideas are derive to improve the growth of the society.
Entreprenuership give support to new ideas:
Support are usually given to new entreprenuers who have a business plan to invest and boost the idea,this support comes in forms of grants,loan and soft loan , provision of technical know how, equipment and other logistics. Entreprenuership provide the platform were by the banking industry and cooperative societies support people to achieve their business goals.
Entreprenuership increase small and medium enterprises:
More businesses will spring up because of entreprenuership and the level of unemployment will be reduce drastically, small and medium enterprises has been be proven to be an effective way to grow the economy and move the country out of depression and reduce inflation and also increase the total gross domestic product of the nation.
Why entrepreneurship is important for students:
- Entrepreneurship increase students innovation and creativity
- Enterprenuership provide jobs for students
- Entrepreneurship create community development for students
- Entrepreneurship encourage economic inclusion
- It increase human resources development.
Entreprenuership increase students innovation and creativity:
It provide the room for students to be innovative and creative through critical thinking and research. Students are provided with the necessary equipment and platform to support their ideas so as to increase the level of innovation and creativity by the students.
Entreprenuership provide jobs for the students:
Job opportunities are provided to students as the study in their various institutions. This allow them to be independent and also support the community through community development services even around the school environment. This jobs can go a long way in sustaining the student even after graduating from college.
Entreprenuership encourage social inclusion:
Entreprenuership gives room for both men and women equal opportunity as long as you are determine to succeed and also dedicated to what you have passion in doing.
Activities of entreprenuership takes everybody along as it is seen as a catalyst for economic growth and development, this is also a reason why entreprenuership is important.
Entreprenuership develop human resources:
The human resources of a country is the total work force of the nation, this labour are provided by individuals who are entreprenuers who are dedicated to their businesses, they engage in the production of goods and services to meet up with the increasing demand of workers in various industries and development institutions.
Why are entrepreneurs are important and regard as the engine of economic growth:
- Entrepreneurs contribute to national income growth
- They incresae the labour force of the economy
- Reduces unemployment
- Entrepreneurs contribute to the to revenue of the nation
- Entrepreneurs are agent of reducing economic depression.
Entreprenuers contribute to national income growth:
The gross domestic product of the country aslo include the economic activities of entreprenuers in the nation contributing to the growth of the total national income generated for that country. Their contribution come intrems of taxes, and registration of their businesses with the co operate affairs commission that are saddle with the responsibility of registration of such business. The growth of the businesses of entreprenuers will increase the total national income.
They increase the labour force of the economy:
They increase the number of employed individuals in the economy inturn reducing the level of unemployed youth roaming the street in search for jobs and their daily bread. Such young individuals need government support to engage in something meaningful so as to help themselves and their love ones,most of this youth are full of ideas but lack the financial backup to trive and established their own businesses.
Entreprenuers reduce unemployment:
Those entreprenuers who are already established and their businesses are doing well in the economy, also employ other young people like them in the organization. For example if ten entreprenuers employ ten individuals each this means a total of hundred youth will have something doing to support themselves and can also grow to own their own enterprise,increasing the number of employed people Wich will reduce unemployment in the economy of the nation
Entreprenuers contribute to the revenue of the government:
The payment of taxes by business owners and entreprenuers give government finances to engage in the provision of social amenities, and facities that will encourage business activities in the economy.
Entreprenuers are agent of reducing economy depression:
When entreprenuers establishes new business it coaching the effects of depression in the economy, such established enterprises provide opportunities for new product and service in the economy of a country. They supply of money and the cash flow in the society will be effective because of those economic activities which will reduce the depression in the faced in the economy.
Also read:
In conclusion why entreprenuership is important is because it provide opportunities for individuals to be independent, self sufficient and not rely on government to provide jobs for them, also becoming employers of labour in the economy.
Post a Comment