Entrepreneurship is the process of becoming an entrepreneur who can design, launch and run a new business which can be a small business. Entrepreneurship is also defined as the willingness and capacity to develop, organize and manage a business venture along with taking any of its risk involved in it to make a Profit.
Entrepreneurs acts as the owner or manager of a business enterprise who can take risks and initiative to make profits. They also identify a business opportunity and deploys the required human resources for its exploitation.
These exploitations of entrepreneurial opportunities include
- Developing a business plan
- Providing leadership
- Be responsible for both the business venture’s success or failure
- Hiring of the Right human resources
- Taking risks involved it in
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Lets looks at the top 7 ways how Entrepreneurship help in driving any Country’s economic development
#1 Providing Employment opportunities to the people
Entrepreneurs create new businesses, and which required to hire employees for their businesses so they create jobs which can enhance the economic opportunities uplift and support communities by increasing the quality of life and overall standard of living.
#2 Addressing environmental challenges that people face
Innovation is crucial for enormous environmental challenges that we face today which are combating climate change, lowering of the global greenhouse gas emissions and preserving of the diversity in the biological environment. Imagine without power supply and water supply for extended periods of time we cannot live our life and commerce comes to halt. Accessing and applying to these innovations such as irrigation, electricity, and urban infrastructure increases the productivity and enhances economic development.
#3 New technologies promote productivity and efficiency
Economic growth is the ability to turn ideas into new products and services that people need for their survival and prosperity for any developed country. Time periods of rapid innovations have been accompanied historically by the periods of strong economic growth. So in this Contrast the impetus of innovation is the greatest resource of all the human minds, As creation of the innovative products and services requires an educated population and having an environment where collaborative work can take place.
#4 Investing in Products and services which people need
The Entrepreneurs provides new business opportunities and individuals can take advantage of the products and services involved in these businesses. So launching of new enterprises in response to market needs are the key factors to boost the economic growth of any country. They also enable people to access goods and services that they require in order to be productive.
#5 Innovation impacts Social economic objectives
Every country should be aware of the inefficiencies and non-competitive practices in various sectors like health care, political issues, entertainment industry etc. We should take actions against wasting billions of dollars on these sectors which are not efficient and fulfil the needs of every individual financially. Innovation in agriculture and education sectors are relevant for addressing socioeconomic challenges and economic growth of the country. Hopefully new ideas and better technologies and innovations improve the Social economic problems in the future resulting in better quality of living.
#6 Commerce and regional economic integration for trade
Innovation and technology have made it possible for small and large businesses to expand into regional and global markets. These new businesses export goods and services to the nearby areas and regions which leads to increase in the revenue, productivity and earnings. The increase in revenue and productivity strengthens an economy and promotes the overall welfare of the country’s population. Engaging in the international and regional trade promotes investment in the regional infrastructure and transportation which increases the economic growth of any country.
#7 Competition results in better innovation and technology
Entrepreneurship plays a key role in developing new start up companies and growing businesses that becomes the principal source of the job creation and better innovative activities for the country economic growth which generally result in the rising standard of living for all countries.