Why entrepreneur are important for the economy

BAC IT Company

Importance of entrepreneurship on economic development is immense as contribution of entrepreneurship to the economy is manifold. Whenever someone comes up with a new idea there germinates the prospects of entrepreneurship. Though there had been several obstacles for setting up an entrepreneurial project, people could not put up courage to set up new business as it involves several risk factors, the Government and other social organisations have acceded to the need of entrepreneurship development and have come forward with several beneficial programmes to multiply impact of entrepreneurship on the economy.

Factors those account for importance of entrepreneurship on the economy are as follows:

Innovative ideas and divergent thinking: Innovation is the genesis of most entrepreneurial projects, it encourages divergent thinking and here lies importance of entrepreneurship to the individual development. When entrepreneurs bring forth new ideas which either modify a convention or exhibit a novelty, they optimistically work to materialise a landscape where holistic development bring about unfaltering contribution of entrepreneurship to the economy . Start-ups come forward with innovations which have potential to change business dynamics. Entrepreneurship development creates platform to transform ideas into reality.

Contribution to economy: Entrepreneurship development involves investment of capital and mobilization of public wealth. Entrepreneurs spread business globally and earn foreign currency which in turn boosts the economy. Impact of entrepreneurship on the economy can be well discerned in its contribution to employment generation and socio-economic development at larger scale. It also allows wealth creation and its rotation. For instance, a few decades ago entrepreneurial initiatives in IT sectors have brought in fruitful results. Such plethora of success have encouraged in diversifying capital from stereotypes to new spheres of business. In contemporary scenario capital investment in IT and ITES business is responsible for earning foreign exchange at large scale; such other initiatives have accounted for augmenting the purchasing power of a section of the society; undoubtedly it is one of the veritable contributions of entrepreneurship to the economy. Besides, a country’s internal production counts on entrepreneurial initiatives. It is hoped that manufacturing sector should catch up with import with help of entrepreneurial projects where there is a gap between internal production and demand. [Credit: Website Development Service in Jaipur]

Employment generation: Transcendence from a job seeker to an employer is only possible for an entrepreneur. Entrepreneurship development accounts for reducing the total number of job seekers and increasing the number of prospective recruiters. Importance of entrepreneurship to an individual not only encourages him or her to gather adequate knowledge and skill to start his or her own business but also to train a community which can contribute in his business development and production. Thus, economic growth is stimulated with employment generation which in turn increases the GDP and per capita income. Entrepreneurs often come up with or invest in advance technology which the youth of a country learns for employment and contributes to qualitative development of the total workforce. In fact, the population is often exposed to better methods and opportunity only through entrepreneurial projects. These efforts cumulatively pave way for contribution of entrepreneurship to the economy.

Socio-economic development: Entrepreneurship development spurs socio-economic development of a region. Motives of social and infrastructural development of a region run parallel to importance of entrepreneurship on economic development. Businesses set up in rural regions initiate construction of roads, hospitals, schools and other necessary amenities in the region. Local youth is allowed to take up vocations. Impact of entrepreneurship development on economy is further strengthened by introduction of better technology and methods of living. It often pioneers in inclusion of automation in conventional sectors. People are exposed to less strenuous methods of work. They get at more security at workplaces. For instance, several smart phone application development start-ups have produced credible results where risks and hazards affecting daily life have fallen through.

BAC IT Company

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