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Importance Of Entrepreneurship

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THE IMPORTANCE OF ENTREPRENEURSHIP IN THE DEVELOPMENT AND GROWTH OF THE COUNTRY
 The role of entrepreneurship in the economic development creates a lot of employment opportunities, thus reducing unemployment.
 It promotes capital formation. Entrepreneurs promote capital formation by mobilizing the idle savings of public.
 Reduces concentration of economic power. Economic power is the natural outcome of industrial and business activity.
 Promotes evenly distributed regional development.
 Stimulate wealth creation and distribution, thus all leads to increasing Gross National Product and per capita income. Entrepreneurs are always on the look for opportunities.
 This all leads to improvement in the standard of living.
 It promotes the country’s export trade.
 It courses backward and forward linkages and facilitates overall development.
ENTREPRENEURSHIP ADDS TO NATIONAL INCOME
 New and improve ideas, products or technologies from entrepreneurs enable new markets to be developed and new wealth created.
ENTREPRENEURS CREATES SOCIAL CHANGE
 Through their innovative ideas of new goods and services, they break away from the tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies.
ENTREPRENEURS PROMOTE COMMUNITY DEVELOPMENT
 Entrepreneurs regularly check for other like-minded individuals. They also invest in community projects and provide financial support to local authorities.

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