Importance of entrepreneurship to a economy

[KIP254]

1. Job creation - entrepreneurs create jobs for themselves and others, thus reducing the problem of unemployment in the country.
2. Promotion of entrepreneurial culture - entrepreneurial culture is an environment that prepares the community to take advantage of available business opportunities in the society. Entrepreneurs employ people these workers acquire skills such as management, baking, carpentry and marketing which benefit them later in life.
3. Promotion of technology - involves development of new and innovative ideas.
4. Creates market for goods e.g for produced locally goods.
5. Formation of capital for the economy by paying salaries and wages to the employees.
6. Contributes towards equitable distribution of resources.
7. Saves on imports in that entrepreneurs produce goods and services that are used by local people which reduces importation.
8. Improving people's standards of living by employment and able to acquire various goods and services produced by entrepreneurs.
9. Encourages the use of local resources.

 

[TOZZIBLINKZ]

1: innovation
2: creation of job opportunities
3: consequence of business failure
4: enhances the standard of living
5: promoting research and development
6: political and economic integration of outsiders
7: impact on community development
8: growth of enterpreneurship
These are some of the important of entrepreneurship in economy.

 

[Alexandoy]

I agree with the first point that entrepreneurship creates employment. The entrepreneur himself gets a job from his business so that is already minus 1 person unemployed. What's good in having a business is the help in the economy that it creates. The entrepreneur pays taxes and even his workers also pay taxes. It is a boost to the national economy.

 

[Samuel72]

The main importance of entrepreneurship to the economy first it provide jobs of opportunity for people, this is because when anyone opened a business he or she must employ workers in this business. Secondly it helps the economic of the country to grow more, thirdly it makes the country more developed