Role And Importance Of Entrepreneurship

 Entrepreneurship is not only beneficial for the entrepreneur but also for the growth in economy.Following are some roles which entrepreneurship plays in the development of a country's economy :-  

📜 Helps In Wealth Creation 

Entrepreneurship has proven itself to be beneficial for the society in the terms of wealth creation for the entrepreneur and the people involved . As a result, the economy of the local area improves and develops.

📜 Adds To National Income 

New and improved products , services and technology from the entrepreneurs enable to create new market and create new wealth adding to National Income 

📜 Creates Employment Opportunities

Entrepreneurs are not job seekers but job creators . They facilitate new business opportunities of employment for the people.

📜 Creates Social Change

Through their unique offering services they break away from tradition and indirectly help in reducing dependence on obsolete systems and technologies. This results in improved quality of life and greater economic freedom.

📜 Community Development

 Entrepreneurs also invest in community projects and provide financial support to local charities. Famous entrepreneurs like Bill Gates, Shiv Nadar, G.M. Rao, Ratan Tata, and others have used their money to finance good causes, such as education and public wealth.

📜The Role Of Government 

Government Regulations play a significant role in promoting entrepreneurship. A government regulated balanced approach to nurturing entrepreneurship can result in a positive impact on the economy

EXAMPLE »

Water-Scarce Region

The Water Supply in a water scarce region might force people to keep away from their work in order to collect water. This will impact their income . Now, imagine an invention of a low-cost , flow based pump that can fill their water containers automatically! This type of innovation will enable people to focus on their jobs .More time devoted to work leads to increased economic growth.