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Role Of Entrepreneurship In Economic Development Of A Country
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Discussing the role of business in economic development, this article acknowledges that businessmen play a vital role in the success of a country. Their skills, knowledge, and efforts are essential in providing the goods and services that people need. By creating new businesses, entrepreneurs not only provide services but also stimulate competition and can also have positive effects through technological change. Therefore, the high performance of the market means a high level of economic development in the country. The contribution of entrepreneurs to the economy is important, because their business is important for the overall development of people, and people cannot do without them. Therefore, entrepreneurs are important for the development of the country’s economy.
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Funds that entrepreneurs need to invest in business needs. Business success will depend on participation. All businesses will sell products and services that people want. Their money will make life better for people. Many goods and services will be lost. According to these rules, entrepreneurs create new businesses based on the needs and wants of the market. That is, there is an opportunity to provide goods or services that do not currently exist, or are available. Economists refer to entrepreneurs as “opportunistic” entrepreneurs to distinguish these people from those who start a business because there is no one-size-fits-all approach. Therefore, the so-called “opportunistic” entrepreneurs, who create new products to meet the needs of the economy, are important people in terms of promoting economic growth in the region.
An entrepreneur by setting up various businesses and industries is creating jobs for the economic development of the country. People need work. This is an important benefit that an employer can provide to an employee who can meet their needs. If there is not enough work, Unemployment is something that affects and affects the development of the country’s economy where unemployment is a situation that occurs when a person who is looking for work cannot find many jobs. about unemployment bringing down the world’s economy is different from true copy, and big business. So if unemployment is high it means that as an individual we will not have enough money to spend, the economy will not be able to work at all because there are few people who consume their goods and thus create a business. reduce the flow of money, and the business will suffer because the cost of doing business will drop significantly. Business and trade in regional integration:
Technology has enabled small, entrepreneurial-led businesses to grow in national and international markets. When new businesses bring goods and services to the neighborhood, these businesses directly contribute to the prosperity and income of the neighborhood. This increase in income will stimulate the economy and improve people’s health. Businesses that do business with each other are always better. Politics aside, doing national and international business encourages investment in transport and infrastructure, which in turn boosts the economy.
International trade makes world goods better. It is also an important source of income for the development of the city’s economy. Traders promote international trade by selling their products abroad. Every entrepreneur needs a bigger market. If there are more customers to buy his products, his profit is more. Product and service differences
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An entrepreneur can offer a variety of products and services to customers. The following have a lot to choose from. The consumer after all wants to have a good deal, and if his options are many he can get these products or services at a reasonable price. Also one’s desires are fulfilled if there are things and activities to choose from. A person may like a certain type of tie and they can find it in their local store. Thus his desire to be ruled by his choice was fulfilled. New technology improves efficiency
The ability to transform ideas into new products and services that people want is the key to the success of any developing country. Business development, in general, is driven by new technologies and their practical applications. Periods of rapid change in history have been followed by periods of great economic growth. The inspiration for creativity is the greatest natural resource of all: the human mind. Creating new ideas and solutions requires a learning environment and a working environment. In addition to being good at business, education makes employees smarter and better at life. Are entrepreneurs seen as agents of change to develop the country’s economy?
Yes, it is because entrepreneurs create opportunities, they are good at planning and directing ideas to make decisions and they always strive for success in business. That he must have the skills and approval to develop his ideas in business The rapid growth of business is constantly changing our lives. Therefore, entrepreneurs have taken an important role in business because they are seen as agents of change. The change comes from the business, its effects continue, which affects other aspects of society such as social, cultural and political. This is why an entrepreneur is willing to take responsibility and take business risks to build and grow their business so they choose to explore more. Where products and services meet the needs and preferences of customers.
Entrepreneurs are seen as innovators and also consider the role of a manager. Entrepreneurs evaluate the fourth factor of production (trade, land, labor and capital) and expand the economy. They have come together to lead their own business and cultivate seeds and provide new ideas for business growth and success to each other. In addition, entrepreneurs are good at planning and managing decision-making processes and always strive for business success. Therefore, it can avoid the failure that can affect the entrepreneur and the lack of business and know how to grow the business.
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Innovation aims to replace the old with the new, better. These innovations are important because they keep the business relevant and competitive. Most of the changes one sees in the market are new, but the new is a change. By selling well to existing customers, they may not buy the same product again. For example, when the Samsung company successfully modeled its best phone, its initial sales dropped rapidly, and when Toyota persuaded customers to buy the Toyota Prius, they would not buy it. net. the growth of companies that produce and sell, and often leads to the creation of new jobs to support the growth of the economy as a whole. FINISH
Business has been seen as an engine of economic growth and has been a tool to help increase and promote productivity in all industries throughout life. Entrepreneurs are the builders of the nation. So I encourage business people to create more and move with the theme. The world must learn to appreciate their businessmen, to be true friends of development. We need to recognize their contributions, and celebrate them. A business is highly dependent on its business performance. They play an important role in the growth of national income and increase per capita income.
The Role of Entrepreneurs in National Economic Development [Internet]. . 2023 March 18 [cited 2023 Apr 4]. From: https:///free-essay-examples/the-role-of-entrepreneurs-in-the-economic-development-of-a-country/
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