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What Are The Contribution Of Entrepreneurship
Entrepreneurs are very important in the economic development of the country. The development of the country depends on their skills and talents and working hard to deliver the necessary goods and services to the citizens of their country. They create new businesses, and new businesses in turn create jobs, increase competition, and may even increase productivity through technological change. A high measured level of trade therefore directly means a high development of the country’s economy. The role of the entrepreneur in the economy is very important. It is important to the economic growth of the country. His products are important for the development of society as a whole. People need their products. They cannot live without them. How do entrepreneurs contribute to the development of the country’s economy?
Pdf) The Role Of Entrepreneurship In Economic Growth: The Picture According To Literature
Entrepreneurs must invest in what is necessary for the economy. Economic development is highly dependent on their contribution. Every marketer invests in products and services that people need. Their investments ensure a better life for people. They have many goods and services at their disposal. According to traditional models, entrepreneurs create new businesses in response to unsatisfied market needs and wants. This means that there is an opportunity to provide a product or service that does not currently exist or is not available otherwise. Economists refer to these entrepreneurs as “opportunity” entrepreneurs to distinguish these people from those who start businesses because of the lack of good job opportunities. “Opportunity” entrepreneurs, who start new businesses based on market needs, are the main players in driving economic growth in the region.
An entrepreneur, by establishing various companies and institutions, creates jobs in the development of the country’s economy. People need jobs. This is a great contribution that an employer can make to provide money to an employee who can meet their needs. If the job opportunities are not enough, unemployment is the main thing that affects and affects the economic development of the country, where unemployment is something that happens when a person who is actively looking for a job does not find work, to the top. . Unemployment slows down the economic development of a country and vice versa. Employment is a key factor because it affects spending patterns by individuals, industries and the economy as a whole. So when the unemployment rate is high, it basically means that we won’t have enough money to spend as individuals, industries can’t work at their full potential because there are fewer people who consume their products and this leads to less money and income. then the economy suffers because the overall economic growth rate is low. The connection between business and the economic environment:
Technology has enabled small businesses led by businesses to grow into regional and global markets. When new firms export goods and services to nearby areas, these firms contribute directly to the area’s productivity and income. This increase in income strengthens the economy and promotes the general well-being of society. A trade economy tends to be better. Politics aside, participation in regional and international trade encourages investment in regional transport and infrastructure, which in turn boosts the economy.
International trade makes up a large part of the country’s output. It is also one of the most important sources of income for the development of the economic development of the district. Traders promote international trade by selling their products in other countries. Every trader would love a broad market. As customers buy his products, his profits increase. Different types of products and services
Economic And Social Benefits Of Entrepreneurship
An entrepreneur can provide different goods and services to the customer. The latter has a lot to choose from. After all, the customer can enjoy a good price, and if his choice is greater, he can get these products or services at a lower price. Personal desires can also be fulfilled if there is a choice between products and services. One may like a particular type of tie and find it in the local market. Thus, his desire to buy the tie of his choice has come true. New technology increases efficiency.
The ability to transform ideas into new products and services that people need is the foundation of any developed country’s success. Economic growth is often driven by new technologies and their innovative applications. Periods of rapid development have historically coincided with periods of strong economic growth. Creativity is driven by the greatest natural resource of all: the human mind. The creation of new products and solutions requires an educated population and an environment where collaboration is possible. In addition to being good for business, education increases creativity and the quality of life of workers. Do entrepreneurs see themselves as agents of change for the development of the country’s economy?
Yes, because entrepreneurs create opportunities, plan well and clearly control decision-making, and always strive for excellence in business. What they need to have good skills and understanding to develop its strategic business. The rapid growth of advertising is constantly changing our lives. As a result, entrepreneurs play an important role in the market as they are seen as agents of change. The effects of a major change in the economy, affect other aspects of society such as social, cultural and political. Therefore, the entrepreneur is willing to take responsibility and take business risks to create and expand his business to explore more opportunities. Goods and services meet the needs and preferences of the customer.
Entrepreneurs are the initiators and play the role of leader. Which are entrepreneurs who follow the fourth point of production (business, land, labor and finance) and improve economic development. They were active in running their business and cultivating and giving new ideas for economic growth and prosperity. In addition, entrepreneurs know how to plan well and manage to make strategic decisions and always strive for excellence in the company. Therefore, it is possible to avoid failure that can threaten the entrepreneur and lack of business performance, as well as the ability to improve the field of social business.
Pdf) The Role Of Innovative Entrepreneurship In The Economic Development Of Eu Member Countries
Its innovation and mission is to replace old products with new, better ones. These innovations are important because they maintain the strength and competitiveness of markets. Most of the changes seen in the market are improvements of some kind, but these improvements are replacement in nature. By selling better products to existing customers, they will not buy the old product again. Examples When the Samsung company improves the model of its flagship smartphone, its sales of the old one decrease rapidly, and when Toyota persuades its customers to buy the Toyota Prius, they do not buy the Camry, so it is new investment rarely produces more profit. within growing businesses and selling, which rarely leads to new job creation to support overall economic growth. GENERAL
Business has been seen as an engine of economic growth and has been seen as a tool to expand and encourage productive activities in all areas of economic life throughout the world. Entrepreneurs are nation builders. Therefore, I encourage entrepreneurs to be more creative and innovative. Countries must learn to value their entrepreneurs as real development partners. We should appreciate their contribution and celebrate it. The economy depends a lot on the performance of this businessman. It plays an important role in the growth of the country’s income as well as in raising the per capita income of the people.
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