IMPORTANCE OF ENTREPRENEURSHIP
The importance of entrepreneurship to any economy is like that of entrepreneurship in any community. Entrepreneurial activity and theresultant financial gain are always of benefit to a country. If you haveentrepreneurial skills then you will recognize a genuine opportunity whenyou come across one. Now the reasons why entrepreneurship holds a dominant position in thesociety? The following reasons are responsible for the same:
1) Provides employment to huge mass of people:
people often hold aview that all those who do not get employed anywhere jump intoentrepreneurship, a real contrast to this is that 76% of establishments of new business in the year 2003 were due to an aspiration to chase openings. Thisemphasizes the fact that entrepreneurship is not at all an encumbrance to aneconomy. What’s more is that approximately 34 million of freshemployment opportunities were created byentrepreneurs from the period of 1980. This data makes it clear thatentrepreneurship heads nation towards better opportunities, which is asignificant input to an economy.
2) Contributed towards research and development system:
almost 2/3%of all innovations are due to the entrepreneurs. Without the boom of inventions the world would have been a much dry place to live in.Inventions provide an easier way of getting things done through better andstandardized technology.
3) Creates wealth for nation and for individuals as well:
all individualswho search business opportunities usually, create wealth by entering intoentrepreneurship. The wealth created by the same play a considerable role inthe development of nation. The business as well as the entrepreneur