Tashany Thompson

Role of Entrepreneurship Regional and National

development

Entrepreneurship has contributed to a countries regional and national

development in many ways. In becoming entrepreneurs it has contributed to a

country’s gross domestic product, social development and also resulted in job

creation. The creation of jobs in the Caribbean through entrepreneurship has led

to the employment of many hundred thousands of people. There are many

persons in the Caribbean who are educated, uneducated, and employable who

are unable to find suitable jobs. So the need to survive has pushed many of these

individuals into creating their own ventures and this has led to the creation of

jobs for persons in the Caribbean. The creation of these jobs have increased the

standard of living in these countries so entrepreneurs offer products or services

that make customers lives more convenient or enjoyable. It has also resulted in

the reduction of poverty and crime and violence. Persons being employed

through entrepreneurship have been able to build better houses, afford better

health care and they can afford education or training. The life expectancy of the

country is now increasing because those people who were unemployed and have

now been employed are now able to consume healthier foods which are good

for their health. Opportunity-driven motives and high-venture growth help

promote job creation; their influence can be maximized if they are in a certain

time period, such as economic upturn, in a region that embraces innovation

Tashany Thompson

driven economics, and in a service and business industry. Entrepreneurs tend to

be future thinking risk takers who initiate movement in an economy. Gross

Domestic Product is a monetary measure of the market value of all the final

goods and services produced in a period of time, often annually or quarterly.

The level of entrepreneurship in the Caribbean region has caused a rise in the

country’s GDP. Due to the result of increasing the GDP it has also resulted in an

increase of economic growth, meaning when GDP growth is strong, firms hire

more workers and can afford to pay higher salaries and wages, which leads to

more spending by consumers on goods and services. With that being said

entrepreneurs must ensure that their goods or services are up to standard so that

consumers will become loyal to that business. Also creating new and improved

products will increase the GDP in the countries. Social development in

entrepreneurship is the use of start-up companies and other entrepreneurs to

develop, fund and implement solutions to social, cultural, or environmental

issues. This concept may be applied to a variety of organizations with different

sizes, aims, and beliefs. Entrepreneurs still capitalized on profit making but they

also strive to solve social problems or issues through social enterprises and

these are cause driven. They are created to overcome a global or local issue or

challenge such as poverty. They aim to solve challenges while simultaneously

providing goods or services. Examples or the TOMS SHOES: one for one and

STATE BAGS