THE ROLE OF

ENTREPRENEURSHIP
IN ECONOMIC
DEVELOPMENT
OBJECTIVE:
At the end of the discussion you will be able
to identify and have an idea about the
different roles of entrepreneurship in the
economic development
 The role of entrepreneurship in economic development 3

INTRODUCTION
There are different ways that economic development can be promoted, entrepreneurship
is certainly one of the most influential. More and more countries are experiencing growth
because of entrepreneurial ventures taking place everywhere.
As a start-upper or a business owner who is only now starting to understand the concept of
entrepreneurship, we understand that this might seem like a colossal journey to go through.
You do work hard and your efforts sometimes might seem harder than what they are.
Entrepreneurs need to know that what they do goes beyond just being able to make a profit
for themselves and grow their business to something bigger. All that personal and professional
growth has a very positive societal impact.
Entrepreneurship is indeed the key factor that promotes economic development in multiple
different ways for a community. Let us take a look at the different ways entrepreneurship
helps develop economic growth.
IMPORTANT ROLES

• Creating Jobs
• Bring wealth to local societies
• Adding to local business development
• Exposing the local market to foreign opportunities
The role of entrepreneurship in economic development 5

CREATING JOBS
1.Creating Jobs
What is the biggest struggle for most young adults nowadays? Finding employment. Indeed, most
young people are not able to find a job that is close to their expertise or can provide a good salary.
Entrepreneurship changes that.
Entrepreneurship can by nature and definition create more job positions. As an entrepreneur, you
are creating a job for yourselves. At the same time as your business takes on, you are going to be
hiring more people.
The role of entrepreneurship in economic development 6

BRING WEALTH TO LOCAL SOCIETIES

2. Bring wealth to local societies
The difference between an entrepreneurial venture and any other business is that entrepreneurs focus
more on the local community. As an entrepreneur, you will want your business to have a much bigger
impact on a local level.
Entrepreneurs tend to keep their businesses as local as possible resulting in them adding to the wealth
of the local markets.
The role of entrepreneurship in economic development 7

ADDING TO LOCAL BUSINESS

DEVELOPMENT
3.Adding to local business development
Apart from creating jobs and bringing wealth on a local level, entrepreneurs are also
creating a small way for more businesses to open-up. As a result, they are adding to
the local business development and well as balance out the difference between big
companies and small local shops.
 The role of entrepreneurship in economic development 8

EXPOSING THE LOCAL MARKET TO FOREIGN

OPPORTUNITIES
4.Exposing the local market to foreign opportunities
As a business grows, so will the opportunities. Exporting is a big step for every business out there
but it is still a dream of every entrepreneur to open up to new markets. Through entrepreneurship,
local communities can start exporting their local products and create more professional
collaborations. The very foundations of entrepreneurship allow for that to happen.
These are just four of the many different ways entrepreneurship can help local economies and in
general promote economic growth and development. Depending on the type of entrepreneurial
venture we can notice more potential ways that enhance local finances.
 9

THE ROLE OF ENTREPRENEURSHIP IN

ECONOMIC DEVELOPMENT

CREATING JOBS BRING WEALTH TO ADDING TO LOCAL EXPOSING THE LOCAL

LOCAL SOCIETIES BUSINESS MARKET TO FOREIGN
DEVELOPMENT​ OPPORTUNITIES
 10

THESE ARE JUST FOUR OF THE MANY DIFFERENT WAYS

ENTREPRENEURSHIP CAN HELP LOCAL ECONOMIES
 AND IN GENERAL PROMOTE ECONOMIC GROWTH AND
DEVELOPMENT. DEPENDING ON THE TYPE OF
ENTREPRENEURIAL VENTURE WE CAN NOTICE MORE
POTENTIAL WAYS THAT ENHANCE LOCAL FINANCES.
The role of entrepreneurship in economic development 11

SUMMARY
• By creating new products and services, they stimulate
new employment, which ultimately results in the
acceleration of economic development. So public policy
that encourages and supports entrepreneurship and
that’s the reason why entrepreneurship must be
considered important for economic growth
THANK YOU