Role Of Entrepreneurship In Economic Development.

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Role Of Entrepreneurship In Economic Development. 
Are you aware of who entrepreneurs are? And what exactly is the role of entrepreneurship in economic development, and how does it affect economy ? 

Entrepreneurs are innovative people and recognise their abilities to start their own businesses by undertaking several risks, contributing to economic expansion.As we know risk taking in business is very crucial thing. entrepreneurship development programmes are crucial in helping young entrepreneurs transform their business aspirations into reality. Entrepreneurship is one of the prime reasons for economic development, as it is a significant source of job creation and shapes the economic landscape. 
The role of entrepreneurship is to promote economic stability, and it plays a significant part in improving per capita income. Entrepreneurship drives the economic growth of a country by introducing new services and technologies that could meet the demands of current markets in order to generate profits. 
Entrepreneurship fosters competitive markets, which are vital for economic development. When new businesses enter the market, they challenge existing firms, leading to improved products and services as companies strive to meet consumer demands effectively. 
Entrepreneurship plays a crucial role in advancing economic growth by fostering innovative technologies. It also contributes to a country’s GDP and promotes self-reliance by reducing the country’s dependency on imported goods and services Through hard work and dedication, entrepreneurs control their financial stability and generate income.    
As more people start their own businesses, they continue to recruit, generating more employability opportunities across various sectors. Through entrepreneurship, the growth of employment opportunities advances professional development.
Entrepreneurship improves the living standards of people by introducing innovative services that enhance daily life and address the requirements of the community. Establishing job opportunities in various sectors leads to an increase in income and an enhancement in quality of life. Entrepreneurs are professionals who contribute to a higher quality of life for people.Through entrepreneurship, individuals develop financial independence and learn to manage their businesses positively. By thoroughly understanding critical skills, entrepreneurs learn to navigate complex challenges. 

Entrepreneurship plays an important role in the development of a country. It is one of the most important inputs in economic development. An entrepreneur can be regarded as a person who has the initiative skill and motivation to set up a business or enterprise of his own and who always looks for high achievements. He is the catalyst for social change and works for the common good.

: "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity."
Peter drucker. 
"Entrepreneurship fosters competition, which leads to increased productivity and ultimately economic growth."
Michael porter. 
     
                            Credits : Kedar Bedekar
                                           (FYBA) 



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