Entrepreneurship revolves around the idea of making lives easy by providing people with unique services. Entrepreneurs are the leading innovators in the field of business. The benefits are not just enjoyed by the entrepreneurs themselves but the country can also benefit from them. Entrepreneurship encourages new forms of business in the market that contributes largely to the reduction of unemployment in the country.
Role of entrepreneurship in solving economic problems
- Various new startups provide people with opportunities to work and earn. Entrepreneurs employ unemployed to manage their business activities.
- The uneven development that is seen everywhere can be reduced by encouraging decentralized economy which means encouraging entrepreneurs to come up with more business ideas. Most of the entrepreneurs find it beneficial to start their businesses in rural areas that are helpful for rural development.
- Entrepreneurship is also effective when it comes to the utilization of resources like small savings and new skills of people.
- Modern entrepreneurs also seek to sell goods and services out of the country. This is helpful for the country to service the balance of payments by the fueling of exports.
- The overall impact is on the per capita income which increases with the increase in employment and income rates which is a crucial contribution to the economic development.
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