Importance of entrepreneurship in an economy
Importance of entrepreneurship in an economy.
- Creation of employment to the owner and others
- Formation of capital from profits made and salaries and wages paid to workers
- Raising standards of living due to access to varieties of goods and services
- Encourages utilization of local resources that could have been left idle.
- Improving infrastructural facilities like roads, security etc
- Savings on imports
- Reducing foreign dominance of the economy
- Promotion of technology/promotion of innovation, research and development
- Promotion of entrepreneurial culture/helps in the creation of role models
- It contributes to government revenue
- It promotes economic growth
- It may promote self-actualization and esteem.
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