If there were no entrepreneurs, our lifestyle and workspace could have never developed so much today. Successful entrepreneurship leads to a improve standard of living and growth in capital income of a nation over a period of time.
Entrepreneurship plays a very important role in the development of a country’s economy. Entrepreneurs play a central role in the economy market of a company. Entrepreneurs work as the engine oil of the economic engine of any nation. The economic success of a nation is a reward of the entrepreneurship success of a nation.
An entrepreneur does not the only the startup a small firm from big idea and dream but also contribute much more than that towards nations economy. It takes a lot of confidence and hard work to start own idea as a startup, but once one gets success in doing so, there is a good flow of capital for an individual and nation as well. Following are a few points that ensure that entrepreneurs play a vital role in the economic growth of a nation-
Creating job opportunity
Entrepreneurs are not the job seekers but they are the job creators. It is very obvious that every nation has a youth generation that is in hunt of the job. Startups give an opportunity to the youngsters to showcase their creative front that they cannot explore if they work with well known old firms as they only work in a preset manner.
Employment to every youngster in the nation is the actual boost to the economy of every nation. Even government of India for sight role of entrepreneurs in a boost to nations economy, that is why various initiative are taken by the government of India like Startup India and the Make in India to attract foreign economy in Indian Economy and taking Indian economy to global front.
Rural and Urban economy Development
Urban areas are quiet porn to industrial development that lead to the betterment of urban lifestyle and economy. Entrepreneurs start their firm in rural areas and it leads to the betterment of infrastructures like improved roads, stable electricity, water supply and that further lead to improvement like school, shopping malls and other development that lead to the development of a nation’s economy. Center; and state government also promote entrepreneurs for overall development.
Entrepreneurs produce goods and services and export the same globally. The growth of various startup and industries and business leads to great public benefits in a nation but along with that it also meets the demand of exports. Increased demand for goods and services lead to an increase in the number of entrepreneurs and hence it increases the flow of capital in the nation from global countries. Entrepreneurship increases the flow of national income in the nation.
Entrepreneurship is innovation
Entrepreneurs are the people who make their own path and walk on it on their own terms. Entrepreneurs always look at everything with a change vision. Entrepreneurs look for different ways from which we can get maximum return in term of the minimum investment. Entrepreneurs introduce various new techniques and innovations.
Entrepreneurship allows a nation to distribute the power of affecting the economy. If only the famous industrialist holds all control to the industrial development of the nation then they also have the tendency to corrupt and turn things evil for the nation’s economy for their own benefit. But, entrepreneurs also contribute to the distribution of economic growth of a nation.
Hence, we can say that with the development of a large number of entrepreneurs helps in dispersing the power of economy among the population. Also, entrepreneurs can supply quality goods at a low price as compared to the foreign companies, that not only save money of a consumer but it also hinders the flow of capital from nation to foreign countries. Money of the nation flows within the boundary of the nation only.
Entrepreneurship is very important to increase the productivity and capital formation of a developed nation. So, it can be strongly said that that the development of the entrepreneurship plays a vital role in the economic development of any nation to a great extent. The growth of an entrepreneur is directly proportional to the economic development of a nation.