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Entrepreneurs invest their own resources and attract fund (in the form of debt, equity and more) from investors, lenders and the public. This deploys public wealth and allows people to gain advantage from the success of entrepreneurs and developing businesses. This kind of pooled capital that results in wealth creation and distribution is one of the basic imperatives and goals of economic.
By nature and definition, the entrepreneurs are job creators, as opposed to job seekers. For an example, when one become an entrepreneur, there is one less job seeker in the economy and then one can provide employment for multiple other job seekers. This kind of job creation by new and existing businesses is again is one of the basic goals of economic development. They generate a lot of job opportunities and helps in expanding or increase the standards to an international level.
Entrepreneurs help in increasing the standard of living of people in a country is yet another key goal of economic development. They don’t only promote job opportunities, but also by develop and adopt innovations that lead to improvements in the quality of life of their employees, customers, and other stakeholders in the country. As an example, automation that reduces production costs and enables faster production will make a business unit more productive, while also providing its customers with the same products at lower prices.
Community development requires infrastructure for healthcare and education, training and other public services. For example, you need educated and skilled workers in a community to attract new businesses. If there are educational institutions, technical training schools and internship opportunities, that will help build the pool of educated and skilled workers.
Setting up new businesses and industrial units help with regional development by locating in less developed and backward areas. The growth of industries and business in these areas leads to infrastructure improvements like better roads and rail links, airports, stable electricity and water supply, schools, hospitals, shopping complex and other public and private services that would not otherwise be accessible.
Entrepreneurs also create social change. Through their unique offerings of new product and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. For example, the water supply in a water-scarce region will at times force people to stop working to collect water. This will impact their business, productivity and income.
Every new business that locates in a less developed area will generate both direct and indirect jobs, helping lift regional economies in many various ways. The combined spending by all the new employees of the new businesses and the supporting jobs in other businesses adds to the local and regional economic achievement. Any developing business will eventually want to get started with exports to expand their business to other foreign markets. This is an important ingredient of economic development since it provides access to bigger trading, and leads to currency inflows and access to the new cutting-edge technologies and processes being used in more developed foreign markets.
Another advantage is that this expansion that leads to more stable business revenue during economic downturns in the local economy. In addition, entrepreneurs also add to national income. It can generate new wealth. New and improved offerings, products or technologies from entrepreneurs enable new markets to be developed and new wealth created. For example, more business operates in a country more tax will be received, therefore the income of the nation will increase.
The ability to turn ideas into new products and services that people need is the fount of prosperity for any developing country. Economic growth, generally speaking, is driven by new technologies and their creativity applications. Duration of rapid innovation historically has been accompanied by duration of strong economic growth. The impetus of innovation is the greatest natural resource of all, such as the human mind. Creating innovative products and solutions requires an educated population and an environment where collaborative work can take place. In order to being good for business, education increases workforce creativity and quality of life.
Path breaking offerings by entrepreneurs, in the form of new product & services, result in new employment, which can produce a cascading effect or virtuous circle in the economy. For example, a few IT companies founded the Indian IT industry in the 1990s as a backend programmer’s hub. Soon the industry gathered pace in its own programmer’s domain.
Technology has made it possible for small businesses to expand into local and international markets. When new businesses export product and services to nearby regions, these enterprises contribute directly to a region’s productivity and earnings. This increase in revenue stabilise an economy and promotes the overall welfare of a population. Economies that trade with one another are almost often better off. This has never been more true than it is today, as we live in an increasingly interconnected global economy. Even for a large and advanced economy like the United States, foreign markets have a significant role. Foreign trade, according to some estimates, is responsible for over 91% of the economic growth.
Entrepreneurs make much contribution to the national exchequer and to the country’s economy as whole. The GNP of the country is computed based upon the sum of products and services available in a respective country. The more products and services available the higher the GNP. It indicates the economic growth of the country.
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