10 Roles Of Entrepreneurship In Economic Development
Entrepreneurs are the backbone of the economic development of a country. They play a pivotal role in a country's growth by increasing the production capacity of a nation. In this article, you will find the 10 roles of entrepreneurship in economic development.
Businesses in today's world have a great capacity to usher in a new era of development and bring in technological know-how. Here are 10 roles of entrepreneurship in economic development and growth:
Increases Production
For advancing from an agricultural to an industrial country, the contribution of businesses is vital. It is because of the entrepreneurs that production capacity in a country has increased.
Large-scale machines and factories increase the capacity of production. Hence, entrepreneurs increase the wealth generation of a country. Along with this, it also majorly impacts the per capita income of a country.
Job Opportunities
Entrepreneurs bring in a lot of job opportunities by way of industrial establishments. Entrepreneurship itself is a source of employment, they are one of the largest sources of employment creation in the country. A business house needs a huge human resource and hence provides employment opportunities.
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Innovation
Entrepreneurs bring in innovations and technologies. They help in making people aware of the new products and machines that can help to ease the lives of people. Business houses have today become a base for providing innovations and bringing in innovative ideas for the development of a country.
Infrastructure Development
Infrastructure needs a significant amount of investment which is provided by businesses. They help in developing infrastructure facilities in the country. They provide better access to various infrastructures necessary for the development of a country. Also, their Corporate Social Responsibility helps in different developmental fields.
Reduction of Brain Drain
Brain drain is a big issue in our country. Entrepreneurs reduce the brain drain of talented people by building great business systems. People who are educated and have the necessary skills and knowledge live near them, and hence, they can contribute to the community as a whole.
Quality of Life
Entrepreneurs help in enhancing the quality of life of people. It fills the market with quality goods which are also diverse. After the globalization policy, many entrepreneurs have come up with various startups providing innovative products to society.
Market Access
Entrepreneurs can help by creating new channels for marketing to people. For example, people have now moved from retail stores to online marketplaces. This revolutionary change has come mainly due to the technological intervention of entrepreneurs and business houses. People now have access to goods from all over the world at their fingertips.
Regional Development
Entrepreneurs help in the regional development of a country by providing job opportunities and resources. They act as catalysts for the development of a particular area. Regional development, one of the critical goals of the government, helps in reducing inequality and imbalance in social development.
Tax Revenues
The industrial sector provides one of the most tax revenues to the government. Entrepreneurs help by adding to the tax base which can further be invested for community development. Businesses and corporations have a significant amount of turnover, which the government progressively taxes. Hence, revenue generation is a crucial aspect of entrepreneurship.
Skill Development
Entrepreneurs help in the skill development of people at large. It is because, with time, people need to upgrade themselves. Entrepreneurs help in nurturing talents by providing skill sets and personality development.
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List of 10 Roles Of Entrepreneurship In Economic Development
Here is the list of 10 roles of entrepreneurship in economic development:
| S. N. | Roles Of Entrepreneurship |
|---|---|
| 1 | Increases Production |
| 2 | Job Opportunities |
| 3 | Innovation |
| 4 | Infrastructure Development |
| 5 | Reduction of Brain Drain |
| 6 | Quality of Life |
| 7 | Market Access |
| 8 | Regional Development |
| 9 | Tax Revenues |
| 10 | Skill Development |
Conclusion
These were 10 roles of entrepreneurship in economic development and growth. Entrepreneurs provide multifaceted development opportunities to the community. They help in transformative impact, ushering in development and innovation in the country.
Entrepreneurs help in diversifying the tastes, income, culture, and needs of society. Capital generation can majorly be attributed to the entrepreneur community.