development requires resources but resources themselves can't ensure development. Discuss the statement in the light of role of entrepreneur in the economic development of the country
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Answer:
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Answer:
Concept:
Entrepreneur devlopment is the process of improving the ads and knowledge of antepreneurs through waistrasing and daram programs. The white point of antepreneurship develpmantista increas the number of entrapranaus Bydang this the pace at which new business overtures are made it better.
Find:
development requires resources but resources themselves can't ensure development. Discuss the statement in the light of role of entrepreneur in the economic development of the country
Given:
development requires resources but resources themselves can't ensure development. Discuss the statement in the light of role of entrepreneur in the economic development of the country
Explanation:
Entrepreneurs initiate and sustain the process of economic development in the following ways:
1. Capital Formation: Entrepreneurs mobilize the idle savings of the public through the issues of industrial securities. Investment of public savings in industry results in productive utilization of national resources. Rate of capital formation increases which is essential for rapid economic growth. Thus, an entrepreneur is the creator of wealth.
2. Improvement in Per Capital Income: Entrepreneurs locate and exploit opportunities. They convert the latent and idle resources like land, labour and capital into national income and wealth in the form of goods and services. They help to increase net national product and per capita income in the country, which are important yardsticks for measuring economic growth.
3. Generation of Employment:Entrepreneurs generate employment both directly and indirectly. Directly, self employment as an entrepreneur offers the best way for independent and honorable life. Indirectly, by setting up large and small scale business units they offer jobs to millions. Thus, entrepreneurship helps to reduce the unemployment problem in the country.
4. Balanced Regional Development:Entrepreneurs in the public and private sectors help to remove regional disparities in economic development. They set up industries in backward areas to avail various concessions and subsidies offered by the central and state governments.
5. Improvement in Living Standards: Entrepreneurs set up industries which remove scarcity of essential commodities and introduce new products. Production of goods on mass scale and manufacture of handicrafts, etc., in the small scale sector help to improve the standards of life of a common man. These offer goods at lower costs and increase variety in consumption.
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