Entrepreneurship is a prerequisite of development.justify the statement with your logics.
Answers
Entrepreneurs are often thought of as national assets to be refined, motivated and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their revolutions may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a flourishing society.
Entrepreneurship capital is defined as "a region's endowment with factors conducive to the creation of new businesses" and it exerts a positive impact on the region's economic output.
Regions with a higher level of entrepreneurship capital show higher levels of output and productivity, while those lacking entrepreneurship capital have a tendency to generate lower levels of output and productivity.
It is a prerequisite of development as it drives both economic growth and innovation.
- A business is founded by an entrepreneur who pools labour and capital to manufacture goods for profit.
- The facets of entrepreneurship are the aspects, where big, medium, small, and smaller enterprises must operate for an overall development
- Innovation and economic growth are both greatly influenced by entrepreneurship.
- Due to its ability to create economic riches, development, and innovation, entrepreneurship carries a high level of risk but also has the potential for significant rewards.
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