Question

Explain the importance of an Entrepreneur.​

Answer 1

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Answer 2

An entrepreneur is defined as an individual who usually takes initiatives to plan and organize any business idea and subsequently executes it by setting up a legitimate business organisation or enterprise through undertaking of various risk taking endeavors.

Explanation:

Importance of entrepreneurs in an economy:-

• Entrepreneurs are the main and central engines of economic growth and progress in any country.Without any entrepreneurial initiatives and efforts,businesses and commercial organisations cannot flourish and grow and consequently,the economy would collapse.All the economic and commercial activities will become stagnant without entrepreneurial ventures in any country.Hence,businesses and independent commercial activities are the backbone of any economy or country.
• Entrepreneurs contribute to employment generation in the country or economy.Growth in entrepreneurial activities and mobility in any economy implies growth in employment and higher mobilization of factors/inputs of production and productive resources in the economy.Therefore,if new businesses are continually set up and the existing business also prospers,it would collectively lead to higher production of goods and services and recruitment of labor or workforce in the economy.
• Entrepreneurs also evidently contribute in social and communitarian development.Many of the independent entrepreneurs or business owners invest in various social and community projects such as charitable or philanthropic activities,enhancement of public facilities,improvement of various public sector organisations such as local schools,colleges and other public offices and so forth.Some of the prominent names that can be mentioned in this context are Bill Gates and Mark Zuckerberg.
• Entrepreneurs can motivate others to be economically independent and self sufficient as exemplified by their own lives.Successful entrepreneurial ventures can widely motivate especially the young generations in many countries to become economically self independent by setting up their own business ventures and promoting socio-economic welfare in the country or economy in this process.Many successful entrepreneurs such as Ratan Tata or Jeff Bezos can be role models to many to become financially successful and economically self sufficient and at the same time contribute to the social and economic upliftment of the country at large.