Explain the importance of Entrepreneurship.
Answers
hey mate your answer is
1. Growth of Entrepreneurship
Entrepreneurship the advent of new venture particularly small ventures in order to materialize the innovative ideas of the entrepreneurs. Thus, the growth or establishment of small enterprises ii the specific contribution of entrepreneurship in in every economy of the world.
The statistics reveals that in USA economy nearly half a million small enterprise are established every year. Our country is not an exception in this regard.
2. A Creation of job opportunities
Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers.
The small enterprises arc the only sector that generates large portion of total employment every year. Moreover, entrepreneurial ventures prepare and supply experienced labor to the large industries.
3. Innovation
Entrepreneurship is the incubator of the innovation. Innovation creates disequilibria in the present state of order.
It goes beyond discovery and does implementation and commercialization, of innovations. “Leap frog” innovation, research, and development are being contributed by entrepreneurship.
Thus, entrepreneurship nurses innovation that provides new ventures, product, technology , market, quality of good etc. to the economy that increase Gross Domestic Products and standard of living of the people.
hope it helps you...❤❤