Explain why entrepreneurial activities are important to social devlepment and progress of the economy
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Entrepreneurial activities are needed to be cultivated, motivated and remunerated to the greatest possible extent to get social and economic growth. Entrepreneurship can change the way we live and work. If successful, their innovation may improve our standard of living. In short, in addition to creating wealth , entrepreneurial activities also create jobs and the conditions for prosperous society.
Through entrepreneurial activities entrepreneurs create new businesses and that results in employment and new ventures add to further economic growth. Entrepreneurial ventures literally generate new wealth through increased employment and higher earnings and these contribute to better national income in the form of higher tax revenue and higher government spending.
Through unique offerings of new goods and services entrepreneurs can make significant changes in the society by improving the quality of life of the people. Hence in these ways the entrepreneurial activities are very important to social development and economic progress.
Through entrepreneurial activities entrepreneurs create new businesses and that results in employment and new ventures add to further economic growth. Entrepreneurial ventures literally generate new wealth through increased employment and higher earnings and these contribute to better national income in the form of higher tax revenue and higher government spending.
Through unique offerings of new goods and services entrepreneurs can make significant changes in the society by improving the quality of life of the people. Hence in these ways the entrepreneurial activities are very important to social development and economic progress.
Answered by
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"Entrepreneurial activities are important to social development and progress of the economy due to the following reasons:
- The entrepreneurs are the individual who is innovation seekers. Their activities are always related to self- upliftment and helping of others.
- In terms of society, when they found that their action has marked them with success, they try to benefit the poor through spending a part of income obtained through their successful venture.
- Apart from it, they also invest in other fields of Government or NGO projects.
- They also create an ample number of employments by creating new projects and business.
- The taxes and GST paid by both small as well as large entrepreneurs is one of the major sources of the income for the Government.
- As they are always running behind creativity and huge profit, they tremendously lead to the increase of demands of goods and services."
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