How an entrepreneur helps in economic growth and development of a country?
Answers
Entrepreneur: An entrepreneur is a person who brings all the factors of production, like land, labor, capital, together in order to produce goods and services. This person takes a calculated risk, and plays the role of a gambler. If his cards are right, he can make a great difference.
Economic growth is determined by the consumption, investment, government spending and the net exports of the country.
Economic growth depends on the role of the entrepreneur as well.
An entrepreneur can make a difference through his decision making skills.
1- Entrepreneur affects investments. Depends on how much he invests and how.
2- Entrepreneur can lead to increasing his output and exporting it.
3- Entrepreneur can create large scale employment opportunities and increasing output, which adds to the GDP.
4- By his strategic decision making, he can increase the GDP per capita.
5- He may invest in welfare which can influence government projects.