How did entrepreneurs contribute to the growth of the economy?
Answers
How entrepreneurs our important?
How they contribute to the growth/development of our economy?
Answer 1.)
- Entrepreneurs are a very important part of our nation and economy.
They are also responsible for a nation's good economy health.
- They provides a society with the following benefits-
☪ Entrepreneurs provides the society good lifestyle and increases our living standard by doing innovations.
☪ Entrepreneurs gives the society employment opportunities.
☪ Some entrepreneurs set up their buisness not for profit motive but for the welfare of the society.
☪ Entrepreneurs also improves our Nation's position in global economic competition.
☪ If entrepreneurs stops investing then there would not be any new business to help our economy develop and expand.
Answer 2.)
Entrepreneurs are vital for the progress of a nation's economy. They contribute to the growth of economy by-
☪ contributing to improvement in various key goals such as GDP, exports, standard of living, skills development and community development.
☪ Entrepreneurs setting up new businesses and industrial units help with regional development by locating in less developed and backward areas.
☪ The growth of industries and business in these areas results in infrastructure improvements like better roads and rail links, stable electricity and water supply, etc,.
Answer:
Entrepreneurs are a person with the idea to changes the factor of raw material into semi-finished or finished goods to earn the profit for the business.
Entrepreneurs are the unit is the economy which helps at a lower level through targeting the surrounding for the growth and development by creation of job opportunity and optimum utilization of the resources.
Entrepreneurs help Economy is the way is -
Generation of income - When a business running in the area it creates job opportunities for the people that directly or indirectly contribute to social and Economical growth.
Channelising the money - When a business start or runs in the market it also helps to channelize the stocked money in the economy.
Social Responsibility - Every business has a certain social responsibility towards the society where they are running to help the area development because the Society is a key factor business obtained its resources.
Promote Education - It aware the society towards the need for education and training to develop the skill. Humans are the most important resources in any firm.
Transportation facilities - Business needs smooth transportation for the business deal that helps to create a better connective with the outer world.
All these factors of the business help to develop the Economy.