Question

how does entrepreneurship play an influential role in the economic growth and the standard of living of a society​

Answer 1

Hey friend!

So, there is a very important role for entrepreneurs to spark economic development by starting new businesses, creating jobs, and contributing to an improvement in various key goals such as GDP, exports, the standard of living, skills development, and community development.

Hope it helps you!

Peace! ✌

Answer 2

Overview:

There is a direct relationship between entrepreneurship and the society.

1. As businesses prosper, the impact the businesses create also increases.
2. It is due to entrepreneurial activity that the society is provided with goods and services.
3. In turn, the society provides market for products and services provided by the entrepreneur.

Explanation:

Specifically, Entrepreneurship has some positive impact on society such as:

• Accentuates economic Growth

• Fosters Creativity

• Stimulates Innovation and Efficiency

• Creates Jobs and Employment Opportunities

• Solves the problems of the society

• Encourages welfare of the society

There are 4 core entrepreneurship activities related to society as follows:

1. Social Entrepreneurship:

It is the creation of sustainable solutions for social problems.

Many social problems are tackled by social entrepreneurs such as low reach of quality education, health and sanitation, unemployment, child labour etc.

2. Agricultural Entrepreneurship:

It is the marketing and production of inputs and products used in agricultural activities.

It has led to low-cost innovations in farming processes which has in turn benefitted the farmers.

3. Women Entrepreneurship:

It is the entrepreneurial activity led by women, where women undertake risks, create enterprises, organise factors of production, innovate with products/services and generate employment opportunities.

It gives at least 51 per cent of the employment generated in the enterprise to women.

4. Small- Scale Entrepreneurship:

It can be defined as starting industries in which manufacturing, trading, providing services, productions are done on a small scale.

These serve the economy by acting as the backbone of many developing countries.

Hope you got the full explanation.

Thank You.