Question

How entrepreneur play important role in economic development of country?

Answer 1

(i) Entrepreneurs occupy a central position in a market economy. For it's the entrepreneurs who serve as the spark plug in the economy's engine, activating and stimulating all economic activity. The economic success of nations worldwide is the result of encouraging and rewarding the entrepreneurial instinct.

(ii) Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living, and in addition to creating wealth with their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.

(iii) Economic development essentially means a process of upward change whereby the real pr capita income of a country increases over a period of time .Entrepreneurship has an important role to play in the development of a country. It is one of the most important inputs in economic development.

Answer 2

The way entrepreneur play important role in economic development of country is as follows:

• In economic development, one of the most important input is entrepreneurship.
• To give the spark to the activities of economy, the entrepreneur acts as a trigger head.
• The entrepreneur search ideas and puts them into effect and helps in economic development and growth.
• Improvement of quality of life of population, indicates the economic development of country.