what are the importance off entrepreneurs in a society???
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- What is the role of entrepreneurs in society? Economic role: entrepreneurs play an important direct and direct role in maintaining healthy economy. Paying taxes on time, helping employees maintain a standard of living, being a healthy part of the supply and demand chain of economics etc.
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Entrepreneurs are individuals who visualize and plan innovative business ideas,executes it and coverts it into an appropriate business enterprise through various risk taking endeavors.
Explanation:
Importance of entrepreneurs in society:-
- Employment or job creation:Entrepreneurs are often considered as the main drivers or influencers of the economy. Entrepreneurs create businesses,sets up business organisations,generate profit and create employment in the society by hiring and mobilizing the workforce in the economy.Therefore,entrepreneurs are the prime sources of business and job opportunities in any economy or society.
- Economic Development:Entrepreneurship is practically indispensable for socio-economic growth in any country.Increase in entrepreneurial activities implies growth in capital investment,business operations,job or employment creation and higher production of goods and services which all collectively leads to the rise in country's GDP or National Income.Hence,it is extremely essential for economic growth and progress.
- Encouraging Innovation:Entrepreneurship in any society encourages innovation and new discoveries through planning and implementation of new and inventive business ideas.This facilitates generation of new ideas in society and inspire others to involve in this entire process which subsequently contributes to socio-economic progress and rise in economic self-sufficiency.
- Improvement of standard of living:Entrepreneurial ventures basically construes self-independent business operations which involves numerous risky undertakings.However,in general,entrepreneurial activities are also involved with opportunities to earn higher revenue and income compared to regular employment.Hence,the earning potential for independent business enterprise are practically limitless and consequently,can improve the overall standard of living in the society.
- Social and economic integration:Higher entrepreneurial mobility in the society also induces socio-economic assimilation by involving those who are usually isolated from the socio-economic activities such as women,minority groups,low caste section of the society and so forth.It provides an opportunity for them to integrate in the mainstream socio-economic machinery and become self-independent and self-sufficient in the process.
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