Question

What do you mean by entrepreneurship and give its importance

Answer 1

Answer:

PLEASE MARK ME AS BRAIN LIEST

Explanation:

THIS IS MY ANSWER

Answer 2

Explanation:

The entrepreneur is defined as someone who has the ability and desire to establish, administer, and succeed in a startup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture. The entrepreneurs are often known as a source of new ideas or innovator, and bring new ideas in the market by replacing old with a new invention.

It can be classified into small or home business to multinational companies. In economics, the profits that an entrepreneur make is with a combination of land, natural resources, labour and capital.

In a nutshell, anyone who has the will and determination to start a new company and deals with all the risk entitled can become an Entrepreneur.

Importance of Entrepreneurship:

Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.

Innovation- It is the hub of innovation that provides new product ventures, market, technology, and quality of goods, etc., and increase the standard of living of the people.

Impact on Society and Community Development- A society becomes greater if the employment base is large and diversified. It changes society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation in a more stable and high quality of community life.

Increase Standard of Living-

Entrepreneurship helps to improve the standard of living of a person by increasing the income. The standard of living means, increase in the number of consumption of various goods and services by a household for a particular period.

Supports research and development- New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. This promotes research, general construction, and development in the economy