Question

What is the need of entrepreneurship in an economy? Give at least six benefits.

Answer 1

Answer:

Entrepreneur provides goods and services and creates employment opportunities benefiting to society. He contributes to national income, leads to growth of other sectors, more exports by that increase in the foreign exchange and also responsible for over-all economic development.

plz follow me mark me BRAINLIST

Answer 2

The need of entrepreneurship in an economy can be highlighted from the following points :  

(1) Lifeline of a nation :  

Level of development of a country can be measured from the quality of the entrepreneurship.No country can develop without the development of entrepreneurship, as it increases the quality and quantity of trade.

(2) Provides innovation :  

An Entrepreneur is the person who brings new ideas , innovate products  and new vision to the enterprise. As a result of which consumers in the market gets a wider variety of goods and services which again help in increasing the size of the market but domestically as well as internationally.

(3) Increase in profits:  

Profit is the excess of revenue over cost. It can be increased either by increasing revenue or reducing cost. increase in revenue is beyond the control of the enterprise and profit can be increased by reducing cost of production which is possible only with the endeavour of an entrepreneur. Increase in profit increases the opportunities for future growth and development.

(4) Social benefits :  

An entrepreneur provides various goods and services at lowest possible prices which indeed raises the standard of living and thereby, increases social benefit along with private benefits.  

(5) Employment opportunities :  

An enterprise provides the largest employment in the country. Large number of people are employed in an enterprise in the country.  

Hope this answer will help you….

 

Here are some more questions from this chapter :  

Explain any four promotional functions of an entrepreneur.

https://brainly.in/question/18056280

Describe the process of entrepreneurship.

https://brainly.in/question/18056775