Why are entrepreneurs called agents of progress for a nation? What role do they play in the Nation’s development?
Answers
Entrepreneurs are called the agents of progress for a nation as they innovate new goods and services, provide employment and hence, increase GDP (Gross Domestic Product) .
They play an important role in the Nation’s development. They raise the standard of living of the society by providing good quality products and services at the lowest possible cost and they also help in efficient utilization of scarce resources of the society.
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Starting a venture is not an easy task. A series of activities needs to be planned and undertaken to create an enterprise. Discuss them briefly.
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Answer:
Entrepreneur plays an important role in the nation's development: Increase in the rate of growth in GDP (Total value of goods and services produced in an economy in a year), Increasing productivity, Providing employment opportunities, Increasing economic diversification, Optimal use of available resources, Continued ...