INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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Entrepreneurial discovery
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Demographic changes
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Product standards
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Raw materials
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Detailed explanation-1: -The Entrepreneurial Discovery Process is about prioritising investments based on an inclusive and evidence-based process driven by stakeholders’ engagement and attention to market dynamics.
Detailed explanation-2: -Entrepreneurship Accelerates Economic Growth Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.
Detailed explanation-3: -Discovery theory maintains that opportunities exist objectively independent of entrepreneurs, while creation theory argues that opportunities originate from the action of individuals.
Detailed explanation-4: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.