INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Businesses serve only the local communities
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Businesses are owned by one person
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Businesses may become big businesses
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Businesses are important to the economy
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Detailed explanation-1: -What is one of the main reasons why small businesses are strongly promoted and supported by local government? They are important to the economy.
Detailed explanation-2: -Importance of Entrepreneurship Drives economic growth and creates new job. Encourages innovation by bringing new ideas, products, and services to the market. Contributes to social change by developing products or services that reduce people’s dependence on outdated technologies.
Detailed explanation-3: -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-4: -Governments can invest in education and training programmes to help entrepreneurs acquire the knowledge they need. For example, the National Science and Technology Entrepreneurship Development Board (NSTEDB) in India provides training and support to entrepreneurs in the areas of science and technology.