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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They serve only their local communities.
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They are owned by one person.
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They may become a big business.
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They 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: -They bring jobs and revenue to the local economies by offering jobs, local products, paying sales and property tax, and using local vendors and supporting services. In fact, a recent study shows that for every dollar spent at a small business, 68 percent funnels back into the community.
Detailed explanation-3: -Economic Development Programs They do this by offering start-up incentives and taking steps to create a “business-friendly” environment. These steps include tax credits, worker training, free land, zoning changes, low-interest loans, infrastructure improvements and help with fast-tracking licensing and permitting.