As a result, standards of living of people, in employment and productivity will increase. 3. The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. The role of entrepreneurship in economic development varies from economy to economy depending upon its material resources, industrial climate and the responsiveness of the political system to the entrepreneurial function .Path breaking offerings by entrepreneurs, in the form of new goods & services, result in new employment, which can produce a cascading effect or virtuous circle in the economy .If … 1. 2. Entrepreneurs have an important role in the economic development of the country. Women have been regarded as the nuclei of the nation and the builder of its destiny, that’s so true. The study tells that the entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. The role of the entrepreneur may be viewed as the leader of the whole industry. By establishing new industries, they provide substantial employment, which enhances the per capita income, the vicious circle of poverty can be broken. Required fields are marked *. Therefore, industrial activities in the country get encouragement and balanced economic development goes on moving. Government promotes decentralized development of industries as most of the … The entrepreneur is the organizer of sources for the production of society. Create Jobs: Entrepreneurs are by nature and definition job creators, as opposed to job seekers. What kind of Industrial ecosystem the economy has? This process is continued. The establishment of a self-sufficient society is possible only by the productivity revolution in various areas of production in the country. Request PDF | The Role of Entrepreneurship in Economic Development | Entrepreneurship and economic development are intimately related. Thus, an entrepreneur has a distinct role in the removal of poverty and raising of standards of living of the people. By development of business activities in the villages, social evils like Dowry and intoxication, etc. 4. 1. Notify me of follow-up comments by email. As a result of the development of entrepreneurs, business enterprises in various parts of the country established. Population Growth and Economic Development, Regional Rural Banks – Functions and Importance, Right Against Exploitation in India – Article 23 and 24. The entrepreneurs have an important role in encouraging the economic development or growth or progress of any country. Role of Entrepreneurship in Economic Development! eval(ez_write_tag([[336,280],'googlesir_com-medrectangle-3','ezslot_4',105,'0','0']));It may be rightly stated that the economic development of any nation or standard of living of its people largely depends upon the role of the entrepreneur. Lack of entrepreneurs is the main obstacle to economic development.eval(ez_write_tag([[580,400],'googlesir_com-large-mobile-banner-2','ezslot_15',108,'0','0'])); The entrepreneur contributes to capital formation. 1. We know that the high rate of capital formation is quite essential for the economic development of any country. establishment of a series of new enterprises. In the cities. can be reduced and the attention of people will start do divert wasteful expenditure into savings and capital formulation. What are the impacts of entrepreneurship on economic development in Nigeria? The word development is used in so many ways that its precise connotation is often baffling. The entrepreneurs are also pioneers to create an industrial environment, as the entrepreneur’s new enterprises, arrange required resources, face risks and uncertainties and take innovative activities. Updated on: April 2, 2020 Leave a Comment. Imitating entrepreneurs have great opportunities in such market … The Role of Entrepreneurship in the economic development of a country. eval(ez_write_tag([[250,250],'googlesir_com-box-4','ezslot_8',101,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-box-4','ezslot_9',101,'0','1']));For each type of business, large or small risks and uncertainties of various natures always prevail. They remove unemployment problem. The question of starting the business does not arise, till some person is not ready to face the risks. The entrepreneur does not establish a business enterprise but makes consistent efforts for the establishment of a series of new enterprises. Entrepreneurs have an important role in eradicating poverty. Log in. Organizer of the Society’s Productive Resources, They explore business opportunities and establish a series of new industries to avail of these opportunities, develop, The entrepreneur increases the rate of capital formation by establishing new units and.