Need for Entrepreneurship

Need for Entrepreneurship

            Every nation needs entrepreneurship for the economic development. In capitalist countries , entrepreneurship plays a vital role, but in an under developed countries the importance for entrepreneurship is low. In developing countries there is equal importance to government and private entrepreneurs. Economic growth depends on the rate of innovation in the economic field. Creative entrepreneurs are agents of progress in the society. The need of innovative entrepreneurs is an unavoidable one in a progressing country like India.

§  Life Line of a Nation

If one country wants to become a developed nation, there must be more importance for the development of entrepreneurship. Entrepreneurship is the yardstick to measure the level of development of a country.

§  Provides Innovation

An entrepreneur is an innovator who brings new ideas, products, technology and market. Only through the innovative ideas a nation can become develop one.

§  Change of Growth / Inclusive Growth

An enterprise works in a dynamic environment. In order to meet the challenges of automation and advanced technology, there must be more importance for development of entrepreneurship.

§  Increased Profit

Profits can be increased in any enterprise , either by increasing the sales revenue or reducing cost. Entrepreneurship by reducing cost , increase its profits and provides opportunity for future growth and development.

§  Employment Opportunities

Entrepreneurship and its activities provide the maximum employment potential.  Growth of enterprises in a good manner brings lots of employment opportunities in a country. It brings more national income and development.

§  Social Benefits

Origin of enterprises raises the standard of living by providing good quality products and services  at the lowest possible cost. It also makes the optimum use of scarce resources and promotes peace and prosperity in the country.