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Essay On Importance Of Entrepreneurship

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1.1 Importance of entrepreneurship to the development and growth of the economy of the country
What is a reason for starting a business organisation? Well as you all know we live under the industrial times with great need and wants, also limited resources that must be utilised efficiently. Entrepreneurship drives the economy of the country dearly.
The early work of Schumpeter in 1911 established conceptually the ‘‘entrepreneur as innovator’’ as a key figure in driving economic development (Aghion and Howitt, 1992).Firstly as industrialisation continued to ply its trade around the early centuries countries also started developing, there was more trading otherwise known as battering between people. Establishing an organisation is not an easy task …show more content…

Entrepreneurs provide solutions to the gaps in the market economy by using organisational skills such as planning, coordinating and controlling. The contribution of entrepreneurship to the economy needs small businesses to contribute to employment, innovations, competition and social and political stability. The role of small businesses as vehicle for entrepreneurship has increased over recent years and econometric evidence prove that entrepreneurship is a major importance in to economic growth of the country (Brizek and Khan, 2008, …show more content…

Technology development occurs due to higher economic activities and as a country trades more and more improvement in the ratings of the currency. The United State of America prides itself through their entrepreneur such Bill Gates who have turned the economy of that country around. What is known is that there is international monetary fund which helps to borrow countries money, but if having good decision makers this can be avoided by implementing entrepreneurial

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