Entrepreneurship And Economic Development Essay

2781 Words12 Pages
5.1.1 Introduction
Nowadays, it has become tough to land a job, but entrepreneurs make it easier with their entrepreneurial activities. Entrepreneurs with their innovative ideas and methods create jobs for themselves as well as for others. They often require more than just their skill set and personal initiative to convert their idea to a consumer product or service. Here, they need the services and skills of other people. For example: Bill Gates and Paul Allen started Microsoft, as a small software company in 1975. They dreamt of changing the way we use computers. They succeeded in their efforts and today Microsoft employs more than 100,000 people in their worldwide operations. Thus they helped to create more jobs for the society.
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Entrepreneurship is a key factor in economic growth, innovation and growth of enterprises and businesses. Modern economic methods, market cultures and available of new technologies have helped entrepreneurs in a big way. These help them to bring the capital funds, resources and persons together to establish the enterprise.
In this chapter, you will learn about the role of an entrepreneur in economic development of the country. You will also learn how entrepreneurs act as an innovator in the economic growth and help in the generation of employment opportunities, in complementing and supplementing economic growth.
5.1.2 Role of an Entrepreneur in Economic Development of Country
Entrepreneurships are one of the most important inputs in the economic development of a country. By his entrepreneurial decisions, the entrepreneur acts as a spark to the engine of economic activity in a country. He plays a key role in the development of industrial sector of a country. He also plays an essential role in the development of agriculture and services sector. There are several roles played by an entrepreneur in the economic development of the country.
There are several key roles of an entrepreneur in the economic development of a nation. The key roles are shown in Table 5.1.1. Key Roles of
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New ventures help to stimulate the growth in related businesses or sectors that support new products or services, resulting in further economic development. For example: There were very few pharmaceutical companies in India in the 1990s. The pharmaceutical industry used to provide minimum drugs and related services only. But after 2000, the industry gathered momentum with their R&D activities and the invention of new drugs. Other sectors also immensely benefited from pharmaceutical

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