Impact Of Entrepreneurship On Economic Growth
The impact of entrepreneurship on economic growth
Introduction
Economic growth refers to increasing goods and services produced over some period of time. Economic development has objectives to the standards of living, expand the economic range and increase the availability of goods and services. Economic development develops economic wealth in regions. It economically, politically and socially develops the wellbeing of the people.
The more people are employed and earning an income, the more GDP increases in a country. As time goes on and people are not losing their jobs, but are being hired then economic growth is most likely to increase.
Entrepreneurship
Entrepreneurship refers to running a new business, in most cases these are small businesses. People who start these businesses are called entrepreneurs. Entrepreneurs can also be called leaders. Entrepreneurs are risk takers.
There are many types of entrepreneurs and each entrepreneur has their own role to play in the economy and they are;
1. Feminist entrepreneur- it’s an entrepreneur who focuses mainly on the needs of women’s values and approaches these through entrepreneurship. Their aim is to improve the lives of women and girls.
2. Ethnic entrepreneur- business owners that belong to specific ethnic groups, these are known in the United States and in Europe. Their aim is to integrate economically in the society of US and/or Europe
3. Social entrepreneur- start-up companies develop and fund issues in the
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