Write An Essay On The Importance Of Entrepreneurship

Introduction

The business environment consists of many days to day challenges that require entities to be creative and adapt to the harsh conditions of doing business. That’s why its recommended that businesses have an entrepreneur in the business. In recent years it’s been also seen that Entrepreneurship increases countries chances of experiencing increased economic activity which includes economic growth and economic development. The term entrepreneurship has changed over the past couple of years according to the 2004. Oxford Dictionary of English. 2 Edition. Oxford University Press entrepreneurship is The activity of setting up a business or businesses, taking on financial risks in the hope of profit the new business opportunities

There are also various forms of entrepreneurship I.e. habitual and Corporate entrepreneurs. In Theme 1of this document I will be discussing the importance of entrepreneurship in countries’ economies and I will also be discussing the benefits associated with entrepreneurship. The later several themes I will be discussing a specific local business where I will identify and explain the company profile of the given entity. There’s also a direct correlation between entrepreneurship and job creation. The more entrepreneurs in a country the better the chances of a lower unemployment rate. This assignment will be highlighting entrepreneurship and the way entrepreneurs influence doing business in small, medium and national

Therefore, as a byproduct of entrepreneurship jobs will be created and national income will increase. Thus as the business moves from a small to medium to a national enterprise the business will employ more individuals. As with anything in the world there’s always problems faced with certain concepts and theories and with entrepreneurship creating more jobs the problems faced are a lack of skills and the high startup failure. The first problem is the lack of skills in the workforce, this makes it really difficult for companies to find skillful and talented employees to meet certain criteria for the position offered. The government has implemented certain policies and recent legalization to improve the skills of the workforce. The Skills Development Act and SETA’s to deal with the la of skills in the workforce. The second problem is that if the startup failure rate is high then the theory of entrepreneurship creating jobs isn’t correct. Without successful startups, businesses wont demand more employees therefore job creation will be stalled and it’s likely that the unemployment rate will increase because the individuals who used to work for the startup would lose they jobs because of the failure of the startup. That’s why It’s important that startup