Importance Of Entrepreneurship In Business

1701 Words7 Pages
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…show more content…
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…show more content…
This then leads to a greater amount of capital inflow towards these small businesses. Foreign investors may also see small businesses as a safe and rewarding route into investing in a country I.e. South Africa. Provision of strength to small businesses comes with many benefits that can range from economic growth to job creation, these topics will be discussed later in theme 1. Small businesses generally have the opportunity to grow and offer greater than normal returns for investors and this won’t only benefit the investors but it will also benefit the average citizens of the country who work for small businesses. The provision of strength to businesses has been an important factor in developing large world economies like The United States of America because without the support and provision of strength to small businesses Fortune 500 companies wouldn’t have had the necessary skills and support to become gigantic companies that benefit the U.S economies I.e. Coca-Cola contributes more than just tax to the U.S economy. It can then be seen that because of entrepreneurship in the small businesses they have a greater chance of becoming successful. In the South African Economy Organizations like The IDC see the importance of small businesses in the economy, in terms of future economic growth and therefore

More about Importance Of Entrepreneurship In Business

Open Document