The Importance Of Entrepreneurship On Economic Development And Development
There is a high level of importance that exists in terms of the effect entrepreneurship has on the economic development and growth of a country. This is seen in terms of how entrepreneurship is dependent on innovation for success which results in growth as measured by the GDP (Drotskie, Jacobs, Nieuwenhuizen and Oosthuizen, 2017). The outcome of growth facilitates economic development, highlighted in the level of economic opportunities available and the well-being of society’s individuals (Toma, Grigore and Marinescu, 2014).
Entrepreneurship is the thought orientation of focusing on opportunities (Drotskie, Jacobs, Nieuwenhuizen and Oosthuizen, 2017) and is also described as the mechanism in which the economies faults are uncovered and corrected through the process of innovation (Toma, Grigore and Marinescu, 2014). Therefore it can be deduced that entrepreneurship acts as the solutions to problems present in an economy. This is done with the aid of innovation to form ideas which are implemented and represented by business opportunities. Moreover this is evident with the highest success levels of innovation being associated with a negatively positioned economy (Hausman and Johnston, 2014), concluding that economic hardship creates the ideal environment for entrepreneurship to take place, as innovation acts as the solutions for a beneficial future economy. Thus entrepreneurship activity can be identified as important owing to its effect on the growth and development of a
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