Benefits to an IndividualEntrepreneurship plays a significant role in the growth and developmentof an individual. Some of the benefits offered are as follows: * People who are self employed enjoy great pride in achieving successon their own. It gives a boost to their confidence and self-esteem. Theyare highly motivated which in turn push them to achieve great heights. * Entrepreneurs are able to work as per their rules and regulations.They are their own boss and can enjoy the authority to take independentdecisions. * Entrepreneurs are able to generate wealth for themselves which cantake many years while working as an employee for other people. * A person who works continuously for eight to ten hours a day feelstired and exhausted after the days work. It increases their fatiguelevel which in turn affects their productivity and efficiency in the longrun. An entrepreneur is free to choose his working hours as he is theboss and nobody is entitled to question his decision. * Due to flexible work hours, an entrepreneur has ample time at hisdisposal. He is therefore able to devote a considerable amount of time tohis family and friends. During his spare time, he can even indulgehimself in certain recreational activities like sports, movies or hobbyclasses in order to relax and rejuvenate. * An entrepreneur enjoys greater profits which in turn keeps himgoing and motivates him to perform better.Benefits to an EconomyEntrepreneurship is a great way to develop an economy. Some of thebenefits offered to the economy as a whole are as follows: * Unemployment is the biggest challenge for any economy.Entrepreneurship helps in providing an opportunity to people to get selfemployed. Apart from this it also plays a major role in the eradicationof unemployment by creating employment opportunities for people atvarious levels. * It facilitates the government to fill their coffers with the taxesthat are generated from the entrepreneurship undertakings which in turnhelps them to generate more revenues.Entrepreneurship is an essential component of any economy.Entrepreneurship is a concept that is triggered by the growing urge amongpeople to have their own business. An economy completely supports thisproposition as it not only benefits an individual but the society atlarge.