Entrepreneurs play a vital role in economic development by creating jobs, stimulating investment, and fostering innovation, which leads to new markets and improved quality of life. They seek out better material sources, pay taxes that benefit public services, and serve as role models for future entrepreneurs. Furthermore, by utilizing local resources, they contribute to broader consumer choices and promote ethical practices in their products and services.

2. Creates employment.
•When entrepreneurs put up their
businesses, they employ people
who possess different competencies
and personal values to help them
operate the enterprise.

3. Develops new markets.
•Entrepreneurs are opportunity-seekers,
creative, and resourceful. They seek for new
buyers or customers of their product or
services. They go beyond the existing places
where their products are sold and look for
other people who will be interested.

4. Introduces innovation.
•Entrepreneurs innovate. Innovations can
be some­thing ordinary or technological
or breakthrough. This innovation is done
for the product, service or technology
towards commercialization and
generates economic wealth.

5. Introduces innovation.
•Due to innovation, other businesses
fold, while others will open or flourish.
Some even restructure like merging or
buying-out firms, to respond to the
changes that are required in order to
become sustainable in the business.

6. Generates new sources of materials.
•Entrepreneurs are always
in con­
stant search for
better and cheaper sources
of materials they need.

7. Generates new sources of materials.
•Find­
ing new material
providers help in the
economic growth of the place.
These could be sourced from
because of the value creation.

8. Stimulates investment interest
•When entrepreneurs engage in a new
business, it stirs curiosity for other
people to invest in the business
because of the benefits it offers.
This new investment contributes to
economic growth.

9. Improves the quality of life
•The new products and services
developed by the entrepreneur
contribute to the increase in the
personal benefit and convenience
of people in society.

10. Improves the quality of life
•The use of automatic gadgets in
cooking or washing clothes, mobile
phones, internet services, agricultural
machines, and many other
innovations leads to a better quality
of life.

11. Serves as role models.
•Entrepreneurs are people to be emulated by
younger generations in the community and
society at large. The atti­
tude, behavior, and
personality traits, like proactiveness,
opportunity recognition, risk-taking, alertness,
and creativity, are some of the char­
acteristics
that will also make them successful
entrepreneurs in the future.

12. Brings social benefits to the
people.
•Entrepreneurs pay taxes for
every product or service sold
in the market. They also pay
for the permits and licenses
to operate their businesses.

13. Brings social benefits to the
people.
•The income derived from all these taxes by
the government are then used for the people,
especially the poor to have more access to
social services such as education and health, as
well as improvement in infrastructure facilities,
such as roads and bridges for faster and safer
transportation of people from various
destination.

14. Utilizes and mobilizes indigenous
resources.
•Small and medium enter­
prises will
always look for cheaper and local
materials to supply their needs.
They also make use of idle or
unused resources to meet their
needs.

15. Utilizes and mobilizes indigenous
resources.
•This saves much in terms of
foreign currency as local
enterprises patronize their own
resources and they do not become
dependent on im­
ported materials.

16. Provides more alternatives for
consumers.
•The stiff competition in the market
for quality and cheaper products
and services requires the en­
trepreneurs to come up with more
products and services consumers
can choose from.

17. Provides more alternatives for
consumers.
•Entrepreneurs also become more
concerned about the wel­fare of their
consumers, and ethical in producing and
selling their prod­ucts or services, in
order that consumers will prefer them
over the other enterprises selling the
same.

18. Entrepreneurial
Competencies