Entrepreneurship Role in economic Development-1.pdf
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Entrepreneurship plays an important role in economic development by creating employment, promoting economic growth, and facilitating overall development. It creates jobs directly through self-employment and indirectly by employing others. Entrepreneurs also contribute to gross national product by exploring opportunities and coming up with new products and services. They induce backward and forward linkages in the economy and help achieve balanced regional development.
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Role of entrepreneurs in economic development
Entrepreneurs play a key role in the economic development of a country by mobilizing idle savings, creating employment opportunities, promoting regional development, reducing concentration of economic power, stimulating equitable redistribution of wealth, encouraging resource utilization, inducing backward and forward linkages, and promoting export trade. They serve as catalysts for economic growth and development.
ENTREPRENEURSHIP DEVELOPMENT AND ECONOMICS GROWTH.pptx
This document discusses the role of entrepreneurship in economic growth. It defines entrepreneurship as setting up a business or becoming self-employed. Entrepreneurs promote economic development in several ways: they mobilize capital, create employment opportunities, promote regional development, reduce concentration of economic power, create wealth, increase GDP and incomes, improve standards of living, promote exports, induce backward and forward linkages in industry, and facilitate overall development. Entrepreneurship is influenced by many environmental factors like the economy, society, politics, education system, family background, and government policy. When these factors are conducive, entrepreneurship can flourish and drive economic growth.
Entrepreneurship and economic development
This document discusses the role of entrepreneurship in economic development. It defines entrepreneurship as setting up a business or becoming self-employed. Entrepreneurs play key roles in economic development by promoting capital formation, creating employment opportunities, and stimulating balanced regional growth. They help increase gross national product, per capita income, and standards of living. Entrepreneurs also induce backward and forward linkages between industries and facilitate overall economic development. The conclusion states that entrepreneurship development depends on factors like the economic, social, political, and cultural environment.
Role of Women Entrepreneurship in Economic Development
Entrepreneurs initiate and sustain the process of economic development in the following ways:
1. Capital Formation:
2. Improvement in Per Capita Income:
3. Generation of Employment:
4. Balanced Regional Development:
5. Improvement in Living Standards:
6. Economic Independence:
7. Backward and Forward Linkages:
8. Innovation:
9. Other contributions:
role of enterprenur in economic development
The document discusses the role of entrepreneurs in economic development. It states that entrepreneurs promote capital formation, create wealth and employment opportunities, and help develop industries in rural and less developed areas. Entrepreneurs stimulate the overall economy by establishing businesses, inducing backward and forward linkages between industries, and increasing production to raise the gross national product and standard of living. Their activities facilitate balanced regional growth and the country's export trade, making them a crucial factor in a nation's economic development.
Role played by entrepreneurship in economic development in India
The document discusses the major role of entrepreneurship in the economic development of India. It notes that entrepreneurs locate and exploit opportunities, converting idle resources into national income and wealth through goods and services. This promotes capital formation, creates large-scale employment, encourages balanced regional development, reduces concentration of economic power, stimulates wealth creation and distribution, and increases gross national product and per capita income - all of which are essential to a country's economic development.
CONTEMPORARY-WORLD.docx
Global corporations play a major role in economic globalization by operating across national borders in industries like technology, manufacturing, and finance. As multinational companies, they must navigate cultural differences and regulations across countries while leveraging their worldwide presence to grow markets and profits. The rise of large corporations from emerging economies like China and India has shifted capital flows from predominantly North-North and North-South patterns to more South-South and South-North investments.
Importance of Entrepreneurship B.com Final Year
The document discusses the importance of entrepreneurship. It notes that entrepreneurship facilitates self-employment, generates employment opportunities on a large scale, and acts as an agent of change by conceiving and developing new ideas. Entrepreneurship also achieves social stability by meeting societal demands and ensuring regular supply of goods and services. It allows for the optimum utilization of resources and plays a significant role in capital formation and balanced regional growth. Overall, the document emphasizes that entrepreneurship is crucial for economic development and reducing issues like unemployment, poverty, and concentration of economic power.
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Role of entrepreneurs in economic development
Entrepreneurs play a key role in the economic development of a country by mobilizing idle savings, creating employment opportunities, promoting regional development, reducing concentration of economic power, stimulating equitable redistribution of wealth, encouraging resource utilization, inducing backward and forward linkages, and promoting export trade. They serve as catalysts for economic growth and development.
ENTREPRENEURSHIP DEVELOPMENT AND ECONOMICS GROWTH.pptx
This document discusses the role of entrepreneurship in economic growth. It defines entrepreneurship as setting up a business or becoming self-employed. Entrepreneurs promote economic development in several ways: they mobilize capital, create employment opportunities, promote regional development, reduce concentration of economic power, create wealth, increase GDP and incomes, improve standards of living, promote exports, induce backward and forward linkages in industry, and facilitate overall development. Entrepreneurship is influenced by many environmental factors like the economy, society, politics, education system, family background, and government policy. When these factors are conducive, entrepreneurship can flourish and drive economic growth.
Entrepreneurship and economic development
This document discusses the role of entrepreneurship in economic development. It defines entrepreneurship as setting up a business or becoming self-employed. Entrepreneurs play key roles in economic development by promoting capital formation, creating employment opportunities, and stimulating balanced regional growth. They help increase gross national product, per capita income, and standards of living. Entrepreneurs also induce backward and forward linkages between industries and facilitate overall economic development. The conclusion states that entrepreneurship development depends on factors like the economic, social, political, and cultural environment.
Role of Women Entrepreneurship in Economic Development
Entrepreneurs initiate and sustain the process of economic development in the following ways:
1. Capital Formation:
2. Improvement in Per Capita Income:
3. Generation of Employment:
4. Balanced Regional Development:
5. Improvement in Living Standards:
6. Economic Independence:
7. Backward and Forward Linkages:
8. Innovation:
9. Other contributions:
role of enterprenur in economic development
The document discusses the role of entrepreneurs in economic development. It states that entrepreneurs promote capital formation, create wealth and employment opportunities, and help develop industries in rural and less developed areas. Entrepreneurs stimulate the overall economy by establishing businesses, inducing backward and forward linkages between industries, and increasing production to raise the gross national product and standard of living. Their activities facilitate balanced regional growth and the country's export trade, making them a crucial factor in a nation's economic development.
Role played by entrepreneurship in economic development in India
The document discusses the major role of entrepreneurship in the economic development of India. It notes that entrepreneurs locate and exploit opportunities, converting idle resources into national income and wealth through goods and services. This promotes capital formation, creates large-scale employment, encourages balanced regional development, reduces concentration of economic power, stimulates wealth creation and distribution, and increases gross national product and per capita income - all of which are essential to a country's economic development.
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Global corporations play a major role in economic globalization by operating across national borders in industries like technology, manufacturing, and finance. As multinational companies, they must navigate cultural differences and regulations across countries while leveraging their worldwide presence to grow markets and profits. The rise of large corporations from emerging economies like China and India has shifted capital flows from predominantly North-North and North-South patterns to more South-South and South-North investments.
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The document discusses the importance of entrepreneurship. It notes that entrepreneurship facilitates self-employment, generates employment opportunities on a large scale, and acts as an agent of change by conceiving and developing new ideas. Entrepreneurship also achieves social stability by meeting societal demands and ensuring regular supply of goods and services. It allows for the optimum utilization of resources and plays a significant role in capital formation and balanced regional growth. Overall, the document emphasizes that entrepreneurship is crucial for economic development and reducing issues like unemployment, poverty, and concentration of economic power.
Entrepreneurship is cause but economic development is effect
This document discusses entrepreneurship and its role in economic development. It defines entrepreneurship as undertaking innovations to transform them into economic goods. Entrepreneurs explore opportunities, provide new products/services, and generate employment, income, taxes, and innovations. They promote capital formation, balanced regional development, and poverty alleviation. However, entrepreneurship in Nepal faces problems like limited financing, lack of training, and an unstable policy environment. The government can support small businesses and entrepreneurship by improving the investment climate, providing capital, protecting investors, implementing supportive policies, and expanding institutional services like entrepreneurship development programs. These programs aim to train graduates in starting businesses successfully.
Chapter 5 How Managers Use Balance of Payments Data – p.213Do.docx
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Do some research on the items in the table below and see if you see a pattern with the various country’s economies:
1. What is the G7?
2. What is the E7?
G7 Countries
Continent where the country lies
GDP
Ease of Doing Business
1.
2.
3.
4.
5.
6.
7.
NOTE: When you find the GDP (Gross National Product) note the year – you may not have 2018 statistics. That is okay –find the latest data available. You may need to search for the Ranking of Ease of Doing Business – and then find the countries that make up the G7 or the E7.
NEXT PAGE!
E7 Countries
Continent where the country lies
GDP
Ease of Doing Business
1.
2.
3.
4.
5.
6.
7.
A. Compare the 2 groups of countries – explain your findings.
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Chapter 3
Key Points for the Chapter
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Economic development requires resources from public and private sectors, both internal and external.
Technology transfers by international corporations comprise manufacturing technologies, management organizations, and marketing know-how.
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Economic development is the progress countries make in living standards as they experience positive economic growth and the changes occurring in societal and cultural institutions and values as nations move toward more advanced stages of industrialization.
Economic progress demonstrates human progress, and more pragmatically, it keeps politicians in power, companies busy, and consumers (and voters) optimistic about the future.
Technology Transfers
International trade, investments, and global media have opened world markets up to a variety of modernizing influences.
In general terms, technology transfers occur as corporations enter new markets with products, technologies, lifestyles, and business methods developed in their home and other international markets.
Technology transfers first affect urban segments of developing countries where there are developed infrastructures and pocket of economically significant customers.
As media become commercialization and distribution channels are built into rural areas, greater proportions of developing-country populations come into contact with modernization influences.
4
Positive Effects
Positive effects occur as societies are exposed to broad varieties of products that make lives easier.
Convenience products such as packaged foods, and consumer durables such as refrigerators, radios, televisions, and stoves have positive effects on consumer lifestyles.
New technologies in manufacturing and distribution make products cheaper and more widely available. They provide employment opportunities for lo.
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An entrepreneur plays an important role in economic development by creating new businesses, products, and jobs. They promote economic growth through innovation, capital formation by organizing savings, and employment opportunities. Entrepreneurs help develop remote areas and improve standards of living through new products and services. Their work reduces unemployment and dependence on other countries, thereby contributing to a nation's self-reliance and overall welfare.
Ed ppt
1. The document discusses the meaning, need, and factors affecting entrepreneurship. It defines entrepreneurship as the process of designing, launching, and running a new business to generate profit, while bearing risks.
2. The need for entrepreneurship includes job creation, innovation, community development, integration of outsiders, and enhancing standards of living. Economic factors like capital, labor, raw materials, market, and infrastructure influence entrepreneurial development.
3. Social factors such as caste, family system, and values & beliefs also impact entrepreneurship by shaping people's basic norms and behaviors.
Chapter 1 How do you define emerging markets What are some of t.docx
Chapter 1
How do you define emerging markets? What are some of the common characteristics?
Emerging markets are those markets in a transition phase from developing to developed markets due to rapid growth and industrialization. Hence, markets which have (a) started an economic reform process aimed at alleviating problems, for example, of poverty, poor infrastructure and overpopulation; (b) achieved a steady growth in gross national product (GNP) per capita; (c) increased integration in the global economy; may truly be called emerging economies.
In defining emerging markets, large populations, rapid growth in GDP as well as increased contribution to world trade can be identified. Increased contribution to the world economy can be observed in increased exports, imports, inward and outward foreign investments. Such markets are often associated by rapidly growing populations and younger populations.
Such markets are also identified by progressive economic reforms and expectations of accelerated economic expansion. High growth rates and industrialization also lead to urbanization in such markets. In parallel, income levels are often increasing rapidly.
Even though emerging markets are very different from each other in terms of culture, political and economic characteristics, market structures and demographic structures, some general trends can be identified in order to understand the rise of such markets, as well as opportunities and challenges presented by these markets.
What are some of the reasons for increased importance of emerging markets in the global economy?
Traditionally, the emerging market environment was characterized by protected domestic firms, high tariffs, weak institutions, conglomerates and business groups, and a turbulent climate. Towards the end of the twentieth century, emerging markets started to go through structural reforms in an attempt to create stability and growth. Due to such reforms, many emerging markets have stabilized their economies and started growing rapidly. As emerging markets adopt a relatively open approach to world trade, they are able to integrate with the global economy.
Increased contribution of emerging markets to world trade is one of the reasons which has led to the emphasis of emerging markets in the global economy. Many of such markets have become major exporters and the interdependency among developed and emerging markets have increased.
Liberalization has also augmented to the focus on emerging markets in the global economy as the markets present major opportunities for foreign investment. Economic growth rates of emerging markets are higher than those of developed economies. Hence, such markets often present better prospects in terms of planning future investments. In parallel, policy reforms in these markets leading to improved fiscal and monetary policies, as well as stronger financial markets, have reduced volatility significantly. Hence, the rise of such countries as potential ...
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Role of business in economic development
Policy makers need to create structured long term funding schemes with extended moratorium periods to support young entrepreneurs in the start-up stage and smooth run of business under self-regulations with minimum bureaucratic control. The bureaucratic control is expensive and regressive of creation of new business and development of entrepreneurship.
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As a student, you'll also understand why entrepreneurship matters for the economy, how it develops, the environment it thrives in, and why it's important.
This transformative power of entrepreneurship ignites a chain of prosperity that uplifts entire communities, making it a cornerstone of economic development. In the following discussion, we will delve into five critical ways entrepreneurship proves to be an indispensable asset to the economy, highlighting its significant contributions and the lasting impact it leaves on the world's financial health.
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Entrepreneurship is cause but economic development is effect
This document discusses entrepreneurship and its role in economic development. It defines entrepreneurship as undertaking innovations to transform them into economic goods. Entrepreneurs explore opportunities, provide new products/services, and generate employment, income, taxes, and innovations. They promote capital formation, balanced regional development, and poverty alleviation. However, entrepreneurship in Nepal faces problems like limited financing, lack of training, and an unstable policy environment. The government can support small businesses and entrepreneurship by improving the investment climate, providing capital, protecting investors, implementing supportive policies, and expanding institutional services like entrepreneurship development programs. These programs aim to train graduates in starting businesses successfully.
Chapter 5 How Managers Use Balance of Payments Data – p.213Do.docx
Chapter 5: How Managers Use Balance of Payments Data – p.213
Do some research on the items in the table below and see if you see a pattern with the various country’s economies:
1. What is the G7?
2. What is the E7?
G7 Countries
Continent where the country lies
GDP
Ease of Doing Business
1.
2.
3.
4.
5.
6.
7.
NOTE: When you find the GDP (Gross National Product) note the year – you may not have 2018 statistics. That is okay –find the latest data available. You may need to search for the Ranking of Ease of Doing Business – and then find the countries that make up the G7 or the E7.
NEXT PAGE!
E7 Countries
Continent where the country lies
GDP
Ease of Doing Business
1.
2.
3.
4.
5.
6.
7.
A. Compare the 2 groups of countries – explain your findings.
Globalization Effects on Country Institutions, People and Business
Chapter 3
Key Points for the Chapter
Economic development comprises positive economic growth and entails changes in a country’s political, economic, and cultural institutions, as well as in individual values, attitudes, and behaviors.
Economic development requires resources from public and private sectors, both internal and external.
Technology transfers by international corporations comprise manufacturing technologies, management organizations, and marketing know-how.
Intro: The Economic Development Process
Economic development is the progress countries make in living standards as they experience positive economic growth and the changes occurring in societal and cultural institutions and values as nations move toward more advanced stages of industrialization.
Economic progress demonstrates human progress, and more pragmatically, it keeps politicians in power, companies busy, and consumers (and voters) optimistic about the future.
Technology Transfers
International trade, investments, and global media have opened world markets up to a variety of modernizing influences.
In general terms, technology transfers occur as corporations enter new markets with products, technologies, lifestyles, and business methods developed in their home and other international markets.
Technology transfers first affect urban segments of developing countries where there are developed infrastructures and pocket of economically significant customers.
As media become commercialization and distribution channels are built into rural areas, greater proportions of developing-country populations come into contact with modernization influences.
4
Positive Effects
Positive effects occur as societies are exposed to broad varieties of products that make lives easier.
Convenience products such as packaged foods, and consumer durables such as refrigerators, radios, televisions, and stoves have positive effects on consumer lifestyles.
New technologies in manufacturing and distribution make products cheaper and more widely available. They provide employment opportunities for lo.
HISTORY OF ENTREPRENEURSHIP DEVELOPMENT.docx
Uganda has strong potential for economic growth but faces high youth unemployment. While the economy has grown at 7% annually, this growth has not generated sufficient jobs. Lack of skills matching market needs contributes to the unemployment problem. Entrepreneurship is seen as an alternative career path due to the desire for independence, lack of job opportunities, and prospects for increased income. The government is working to promote entrepreneurship through training programs and financial support. Entrepreneurship brings benefits like job creation, innovation, community development, and raising living standards.
Role of an intrepreneur in economic development
An entrepreneur plays an important role in economic development by creating new businesses, products, and jobs. They promote economic growth through innovation, capital formation by organizing savings, and employment opportunities. Entrepreneurs help develop remote areas and improve standards of living through new products and services. Their work reduces unemployment and dependence on other countries, thereby contributing to a nation's self-reliance and overall welfare.
Ed ppt
1. The document discusses the meaning, need, and factors affecting entrepreneurship. It defines entrepreneurship as the process of designing, launching, and running a new business to generate profit, while bearing risks.
2. The need for entrepreneurship includes job creation, innovation, community development, integration of outsiders, and enhancing standards of living. Economic factors like capital, labor, raw materials, market, and infrastructure influence entrepreneurial development.
3. Social factors such as caste, family system, and values & beliefs also impact entrepreneurship by shaping people's basic norms and behaviors.
Chapter 1 How do you define emerging markets What are some of t.docx
Chapter 1
How do you define emerging markets? What are some of the common characteristics?
Emerging markets are those markets in a transition phase from developing to developed markets due to rapid growth and industrialization. Hence, markets which have (a) started an economic reform process aimed at alleviating problems, for example, of poverty, poor infrastructure and overpopulation; (b) achieved a steady growth in gross national product (GNP) per capita; (c) increased integration in the global economy; may truly be called emerging economies.
In defining emerging markets, large populations, rapid growth in GDP as well as increased contribution to world trade can be identified. Increased contribution to the world economy can be observed in increased exports, imports, inward and outward foreign investments. Such markets are often associated by rapidly growing populations and younger populations.
Such markets are also identified by progressive economic reforms and expectations of accelerated economic expansion. High growth rates and industrialization also lead to urbanization in such markets. In parallel, income levels are often increasing rapidly.
Even though emerging markets are very different from each other in terms of culture, political and economic characteristics, market structures and demographic structures, some general trends can be identified in order to understand the rise of such markets, as well as opportunities and challenges presented by these markets.
What are some of the reasons for increased importance of emerging markets in the global economy?
Traditionally, the emerging market environment was characterized by protected domestic firms, high tariffs, weak institutions, conglomerates and business groups, and a turbulent climate. Towards the end of the twentieth century, emerging markets started to go through structural reforms in an attempt to create stability and growth. Due to such reforms, many emerging markets have stabilized their economies and started growing rapidly. As emerging markets adopt a relatively open approach to world trade, they are able to integrate with the global economy.
Increased contribution of emerging markets to world trade is one of the reasons which has led to the emphasis of emerging markets in the global economy. Many of such markets have become major exporters and the interdependency among developed and emerging markets have increased.
Liberalization has also augmented to the focus on emerging markets in the global economy as the markets present major opportunities for foreign investment. Economic growth rates of emerging markets are higher than those of developed economies. Hence, such markets often present better prospects in terms of planning future investments. In parallel, policy reforms in these markets leading to improved fiscal and monetary policies, as well as stronger financial markets, have reduced volatility significantly. Hence, the rise of such countries as potential ...
The role of international business in aid for trade
The role of multinational business in trade has always been very important—large firms account for the majority of international trade flows, and many if not most of these large firms will have establishments in multiple countries. These firms, obviously, are not in the development assistance business (although they may be contracted by governments to implement projects financed by Aid for Trade). This does not mean, however, that private companies do not contribute to building trade capacity in developing countries. To the contrary, many enterprises that have established operations in developing countries or that trade with developing countries make a major contribution to economic upgrading and local capacity building. Such activities are not captured by the term AFT – nor would it qualify as AFT – because the origin of the funds is private and the objective is generally to benefit/support the associated investments/operations. It nonetheless serves the same purpose. Indeed, it may have
greater success as a result of the need to demonstrate results vis-à-vis the firm’s shareholders, and can generate positive spillovers.
Role of Entrepreneur’s in Economic Development
Entrepreneurs play a key role in economic development by creating wealth and jobs, promoting balanced regional growth, and increasing GDP and standards of living. They mobilize capital for new businesses, employ many workers, and locate in less developed areas to spur infrastructure growth there. Their businesses produce goods and services that contribute to national income and output, raising GDP and per capita income. Entrepreneurs also introduce new and improved products that enhance living standards and remove supply shortages. Their exports can expand markets while stabilizing revenue during domestic economic downturns. Community development through education and skills training is important to build a workforce that attracts new businesses and promotes long-term economic prosperity.
Role of business in economic development
Policy makers need to create structured long term funding schemes with extended moratorium periods to support young entrepreneurs in the start-up stage and smooth run of business under self-regulations with minimum bureaucratic control. The bureaucratic control is expensive and regressive of creation of new business and development of entrepreneurship.
Entrepreneurship: driving force to sustainable development in developing regions
Entrepreneurship: driving force to sustainable development in developing regionsInternational Journal of Business Marketing and Management (IJBMM)
Since the mid-1980s, sustainable development has been generally used but got predominance
when it became progressively fashionable to use it as a way of reacting to global environmental concerns,
biophysical issues, fairness, equity and distribution. The issue of sustainable development has been a growing
concern to both the governmentFundamentals of Economic Development
This document discusses economic development and the role of economic development practitioners. It provides an overview of the International Economic Development Council (IEDC), including its membership and services. Economic development aims to promote economic well-being and involves job creation, investment, and quality of life. Key issues today include globalization, disasters, lack of diversification, and inequity. Economic development players include various levels of government, private organizations, knowledge institutions, and financial institutions. As a practitioner, roles include providing incentives, building enthusiasm, facilitating partnerships, and acting as an analyst, catalyst, advocate, and gap filler.
Government policies for entrepreneurs
This document discusses government policies for entrepreneurs in India. It defines entrepreneurs as individuals who efficiently combine factors of production. Governments need entrepreneurs because they create jobs, discover new markets and materials, mobilize capital, and introduce new technologies. The government has various policies that provide assistance for infrastructure, finance, training, and marketing to promote small businesses. These include programs from the National Bank for Agriculture and Rural Development, Small Industries Development Bank of India, and others. Future challenges include improving access to information for startups and streamlining regulatory processes.
Globalisation final
The document discusses various topics related to globalization including definitions, processes, impacts, and key organizations. It defines globalization as the integration of economies and societies through communication, transportation, and trade. Key impacts discussed include greater access to markets and technologies stimulating growth, as well as concerns about outsourcing jobs and cultural influences. Major international organizations that guide globalization discussed include the IMF, World Bank, WTO, and multinational corporations.
Globalisation final
The document discusses various topics related to globalization including definitions, processes, impacts, and key organizations. It defines globalization as the integration of economies and societies through communication, transportation, and trade. Key impacts discussed include greater access to markets and technologies stimulating growth, as well as concerns about outsourcing jobs and cultural influences. Major international organizations that guide globalization discussed include the IMF, World Bank, WTO, and multinational corporations.
The 5 Crucial Role of Entrepreneurship in Economic Development.pdf
Entrepreneurship plays a pivotal role in shaping the economic landscape of nations. It is the heartbeat of the market, pumping innovation, employment, and growth into society's veins. Through the daring vision of entrepreneurs, new horizons of possibility are explored, creating a ripple effect that benefits not only individual lives but the economy as a whole.
As a student, you'll also understand why entrepreneurship matters for the economy, how it develops, the environment it thrives in, and why it's important.
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Entrepreneurship Role in economic Development-1.pdf
- 1. Entrepreneurship Role in economic Development Created by Moses Shuuya
- 2. Learning Outcomes Discuss the role of entrepreneurship in economic growth
- 3. Overview 1 Create employment 2 Economic Growth and development 3 Balanced Regional Development 4 Reduced Concentration of Economic Power 5 Wealth Creation and Distribution 6 Contribute to Gross National Product
- 4. Contin.. 7 Improvement in the Standard of Living 8 Promotes Country's Export Trade 9 Induces Backward and Forward Linkages 10 Facilitates Overall Development
- 5. Direct - self employment indirect - Employment of others in multiple units they create Create employment
- 6. Promote capital formation by mobilizing the idle savings of public E.g Gwashamba Mall/Grove Mall Economic Growth and development
- 7. Remove regional disparities through setting up of industries in less developed and backward areas Growth of Industry and business leads to a lot of Public benefits i.e. roads Create high competition in big cities Balanced Regional Development
- 8. This concentration of power in a few hands has its own evils in the form of monopolies A large number of entrepreneurs need to be developed to deal with the issue E.g Health Ministry tenders Reduces Concentration of Economic Power
- 9. Create wealth through the creation of goods and services In the process creating jobs that improve living conditions Wealth Creation and Distribution
- 10. They explore and exploit opportunities, encourage effective resource mobilization of capital and skills Use them to come up with new product and services through new market growth; Increasing gross national product as well as per capita income of the people in a country Contributes to gross national product
- 11. New innovations change the way we live They innovation reduce production costs, making this cheaper Radio used to be scares commodity, cellphones etc. Improvement in the Standard of Living
- 12. Promote country's export-trade, which is an important ingredient of economic development Promote import substitution and export promotion to ensure economic independence and development. E.g Russia Promotes Country's Export Trade
- 13. By creating industries or new value chain Backward linkages - direct towards suppliers Forward linkages -directed towards customers E. g farmer's backward and forward linkages Induces Backward and Forward Linkages
- 14. Entrepreneurs act as catalytic agent for change which results in chain reaction One unit (business) will generate demand for various types of units required They also invest in community projects and provide financial support to local charities Facilitates Overall Development