Entrepreneurs play a key role in economic development by creating wealth and jobs, promoting balanced regional growth, and raising standards of living. They establish businesses that mobilize resources and capital, employ many workers, and develop products and services that increase GDP, national income, and per capita income. Entrepreneurs also help develop communities by requiring infrastructure like education, healthcare, and public services. For example, businesses are more likely to start in areas with skilled workers produced by technical schools and internship programs.

1. ROLE OF
ENTREPRENEURSHIP IN
ECONOMIC
DEVELOPMENT & SOCIAL
ENTREPRENEURSHIP
BY
K.GREESHMA

2. What is an ‘ENTREPRENEUR’
An entrepreneur is an individual who, rather than working as
an employee, founds and runs a business, assuming all
the risks and rewards of the venture. The entrepreneur is
commonly seen as an innovator, a source of new ideas, goods,
services, new jobs and business/or procedures.
For example:
with the introduction of Uber rides it gave great impacts on an
auto rickshaw and local buses whereas millions of people got
jobs as car drivers to make that Uber ride possible.

3. ECONOMIC DEVELOPMENT
Economic Development is a process in which all efforts are
made to increase national income, national output, per capita
income , per capita output and standards of living of people by
exploiting all the available resources of country.

4. ROLE OF ENTREPRENEUR IN
ECONOMIC DEVELOPMENT

5. 1. WEALTH CREATION AND SHARING
 Establishes the business entity,
 Invest their own resources and attract capital (in the form of
debt, equity, etc.),
 Mobilizes public wealth,
 One of the basic imperatives and goals of economic
development.

6. 2. CREATE JOBS
 Any business start-up requires human resources,
 An Entrepreneur have to seek a maximum number of
employees to work that could help each other in vice –versa
manner,
 Thus, with each new startup by entrepreneur more and more
people will get employed.

7. 3. BALANCED REGIONAL DEVELOPMENT
 Helps with regional development by locating in less
developed and backward areas,
 Leads to infrastructure improvements like better roads and
rail links, airports, stable electricity and water supply, schools,
hospitals, shopping malls and other public and private
services.

8. 4. GDP AND PER CAPITA INCOME
 India’s MSME sector, comprised of 36 million units that
provide employment for more than 80 million people, now
accounts for over 37% of the country’s GDP,
 Each new addition to these 36 million units makes use of
even more resources like land, labor and capital to develop
products and services that add to the national income,
national product and per capita income of the country,
 One of the essential goals of economic development.

9. 5. STANDARD OF LIVING
 Raises the standards of living of people by providing them
new, better and improved product,
 Supply goods having additional features at reasonable
prices,
 Removes scarcity of essential commodities,
 Introduce new products which lead to variety in consumption.

10. 6. EXPORTS
 To expand their business to foreign markets,
 Provides access to bigger markets, and leads to currency
inflows and access to the latest cutting-edge technologies
and processes being used in more developed foreign
markets,
 Leads to more stable business revenue during economic
downturns in the local economy.

11. 7. COMMUNITY DEVELOPMENT
 Requires infrastructure for education and training, healthcare, and
other public services,
 For example, you need highly educated and skilled workers in a
community to attract new businesses. If there are educational
institutions, technical training schools and internship opportunities,
that will help build the pool of educated and skilled workers.
 A good example of how this kind of community development can be
promoted is Azim Hashim Premji, Chairman of Wipro Limited, who
donated Rs. 27,514 crores for promoting education through the
Azim Premji Foundation. This foundation works with more than
350,000 schools in eight states across India.