The benefit of entrepreneurship goes beyond the effects people have on their personal companies, they actually influence wider communities and in some cases the world at large. Entrepreneurship plays a vital role in the growth of a country’s economy and development.

Significance or importance of entrepreneurship are stated below;

  • Economic growth and development.
  • Job opportunities.
  • Business innovation.
  • Community development.
  • Political and economic integration of outsiders.
  • Spawns entrepreneurship.
  • Enhances the standard of living.
  • Promotes research and development.
  1. Economic growth and development

Entrepreneurship, is actually the process of setting up a business in order to make profit goes a long way to                  improve and stabilize country’s economy and as well provide massive returns to the nation, this also plays a                  vital role in the country’s development and contributes to innovation, projects and reduces poverty situation in            the nation.

  1. Creation of job opportunities

Entrepreneurs has created a large number of new jobs in the nation. It provides entry-level jobs, this helps                    individuals to grow and nurture their skills so that can be employable in the future.

In a country where the government fails to provide employment for the youths and young, the enterprises                      steps up to creates a large portion of total employment for the people.

Moreover, entrepreneurial ventures prepare and supply experienced labor to large industries.

  1. Innovation

This is simply the introduction of new products, or something different. This is another way of creating                          something new in the society to help solve societal problems. Entrepreneurs are always innovative with their                ideas putting job creation in consideration. It also goes beyond discovery, implementation and                                          commercialization, of new ideas.

  1. Impact on community development

A community is better off if its employment base is diversified among many small entrepreneurial firms.

It promotes abundant retail facilities, a higher level of homeownership, fewer slums, better, sanitation                           standards and higher expenditure on education, recreation, and religious activities.

Thus, entrepreneurship leads to more stability and a higher quality of community life.

  1. Economic integration of outsiders

Entrepreneurship is the one of the most effective way of bringing in foreign investor from all over the world to              invest in a business which also helps to boost the country’s economy.

  1. Spawns entrepreneurship

Entrepreneurship gives birth, nurture and produce a training ground for new and inexperienced entrepreneurs.

It’s also the ground where a person can start his/her idea of business and nurture it into an enterprise. All the              large industrial ventures started as a small entrepreneurial enterprise.

  1. Enhances the standard of living

Taxes generated from different companies can be used to setup many other establishment can also generate                  revenue for the state or the country, this revenue can be used to setup basic amenities like good roads, running            water, schools and electricity. While some other infrastructures like NGO’s might take on scholarships for the              citizens of the country.

Besides, entrepreneurship also boosts entrepreneurial enterprises employees, in effect, it enhances the                          standard of living of the people of a country.

  1. Promotes research and development

Entrepreneurship is all about research, innovation and hence the good innovated ideas and services have to be            tested by experimentation by developing them.

Therefore, entrepreneurship provides room and funds for research and development both for upcoming                        entrepreneurs and already existing ones.

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