Importance of entrepreneurship to the economy

Creation of employment/jobs by absorbing people who would otherwise be
jobless
Formation of capital through profits which may be used to expand the business
Reducing rural-urban migration as businesses in rural area offer employment opportunities
Raising standards of living through receipt of salaries and wages as well as availing a variety of quality goods and services
Saving on imports as entrepreneurs are able to produce good and services that are substitutes to imports
Improving infrastructure through improvement of roads and security by the government
Reducing foreign dominance of the economy by increasing the participation of local entrepreneurs in various business activities
Making use of local resources which would otherwise be idle or thought to be a waste
Promotion of technology through the entrepreneurs creativity and innovation
Promotion of entrepreneurial culture by using successful entrepreneurs as role models