Importance of entrepreneurship to the economy

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




Importance of entrepreneurship to the economy


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