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