Entrepreneurs are essential for the
economic development of a country. The progress of a country will depend upon
their skills and talent as well as hard work to deliver necessary goods and
services required by the citizens of their country .they create new businesses, and new
businesses in turn create jobs, intensify competition, and may even increase
productivity through technological change. Highly measured levels of
entrepreneurship will thus translate directly into high levels of economic development of a country. Entrepreneur’s contribution to the
economy is of immense value. He or she is indispensable to the economic growth
of the country. His or her products are valuable to the overall development of
the society. People need their products. They simply cannot do without them.
How entrepreneurs contribute to the economic development of a country?
entrepreneurs ought to invest into what is required for the economy. Economic
advance will much rely upon their commitments. Any entrepreneur will invest
into items and administrations which the general population require. Their
investment will guarantee a superior life for the general population. More
products and enterprises will be available to them. As indicated by
conventional models, entrepreneurs create a new businesses according to the
needs and demands in the market. That is, there is chance to provide a product or service
that is not currently in presence, or otherwise available.
Economists indicate to these business-starters as “opportunity” entrepreneurs
in order to distinguish these individuals from those who start businesses for
lack of better work opportunities. So-called “opportunity” entrepreneurs, who
launch new enterprises in response to market needs, are key players when it
comes to fostering economic growth in a region.
An entrepreneurs by setting up different businesses
and establishments is generating employment in the economic development of a
country. People need jobs. This is a main contribution that an employer can
make to provide income to an employee who can meet his or her needs. If there is not enough employment
opportunities the Unemployment is the main factor that
effects and influences on the economic development of a country where the Unemployment is
the wonder that happens when a man who is currently scanning for employment
can’t look for some kind of employment the higher the rate of joblessness the
slow the economic improvement of a country and the inverse .work is the significant driver is on the
grounds that it have an impact in the spending patterns of the of people,
industries, and the economy at large . So if the rate of joblessness is high
fundamentally what it implies is that as people we won’t have enough
discretionary cash flow to spend,
industries will also not be able to operate at full capacity as few
individuals will consume their products and thereby leading to the reduction in
cash inflows, and the economy will then suffer as the rate at which the economy
will grow will be generally low
Commerce and regional economic integration:
Technology has made it possible for
small, entrepreneur-led businesses to expand into regional and worldwide markets.
At the point when new businesses export goods and services to close-by areas,
these enterprises contribute directly to a region’s productivity and earnings.
This increase in income strengthens an economy and raise the general welfare of
a population. Economies that exchange with each other are quite often better
off. Politics aside, engaging in regional and international trade promotes investment
in regional transportation and infrastructure, which also strengthens economies
The international trade
Accounts for a good part of a
country’s gross domestic product. It is additionally one of important sources
of income for a building up the economic development of a county .entrepreneurs
promote global trade by selling their products abroad. Any entrepreneur might
want a more extensive market. In the event that there are more buyers to buy
his or her items, the higher his benefits.
in products and services
entrepreneur can give different sorts of goods and services to the consumer.
The latter has much to choose from. A consumer after all might want to have a
good bargain, and if their choices are more than they can get these products or
services at reasonable rates. Additionally personal want are met if there are
products and services to choose from. A person may like a specific sort of tie
and he can maybe locate it in his local market. His desire to purchase a
tie of his choice is thus met.
New technologies promote
The ability to change ideas into new
products and services that people need is the fount of prosperity for any
developed country. Economic growth, generally speaking, is driven by new
technologies and their creative applications. Time of rapid development
generally have been joined by periods of strong economic growth. The impetus of
innovation is the best natural resource of all: the human mind. Creating
innovative products and solutions requires an educated population and an
environment where collaborative work can take place. In addition to being good
for business, education increases workforce creativity and quality of life.
Do the entrepreneurs considered as an agent of
change to develop the economics of a country?
Yeas they are because entrepreneurs
create the opportunities, great in planning and manage strategically to make a
decision and always strive for excellence in a business. Which they should have
a good abilities and understanding to building up its strategic in the business
.the fast development of the marketing is constantly changing our lives. As a
result, entrepreneurs are played the
significance part in a market as they are seen as agents of change. Which the
change is economically based, the implications are far reaching, influencing
different parts of society such as social, cultural and political. That is
reason the entrepreneur is willing to take the responsibility and taking business
risk to make and grow their business to order to explore more opportunities.
Which the goods and services are fulfills customer’s demand and preferences.
Entrepreneurs seen to be the
starters and them also assume the role of manager. Which entrepreneurs are
observing the fourth factor of production (entrepreneur, land, labor and
capital) and improve for the economic development. They were actively form to
lead their own business and cultivate and offering new ideas for the economic
growth and prosperity in individually. Moreover, entrepreneurs have a good in
planning and manage strategically to make a decision and always strive for
excellence in a business. Therefore, it can avoid the failure that may threat
to an entrepreneur and the lack of continuity of the business and know how to
developing the field of social entrepreneurship.
Innovation and its purpose is to
replace old products with new, better ones. These innovations are important
because they keep the vitality and competitiveness of markets. Most of the
changes that one sees in the market are the kind of innovations, but these
innovations are inherently substitution. In selling better products to existing
customers, they will not buy the old product anymore. Examples When Samsung company improves model
of its leading smartphone, its old-fashioned sales are falling rapidly, and
when Toyota persuades its consumers to buy a Toyota Prius, they will not buy a
car Camry, so the investment in innovations rarely lead to further net growth
within the companies that develop and sell, and rarely lead to the creation of
new jobs to support the overall economic growth.
considered as the engine of economic development of a country and they have come
to be perceived as a catalytic agent for expansion and promotion of productive
activities in every sphere of economic life all over the world Also, they are
nation builders. I therefore urge entrepreneurs to be more creative and move up
with trends. Countries must learn to value their entrepreneurs, as real
partners of development. We must acknowledge their contributions, and celebrate
them. An economy is much dependent upon the performance level of its
entrepreneur. They play a vital role in the growth of the national income as
well as raising the per capita revenue