Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit. What the entrepreneurship definition doesn’t tell you that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place, for everyone in it.
There are 9 importance of entrepreneurship
1. Growth of Entrepreneurship – Entrepreneurship the advent of new venture particularly small ventures in order to materialize the innovative ideas of the entrepreneurs.
Thus, the growth or establishment of small enterprises ii the specific contribution of entrepreneurship in every economy of the world.
2. Creation of job opportunities – Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers.
3. Innovation –it produces innovation that provides new ventures, product, technology, market, quality of good etc. To the economy that increases Gross Domestic Products and standard of living of the people.
4. Impact on community development- entrepreneurship leads to more stability and a higher quality of community life. It promotes abundant retail facilities, a higher level of home ownership, fewer slums, better, higher expenditure on education, recreation
5. The consequence of business failure -The collapse of large industry almost has irresistible damage to the development of state and to the state of the economy and to the financial condition of the relevant persons.
6. Political and economic integration of outsiders – Entrepreneurship is the most effective way of integrating those who feel disposed and alienated into the economy.
Minorities, migrants, and women are safely integrated into entrepreneurship that will help to develop a well-composed plural society.
7. Spawns entrepreneurship- entrepreneurship provides a wide spectrum of ventures and entrepreneurs in every economy. The vast open arena of entrepreneurship thus acts as an incubator to entrepreneurs.
8. Enhances standard of living – it increases the income of the people who are employed in the entrepreneurial enterprises.
9. Promotes research and development – Entrepreneurship is innovation and hence the innovated ideas of goods and services have to be tested by experimentation.
Therefore, entrepreneurship provides funds for research and development with universities and research institutions. This promotes the general development, research, and development in the economy.