Best answer: How entrepreneur help in the development of the country with example?

Entrepreneurs locate and exploit opportunities. They convert the latent and idle resources like land, labour and capital into national income and wealth in the form of goods and services. They help increase Net National Product and Per Capita Income in the country.

How does entrepreneur help in the development of a country?

They explore and exploit opportunities,, encourage effective resource mobilisation of capital and skill, bring in new products and services and develops markets for growth of the economy. In this way, they help increasing gross national product as well as per capita income of the people in a country.

What is the role of business in the economy of a country?

In any market economy, business plays a huge role. Business is the engine of an economy. Business provides jobs that allow people to make money and goods and services that people can buy with the money they make. Without business, the economy would be very inefficient and/or very primitive.

Why entrepreneur is important to economy?

New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.

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What is entrepreneur in your own words?

Entrepreneur: “A person who starts a business and is willing to risk loss in order to make money.” This is the Merriam-Webster definition open_in_new of the word “entrepreneur.” But it’s so much more than that, isn’t it? It’s about passion. It’s about recognizing opportunities and generating innovative, creative ideas.

What is the role of business in society?

The role of a business is to produce and distribute goods and services to satisfy a public need or demand. Society does not exist without some form of an economy, and businesses are what make up the economic system of the world. …

What is the role of business in economic development essay?

The cornerstone and prosperity of any society depends on business. Through business, companies create resources that enable social development and welfare. Businesses provide goods and services that our daily lives depend on and also create employment. …

What will happen if business are not present in the economy?

Answer: Without businesses, people would not have goods and services that they could buy. … The government will provide jobs and goods and services, but it will not do so efficiently. The government might not provide the things that people want.

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