Importance of Entrepreneurship

Entrepreneurship is the dynamic process of creating incremental wealth and innovating things of value that have a bearing on the welfare of an entrepreneur. It provides civilization with enormous amount of goods and services and enhances the growth of social welfare.

1. Creation job opportunities

Entrepreneurship firms will contribute a new job to other people. It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers. The small enterprises are the only sector that generates large portion of total employment every year. Besides that, entrepreneurial ventures prepare and supply experienced labor to the large industries.

2. Impact on community development

A community is better off if its employment base is diversified among many small entrepreneurial firms. It promotes abundant retail facilities, a higher level of home ownership, fewer slums, better, sanitation standards and higher expenditure of education, recreation and religious activities. Thus, entrepreneurship leads to more stability and a higher quality of community life.

3. 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 lo develop a well-composed plural society.

4. Enhances standard of living

Standard of living is a concept built on increasing amount of consumption of variety of goods and services over a particular period by a household. So it depends on availability of diversified products in the market. Entrepreneurship provides enormous kinds product of various natures by their innovation. Besides, it increases the income of the people who are employed in the entrepreneurial enterprises. That also capable employed persons to consumer more goods and services. In effect entrepreneurship enhances the standard of living of the people of a country.