Role of Entrepreneurship in Economic Development
Entrepreneurship plays an influential role in the economic growth and standard of living in the country. Entrepreneurship and economic development are intimately related.
Schumpeter opines that the entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth.
Whatever be the form of the economic and political set-up of the country, entrepreneurship is indispensable for economic development.
Successful entrepreneurs contribute to the economy by by introducing innovative technologies, products, and services.
Businesses can use globalization to their advantage by finding customers in other countries. Here are some of the important roles an entrepreneur plays in the economic development of a country.