Entrepreneurship is a must for planned and rapid economic development. In developing countries, entrepreneurship is an important base of prosperity whereas in developed countries it is a technique of creative thinking, social innovation and enterprise society.
Some of the importance of entrepreneurship are as follows:
- Entrepreneurship helps in reducing socio-economic problems.
- Entrepreneurship helps in incrementing employment opportunities.
- Entrepreneurship helps in capital formation.
- Entrepreneurship helps in harnessing local resources.
- Entrepreneurship helps in preventing industrial slums.
- Entrepreneurship helps in defusing social tension.
- Entrepreneurship helps in eliminating poverty and unemployment.
https://www.economicsdiscussion.net/entrepreneurship/importance-of-entrepreneurship/33655Importance of Entrepreneurship
Entrepreneurship is a must for planned and rapid economic development. In developing countries, entrepreneurship is an important base of prosperity whereas in developed countries it is a technique of creative thinking, social innovation and enterprise society.
Following points are in favour to importance of entrepreneurship these are:
1. Social Responsibility:
Traditional business has been lost in the innovation era due to technological advancement. According to Schumpeter “It is creative destruction” but in this situation social threat is created in view of employment in society, economic stability and social system and state responsibility.
2. Social Satisfaction:
Joint sector and privatization tendency are giving a positive attitude to society. Govt. is delegating the power of conduction to private entrepreneurs through implementing L.P.G. policy and giving stress to the joint sector concept. So, by the developm
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