Entrepreneurship Activity and Its
Impact on Economic Development
(Summary / Mini-Essay)
Introduction:
Entrepreneurship is one of the strongest driving forces of
economic development in any country. It creates new
opportunities, promotes innovation, and helps societies adapt to
changing global markets. Entrepreneurs play a vital role in
generating employment, improving productivity, and raising the
overall standard of living. In both developing and developed
economies, entrepreneurial activity serves as a bridge between
creativity and practical economic growth.
Entrepreneurship as a Source of Innovation:
Innovation is the foundation of entrepreneurship. When
individuals start new businesses, they introduce creative ideas,
products, and services that increase competition and efficiency.
This process encourages existing firms to improve their
performance and drives technological advancement. Startups
and small enterprises often become laboratories for new ideas
that eventually contribute to national growth.
Job Creation and Employment Opportunities:
One of the most visible contributions of entrepreneurship is job
creation. New ventures employ people at different skill levels,
from unskilled labor to professional experts. This employment
Impact on Economic Development
(Summary / Mini-Essay)
Introduction:
Entrepreneurship is one of the strongest driving forces of
economic development in any country. It creates new
opportunities, promotes innovation, and helps societies adapt to
changing global markets. Entrepreneurs play a vital role in
generating employment, improving productivity, and raising the
overall standard of living. In both developing and developed
economies, entrepreneurial activity serves as a bridge between
creativity and practical economic growth.
Entrepreneurship as a Source of Innovation:
Innovation is the foundation of entrepreneurship. When
individuals start new businesses, they introduce creative ideas,
products, and services that increase competition and efficiency.
This process encourages existing firms to improve their
performance and drives technological advancement. Startups
and small enterprises often become laboratories for new ideas
that eventually contribute to national growth.
Job Creation and Employment Opportunities:
One of the most visible contributions of entrepreneurship is job
creation. New ventures employ people at different skill levels,
from unskilled labor to professional experts. This employment
