Importance of entrepreneurship in an economy

Importance of entrepreneurship in an economy.

1. Creation of employment to the owner and others
2. Formation of capital from profits made and salaries and wages paid to workers
3. Raising standards of living due to access to varieties of goods and services
4. Encourages utilization of local resources that could have been left idle.
5. Improving infrastructural facilities like roads, security etc
6. Savings on imports
7. Reducing foreign dominance of the economy
8. Promotion of technology/promotion of innovation, research and development
9. Promotion of entrepreneurial culture/helps in the creation of role models
10. It contributes to government revenue
11. It promotes economic growth
12. It may promote self-actualization and esteem.

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