Page 132 - Ai_417_V3.0_C9_Flipbook
P. 132
• Creativity and Innovation: Creativity is the driving force behind
innovation. Entrepreneurs must have a creative mindset so that they
can identify new opportunities, solve problems, and differentiate their
products or services in the market. This will help their businesses stay
competitive and adapt to changing environments.
Role of an Entrepreneurship
Entrepreneurship plays a crucial role in both social and economic development, contributing to job creation,
innovation, and the overall well-being of communities. Countries which encourage entrepreneurship have grown
fast.
Let us discuss the social and economic role of an entrepreneurship in detail:
• Economic Development—Money in Circulation: An entrepreneur provides better and cheaper products and
services for customers that brings economic growth. As entrepreneurs grow their business, investors put money
into their businesses and expect good returns. As more and more entrepreneurs create business opportunities,
the economy grows.
• Social Development—Creation of Jobs: An entrepreneur starts their business initially on a small scale. If the
business shows some profits and grows over time, then an entrepreneur needs to expand operations, creating
more jobs. Good quality jobs enable more people to earn money and have a good life.
• Improved Standard of Living—More things available to live a comfortable life: When an entrepreneur is
involved in selling goods like automobiles, furnitures, real estates, mobile phones and mobile service then it
helps people to live a more comfortable life.
• Optimal Use of Resources: Entrepreneurs contribute a lot in different ways in exploring both renewable and
non-renewable natural resources present around us so that these natural resources can be used in optimal ways
that reduces costs and increases their profits.
• More Benefits at Lower Prices Products and Services at Competitive Prices: Entrepreneurship plays a crucial
role in providing more benefits at lower and competitive prices by driving market competition, increasing
innovation, and keeping costs low, ultimately benefiting consumers and contributing to economic growth and
development.
Benefits of Entrepreneurship
The various benefits of entrepreneurship include the following:
• Do what you are interested in: Entrepreneurship helps the entrepreneurs to pursue their passions and interests,
allowing for greater creativity and innovation in their work.
• Work for yourself, and not for others: Entrepreneurship provides the freedom to design work hours, select
projects, and work from any place. Entrepreneurs can decide the kind of work they would like to do and how
they want to do it.
• Make profits for yourself: As an entrepreneur, one can decide how much money they want to earn and
how much they want to invest in the business. They decide on the salary, wages and incentives of the
employees.
130 Touchpad Artificial Intelligence (Ver. 3.0)-IX

