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ROLE OF 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: Entrepreneurs start their business initially on a small scale. If the business
                shows some profit and grows over time, then they need 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 reduce cost and increase their profit.
              •  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 are as follows:
              •  Do what you are interested in: Entrepreneurship helps the entrepreneurs to pursue their passion and interest,
                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.
              •   More risk, more profit: Entrepreneurship  involves the risk of  failure,  but  successful  entrepreneurs are often
                courageous and ready to take risks. Taking risks can lead to greater financial success, as it allows entrepreneurs
                access to more resources.


                      DIFFERENCE BETWEEN BUSINESSMAN AND ENTREPRENEUR

              It is generally assumed that an entrepreneur and a businessman are the same people but both of them have a different
              approach for their business. A businessman uses traditional ways of doing business but an entrepreneur goes for
              innovative ways of doing a business. Let us see the main differences between the two:

                   Factors                   Businessman                                 Entrepreneur
                               A businessman is a person who starts a    An entrepreneur is a person who starts an
                               business based on an idea already existing   enterprise with a new idea or concept. For
                Meaning
                               in a society. For example, opening a grocery   example, selling products through online
                               shop, mobile shop, etc.                   services.



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