Importance Of Entrepreneurship

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An entrepreneur is an individual who is willing to develop, manage and organize an enterprise with the aim of profit making along with the risks involved. The word entrepreneur has its origin from the French word ‘entrepreneurs’ which means ‘to undertake’. In the business context entrepreneurship is the act of starting a business with the aim of making profits. According to Baumol et al.,. 2008, there are different types of entrepreneurs. Innovative entrepreneurs bring new products and services in the market and use new marketing techniques. On the other hand, replicative entrepreneurs bring new selling propositions to an existing market. Many capitalist societies encourage their citizens to start their own businesses to boost individual, as …show more content…

These globalization of the technology industry helps the entrepreneurs from lesser developed countries access tools as their counterparts in the developed countries. Furthermore, successful entrepreneurs engage in community development projects in a bid to give back to the society. A good example is the computer entrepreneur, Bill Gates, who is involved in many community development projects. ALS Association, Bill and Melinda Gates Foundation, Children’s Vaccine Program and Children with AIDS Comic Relief are just a few charitable services that he …show more content…

Having looked at the role entrepreneurs play in improving the economic and social status of the entrepreneurs and their society as a whole, it is the role of the government to come up with friendly and favorable business conditions for entrepreneurs to thrive. As such many capitalist economies are encouraging the entrepreneurs by setting up legislation which favors their activities. An example is countries which enable companies to register for businesses in one day with no need of renewal. This is done by setting up efficient and effective online e-administration for all standard type of businesses (Alexander, 2014). Moreover countries like the US the entrepreneurs by giving them a second chance even after the initial bankruptcy. This helps to reduce the fear of failure, and more entrepreneurs are able to venture into the market. Entrepreneurs thrive in economies with reduced regulatory burden and low levels of

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