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Entrepreneurship is an essential part of economic development. Economic development is a reflection of the economy. Entrepreneurship is the behavior of creating new, innovative to make people’s lives easier. It helps to set up a profitable business and also for the public.
By creating new products and services, there is a high possibility to give employment to the unemployed. It ultimately results in the acceleration of economic development. so, the public that encourages and supports entrepreneurship should be considered important for economic growth.
The importance of entrepreneurship is very essential in a free market nowadays because it helps the market to change their prices, ideas, and goods according to consumer preference. For example, the entrepreneur gets a chance in many ways like starting a platform to study live, starting home delivery, online marketing, online booking, etc….
Without entrepreneurs and their innovative skills, the market would be slow and static, and still, people would have followed the old trends.
Entrepreneurship is itself a root of innovation. In entrepreneurship often the ideas of goods and services are tested by experimentation. entrepreneurship will provide funds for research and development to universities and institutions to do experiments. They promote research and development in the economy.
By doing experiments on goods and services through universities, will get to know, which idea is better and which idea will attract people. And this way becomes very easy for entrepreneurs to know how many goods they have to produce and easy for the public to know more about new products.
Entrepreneurs act as the foundation for all businesses and enterprises. These entrepreneurs can change or break the tradition or culture of society and reduce the dependency on absolute methods, systems, and technologies. These will ultimately bring changes to society.
The changes such as improved lifestyles, generous thinking, better morale, adopting new technologies, production of new commodities, establishing new industrial ventures, generating new employment opportunities, and building new and progressive environments, etc…
Social changes gradually impact national and global changes. So, the importance of social entrepreneurship must be appreciated.
Normally, if a large industry collapses, the industry has almost irresistible damage to the development of the state and state of the economy and the financial condition of relevant persons. And there will be an increase in unemployment also.
The incumbents lost their jobs. Suppliers and financial institutions face a crisis of recovery. Customers will face losses of goods, lack of services, and government losses, and taxes. If entrepreneurship fails, the above things should not happen.
There shall be no measurable effect on the economy and no political repercussions too.
The standard of living is a concept built on an increase in the amount of conception of a variety of goods and services over a particular period by a household. So, it depends on the availability of different products in the market.
Entrepreneurship provides enormous kinds of products of various natures through their innovations. Besides, it increases the income of the people who are employees in entrepreneurial enterprises. By enhancing the standard of living, entrepreneurs help to lead society toward progress.
The business and industrial entrepreneurs do not feel contended only establishing enterprises, but they establish new enterprises to make the country self-reliant, by establishing new enterprises, people will get jobs as no one will be unemployed, the economy of the country will increase, can explore new ideas and innovations as trial and error method.
For example: In India, Tata Birla, Dalmia, Singhania, Bajaj, and Ambani are among several entrepreneurs who have established various enterprises one after another to develop the national economy.
Entrepreneurship plays an important role in innovations, development, and expansion of the business.
Entrepreneurs make regular efforts to increase the number of products in their existing enterprises, modernize the existing production process, produce new commodities, develop their markets, and increase the clientele, by keeping the products and business an attractive way to customers, by training employees in taking with customers convincingly or attractively, keeping needy products in that amount of season as,
example: If the rainy season is there, then attractive and new umbrellas have to keep to more income and to increase clients
A community is better off if its employment base is divinified among many small entrepreneurial firms. It promotes abundant retail facilities, A higher level of homeownership, fewer slums, better sanitation standards, and higher expenditure on education, recreation, and religious activities.
Thus, entrepreneurship leads to more stability and a higher quality of community life. Some famous entrepreneur like Mark Zuckerberg, Bill Gates, and Ellon Musk have used their money to improve people’s living standards, proper health care, and education system.
These qualities of an entrepreneur inspire or influence other entrepreneurs to take it forward.
Because technology evolves so quickly, a business product or service can be rendered obsolete due to new technology’s entry. An entrepreneur is responsible for continuously updating the technology which they use in their business process or activities.
| Sl.no | Task | Description |
|---|---|---|
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1
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Create a Business Plan
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Outline your business goals, strategies, and how you plan to achieve them.
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2 |
Secure Funding |
Identify sources of funding such as investors, loans, or personal savings. |
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3 |
Register Your Business
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Complete the necessary legal paperwork to officially start your business.
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4 |
Build a Website |
Create an online presence to attract customers and showcase your products/services. |
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5 |
Develop a Marketing Plan
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Plan your marketing strategies to reach your target audience effectively.
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