Explain the major role played by Entrepreneur in the economic developm

1.	Explain the major role played by Entrepreneur in the economic development of a country.
Answer» 1. Entrepreneur promote capital formation by mobilizing the idle savings of the citizens. They employ resources for setting up their enterprise. 2. Entrepreneurs provide large scale employment to artisans, technically qualified persons and professionals. 3. Entrepreneurs help the country to increase the Gross Domestic product (GDP) and Per Capita Income. 4. Entrepreneurs encourage effective mobilization of skill, bring in new products and services and develop market for the growth of the economy. 5. Entrepreneurs enable the people to avail better quality goods at lower prices which results in the improvement of their standard of living. 6. Entrepreneurs promote development of Industries. They help to remove regional disparities by industrialising rural and backward areas. 7. Entrepreneurs contribute towards the development of society by reducing concentration of income and wealth. 8. Entrepreneurs promote country’s export trade. 9. Entrepreneurs work in an environment of changing technology and try to maximise profits by innovations.

Explain the major role played by Entrepreneur in the economic development of a country.

Answer»

1. Entrepreneur promote capital formation by mobilizing the idle savings of the citizens. They employ resources for setting up their enterprise.

2. Entrepreneurs provide large scale employment to artisans, technically qualified persons and professionals.

3. Entrepreneurs help the country to increase the Gross Domestic product (GDP) and Per Capita Income.

4. Entrepreneurs encourage effective mobilization of skill, bring in new products and services and develop market for the growth of the economy.

5. Entrepreneurs enable the people to avail better quality goods at lower prices which results in the improvement of their standard of living.

6. Entrepreneurs promote development of Industries. They help to remove regional disparities by industrialising rural and backward areas.

7. Entrepreneurs contribute towards the development of society by reducing concentration of income and wealth.

8. Entrepreneurs promote country’s export trade.

9. Entrepreneurs work in an environment of changing technology and try to maximise profits by innovations.