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What is the role and importance of entrepreneurship

Answer» Importance of Entrepreneurship:\tCreation of Employment-\xa0Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.\tInnovation-\xa0It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.\tImpact on Society and Community Development-\xa0A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a more stable and high quality of community life.\tIncrease Standard of Living-\xa0Entrepreneurship helps to improve the standard of living of a person by increasing the income. The standard of living means, increase in the consumption of various goods and services by a household for a particular period.\tSupports research and development-\xa0New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. This promotes research, general construction, and development in the economy.
Bring economics growth and prosperity second bringing social stability and balanced regional development in waters of economic growth creation of employment opportunities increase productivity with modern production


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