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How Entrepreneurs Can Change The Way We Live And Work

Satisfactory Essays

Question 1: An entrepreneur is a person who recognizes an opportunity or gap in the market and assesses the risk related to the formation of the business and is prepared to make the accompanying risk to start the business in order to make a profit. The entrepreneur has the skill to gain the resources to start and develop a business. Entrepreneurs are extremely essential to the economic development of the country as well as wealth and job creation within a country. Entrepreneurs are often regarded as national assets to be cultured, driven and rewarded to the greatest possible extent. What is the role of entrepreneurship in the economic development in South Africa? Entrepreneurs can change the way we live and work. Successful entrepreneurs can improve the standard of living in the country through their innovations and ideas. They create wealth from their business ventures and they also create jobs and the environments for a successful society. New ideas and innovation offered by entrepreneurs result in new employment. Entrepreneurs deliver instant large-scale employment to the unemployed which is a big problem of underdeveloped nations. The encouragement of associated businesses or sectors that support the new venture adds to further economic development. Entrepreneurs play an effective role in dropping the unemployment rate in the country which then clears the path towards economic development of the nation. Entrepreneurial projects generate new wealth. New and improved

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