How Entrepreneurship Is Important For The Growth And Development Of A Nation And Boosts

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Introduction Enterpeship is the act of arriving at a business idea and accumulating the resources required to start and run the venture. The resources could be financial or human who would participate in the routine roles of the firm. It is the ability to accept the various risks associated with the business type and taking the initiative to make the profits amid inherent start-up challenges. The individuals engaging in entrepreneurship are entrepreneurs who are innovative and self-motivated to succeed. Entrepreneurship is important for the growth and development of a nation and boosts its ability to compete favorably in the global arena (ACS, 2010). Objectives of the fifth annual HKUST The competition is an opportunity to budding teams…show more content…
The majority of the proposals related to technological solutions while others from the fields of human health and environment portfolios had a place. The major objective of the events was to award winners thus enhancing their abilities to commercialize the ideas into successful enterprises. The winners of the award were Parle, who got the money as well as many other gifts. Further, they were given an office space to use for the start-up for a whole year at the headquarters. The motivation of the idea was the fact that many people face challenges trying to retrieve particular types of information from the internet. Thus, the team sought to make the searching task easier and convenient for internet users. Motivating factors A large portion of entrepreneurs’ source their motivation from the benefits associated with entrepreneurship. Starting a venture makes an individual their boss, and gives the freedom to make independent business decisions. An entrepreneur gets the chance to choose associates and employees satisfying their criteria and beliefs of good employees. As an own boss, an entrepreneur decides some salaries and wages, the frequency of vacations and the number of working hours. As such, most of the work related stress and frustrations brought by the imposition of the company’s policies to the employees are eliminated. The process may require counselors and mentors to help guide the process (Clark, 2006). Entrepreneurship
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