Need for Entrepreneurship in Society - QS Study
QS Study

Need for Entrepreneurship in Society

Every country, whether developed or developing, needs entrepreneurs. Whereas, a developing country needs entrepreneurs to begin the process of development, the developed one needs entrepreneurship to maintain it. Entrepreneurship promotes small business in the society. Government has accepted the fact that small firms have a crucial role to play in the economic development of the country.  Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies.

What is that the entrepreneurs do to affect economic development? This leads us to a discussion of the functions of the entrepreneurs in relation to economic development. As the enterprise is the object of their endeavour, it is also necessary that we examine their functions in relation to the enterprise as well.

Entrepreneurship is important for society, because of;

  • Employment generation
  • Small business dynamism
  • Balanced economic development
  • Innovations in enterprises

Thus, the need for entrepreneurship arises from the functions the entrepreneurs perform in relation to the process of economic development and in relation to the business enterprise.