Entrepreneur Generation of Employment:
Every new business is a source of employment to people with different abilities, skills and qualifications, an entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur’s role as an innovator who markets his innovation.
As such entrepreneurship does not become a source of livelihood to those who do have capital to earn interest on nor have the land to earn rent. In fact, what they earn is not only a livelihood or means of sustenance but also a lifestyle for themselves and their families as well as personal job satisfaction. As such entrepreneurs touch the lives of many, directly as well as indirectly.
Unemployment refers to a situation where people who are willing and capable of working are unable to find employment/jobs to do. It is one of the macro-economic problems which every responsible government is expected to monitor and regulate.
- Wealth Creation and Poverty Reduction: Entrepreneurship enables individuals to use their potentials and energies to create wealth through the creation of goods and services.
- Reduction in Rural-Urban Migration: Rural entrepreneurial activity in generating employment is the link achieving this balance.
- Reduction of Crime Rate: Employment generation therefore will reduce the level of frustration and consequently, crime rate.
- Raising the Standard of Living: entrepreneurship through job and wealth creation raises the standard of living of people.