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The Role Of Entrepreneurship In Economic Development

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Pdf] The Role Of Entrepreneurship And Enterprises For Local Economic Development

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Role Of Women Entrepreneurs In The Economic Development

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Entrepreneurs initiate and sustain the process of economic development in the following ways 1. Capital formation: Entrepreneurs mobilize society’s idle savings by issuing industrial securities. By investing state savings in industry, state resources are used productively. The pace of capital formation is increasing, which is essential for rapid economic growth. S. NARENDER 1 ➢ Entrepreneurs find and exploit opportunities. They convert latent and unused resources such as land, labor and capital into national income and wealth in the form of goods and services. ➢ They help to increase the net national product and per capita income of the country, which is an important scale for measuring economic growth. S. NARENDER 2 ➢ Entrepreneurs create jobs both directly and indirectly. It is self-employment as an entrepreneur that offers the best way to an independent and dignified life. ➢ Indirectly, by creating large and small business units, they provide employment to millions. Thus, entrepreneurship helps to reduce the problem of unemployment in the country. S. NARENDER 3 ➢ Entrepreneurs in the public and private sectors help to eliminate regional differences in economic development. ➢ They set up industries in backward areas to take advantage of various concessions and subsidies offered by the central and state governments. ➢ Public sector steel mills and private sector industries Modis, Tatas, Birlas and others have contributed …

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Reasons Why Entrepreneurship Is Important

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