Entrepreneurs play a significant part in the development of any nation due to the fact that an entrepreneur is the individual or group of individuals who ensure that the best use of the production resources within the country.
So, the modern-day economists are of the belief that the entrepreneur is not just an independent and significant factor in production, but he is the “creator of growth”.
He is the main element of the initialization of economic activity in general.
He improves the economic and social well-being of the people of the country and makes substantial assistance in improving their standard of living.
Role and Importance of Entrepreneur
The significance and role of an entrepreneur can be explained in the following manner:
1. Basis of Business
Businesses , whether small or larger scales they all face different kinds of disc risk and uncertainties that persist at every stage.
Therefore it is believed that business is a game of risk. Business is filled with risks. As long as a person is prepared to take on the risks and the risk of launching a company does not come up.
An experienced and skilled businessperson can be the only one to begin the business without taking the risk.
Thus, the entrepreneur is thought of as the core of business and the prophet of business.
2. Organizer of the Society’s Productive Resources
Entrepreneurs are the people who manage of society’s resources for productive use.
He is the one who brings together the inactive physical, human and natural resources of society, integrates them correctly and ensures a smooth co-ordination between these resources, which makes the economy dynamic allows for the optimal utilization of resources, puts in efforts to achieve most efficient production with the least amount of cost is in charge of their use and waste, and also develops new services and contributes to the creation of new areas and dimensions.
In addition but he also discovers numerous different ways to use semi-finished and raw materials and also provides material form to the latest inventions.
3. Creation of Industrial Environment
Entrepreneurs can also be helpful in creating an industrial setting.
The industrialists are always looking for opportunities to expand their business and create an environment that encourages others to create industries by themselves , establishing industrial ventures through the arrangement of the required resources, making sure that they are prepared for uncertainties, and then implementing innovative ideas.
In this way, industrial entrepreneurs can create industrial energy and industrial ecosystems across the nation, through their many initiatives.
4. Captain of Industry
The entrepreneur is the leader of modern industries.
Entrepreneurs have a significant role in the industry, such as the captain does in games, the general of the army, and the prime minister of the cabinet.
The role of and the importance of an entrepreneur
The role of and the importance of an entrepreneur
The Entrepreneur is the leader of industries as he does not only have to face the dangers and risks, however, as a supervisor, predictor, creator of innovative production techniques and also the creator of an economic structure that maximizes the profits of one side.
He keeps an eye over the management within the business, and on the other hand, he monitors the actions of his competitors.
5. Removal of Poverty
The population is trap in the vicious cycle of poverty, if Industrial Development lacks in any country.
The entrepreneur also increases the chances of employment by creating new industries. He also increases the per capita income as well as the rates of capital investment. make use of innovations in various areas create effective coordination between different sources and handle economic issues effectively.
All of these initiatives prove to be extremely beneficial in helping to bring the people of the country free from the vicious circle of poverty.
The entrepreneur thus is a key player in the elimination of poverty.
6. Helpful in Capital Formation
Entrepreneurs are important in the formation of capital. We have learned that the rise on the speed of capital. Creation is crucial to the growth of the economy of any country.
Countries that are not capable of increasing the rate of capital creation. Or even do so in a nominal way are still behind from an the perspective of industrial development.
The entrepreneur, however, increases the amount of capital formation during his work.
Thus, in the developing world the entrepreneur may play a significant role. In breaking the impermeable wall of capital, and could stimulate economic forces in the process of capital creation.
7. Assists in Removing Regional Disparities
Regional disparities harm the country and can hinder the overall development of industry.
But, the entrepreneur plays an crucial roles in the elimination of these regional imbalances. The because he creates new industries in areas that are backward. In the country and helps in their development and expansion possible, with the help of government of the country. They offer special rebates, concessions and subsites to establish. Industries in backward and undeveloped regions. Ovik Mkrtchyan
8. Increases in Employment Opportunities
The Entrepreneur is the one who creates the most possibilities for employment in society. By establishing new industries, creating and expanding existing industries as well as pursuing innovative initiatives.
Thus, the people who are unemploye in the society have the chance to work. While accepting this,
“The entrepreneur makes available employment opportunities in development-oriented countries.”