The Role of the Entrepreneur
An entrepreneur is an owner of a business enterprise who makes money through risk and initiative, this is applied to persons who are willing to help launch a new venture or enterprise and accept full responsibility for a company’s output. The entrepreneur shifts economic resources out of a lower and into a high productivity and greater economic yields. Occupying the central position in a market economy, entrepreneurs are instigators of growth and progress and are pivotal in stimulating a company’s output as well as the worldwide economy. Here are 10 roles of a modern day entrepreneur: (1) Promotes Capital Formation:
Entrepreneurs promote capital formation by mobilizing the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such types of entrepreneurial activities lead to value addition and creation of wealth, which is very essential for the industrial and economic development of the country. (2) Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation. (3) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas. The growth of industries and business in these areas lead to a large number of public benefits like road transport, health, education, entertainment, etc. Setting up of more industries leads to more development of backward...
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