Good morning my friends here on Be Entrepreneur family. I'm honored to have you here today. I welcome every one of you to my blog.
You people have always been there for me. And you make me feel a sense of belonging. I love you all from the bottom of my heart.
It's time to talk about business, and of course, you know an entrepreneur would not be an exception in this discussion.
Today, I will be talking about the roles of entrepreneurship in economic growth development. This is going to be an interesting one at that. You will never regret reading through this post.
Before I continue, I would love to give us a brief definition of roles, economics, and, lastly growth.
Roles, as the name suggests, deal with responsibilities and those functions that are usually vested in an individual with the sole aim of carrying out a particular function within a stipulated time.
Economics deals with how goods and services are produced and also packaged. It also involves how those goods are distributed or delivered to consumers at a preferred price.
Growth, on the other hand, deals with how successful the business has become.
Entrepreneurs have so many roles to play in the economic growth development. The following are the roles:
(1) Employment generation: Entrepreneurs are seen as job creators, as opposed to job seekers. All entrepreneurs must make sure that there are fewer job seekers around them, and they will help the economy to move forward.
(2) Conservation of foreign exchange:The entrepreneurs help in the conservation of foreign exchange. They do this by establishing a small-scale business company or organization, which would always serve as a training ground or center for both medium and large-scale business organizations.
It should be noted that a lot of people who work or operate in large-scale organizations acquired all their skills from small-scale enterprises.
(3) Improvement of standard of living: Improvement in the standard of living of the people in a country, is a big key goal to economic growth development. Entrepreneurs don't only create job opportunities; they also develop innovations that would lead to improvement in the quality of life of their customers as well as other stakeholders.
(4)Import substitution and export promotion. Entrepreneurs are the ones responsible for establishing business organizations that engage in the production of industrial products and services that were imported. This greatly assists in providing the needed goods and services to the entire public.
(4) Utilization of raw materials. Some entrepreneurs and business organizations make use of raw materials like cassava, yam, plantain, and many other local materials. They always turn this into finished goods. This has also helped in developing our economy because it would make life easier for the people.
In conclusion, entrepreneurs have been the backbone of economic growth and development right from the past centuries down to this 21st century. So every entrepreneur needs to be celebrated.
Thank you so much for your time.
Stay safe, and be blessed.
I remain your favorite girl@ joyben.