How start up entrepreneurs helps to improve living standard of society. Economic Development of any region is due to of human activities. The Entrepreneurs occupies a crucial place in the process of economic development.
Many Developing countries are in the state of transition.
The Entrepreneurship helps the economic growth in following ways:
1) Balanced Economic Development of the Region
The start up entrepreneurs set up the enterprise in the remote region. They create the opportunity for employment in the remote region. Therefore there is the mobility of the goods and services. The Boom in the infrastructure i.e. Construction of the roads, Housing, real estate all of these pave to the new economic Zone.
This reduces the gap of unbalanced economic development and brings the balanced and Sustainable growth in the region. It also helps to avoid the conflicts of migration due to unemployment and help to bring the Substantial Economic balance in the region.
2) Entrepreneurs help to Increase in National Income
The national Income consists of value of total goods and services produced in the country. The goods and services are consumed within the country as well as exported to other countries. The domestic demand increases with the increase in the standard of living.
The export demand also increases to meet the needs of growing imports due to various reasons. An increasing numbers of entrepreneurs are required to meet this increasing demand for goods and services. Thus start up entrepreneurs increase the national income.
3) Entrepreneurs help to bring new products, New services and New business
An Entrepreneur brings new ideas for business, production technique and services and also increase in volume and money growth of business.
4) Entrepreneurs impart new knowledge and fill social Need
An entrepreneur does the job of iterative synthesis, i.e. combined role of social needs and product development process.
5) Entrepreneurs help the dispersal of Economic Power
Industrial development normally may lead to concentration of economic powers in a few hands. This concentration of power in a few hands has its own evils in the form of monopolies.
Developing a large number of entrepreneur helps in the population. Thus, it helps in weakening the harmful effects of monopoly.
6) standard of living
When the price of the commodity decreases the consumers get the power to buy more goods for their satisfaction. In this way, they can increase the standard of living of the people.Start up Entrepreneur is able to produce goods at lower cost.
In this way, they can increase the standard of living of the people.
7) Creating Innovation
An entrepreneur is a person who always looks for changes. They always try to introduce newer and newer technique of production of goods and services. An entrepreneur brings economic development through innovation.
8) Enhancing the welfare Amenities
Start up Entrepreneurs by their own experience try to create products and services that can help others. They may discover a need for product or services that is not being met.
These situations force the individual to become innovative in removing their sufferings and at a later stage, this initiate ground for entrepreneurship.