Indicative Content 1.3 : Explanation of the importance of Entrepreneurship
Indicative Content 1.3 : Explanation of the importance of Entrepreneurship
Acceleration of economic growth : Entrepreneurs are important to market economies because they can act as the way of the economic growth of the country.By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.
✓ Entrepreneurship Promoting innovation: Entrepreneurship Promoting innovation Through the right practices of research and development, entrepreneurs bring new innovation that opens the door of new ventures, markets, products, and technology. Entrepreneurs have a role to play in solving problems that existing products and technology have not yet solved
✓Entrepreneurship Can Promote Social Changes: Entrepreneurs change or break the tradition or cultures of society and reduce the dependency on obsolete methods, systems, and technologies. Basically, entrepreneurs are the pioneer of bringing new technologies and systems that ultimately bring changes to society
✓ Entrepreneurship Promotes research and development: in producing new business ideas and thinking out of the box, entrepreneurs also promote research and development.
Innovation and industry is accelerated through the combined action of entrepreneurs. They can motivate each other, share ideas and inspiration, and share planning to establish new industries.
✓Entrepreneurship Develops and Improves Existing Enterprises: We often think of entrepreneurs as inventing totally new products and ideas, but they also impact existing business. Since entrepreneurs think differently, they can come up with innovative ways to expand and develop the existing enterprises.
For example, modernizing production processes, implementing new technology in the overall distribution and marketing processes, and helping the existing enterprises to utilize existing resources in more efficient ways