Entrepreneurship is important. It benefits the locality by creating jobs for people and leads to a better standard of living.
Importance / Advantages of Entrepreneurship
- Entrepreneurship helps in identifying and developing managerial capabilities
- It helps in making a wide variety of goods and services available of living of the people.
An entrepreneur studies a problem, identifies its alternatives, compares the alternatives in terms of cost and benefit implications and finally chooses the best alternative. Entrepreneurs contributes significantly towards national objectives in income generation and distribution, regional development of the economy and increasing the total output of goods and services.
New products, new techniques, new assembly lines and new markets are developed by entrepreneur. Entrepreneurs who are self-dependent utilise resources which are locally available.
Entrepreneurship results in creation of organisations when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards the achievement of objective through managerial skills.
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