Entrepreneurship Promotes Economic Growth | The Blk Projek
Entrepreneurship Promotes Economic Growth
Entrepreneurship plays an important role in the economic development and growth of a nation. One of the most important aspects of entrepreneurship is the creation of various new products and services that create further employment opportunities.
Entrepreneurship increases national income
The importance of entrepreneurship is that new businesses help create new wealth and ultimately increase national income. An increase in demand leads to an increase in new companies.
World market can export the goods and services that entrepreneurs produce. This facilitates an increased inflow of capital into a country from numerous other countries.
If companies produce improved and better quality services and products in markets, this automatically leads to an increase in the employment rate, which will lead to high returns.
This will further lead to higher tax revenues that government will use to invest in other sectors.