Role of Entrepreneurship in Economic Development

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ROLE OF
ENTREPRENEURSHIP IN
ECONOMIC
DEVELOPMENT

ENTREPRENEURSHIP
According to Professor Nathaniel Left, it
is the capacity for innovation, investment
and expansion in new markets, products
and techniques. This definition implies
that an enterprise is at work whenever
an individual takes the risks and invest
resources to make something unique or
something new, designs a new way of
making something that already exists, or
creates new markets.

4 PICS 1 WORD

RUENERLPERTNEQ
ENTREPRENEUR

ENTREPRENEUR
A person who has the capacity for
innovation,
investment
and
expansion
in
new
markets,
products and techniques.

NOINPNITAVOW
INNOVATION

INNOVATION
It refers to new or different ways of
doing things, like technology,
marketing, human relations, and
management. When an individual
creates a new product, it is
innovation.

CONTRIBUTIONS
OF
ENTREPRENEURS

1. DEVELOP NEW MARKETS

Under the modern concept of
marketing, markets are people
who are willing and able to
satisfy their needs. They can
create customers or buyers.

2. DISCOVER NEW SOURCES OF MATERIALS

Entrepreneurs are never
satisfied with traditional or
existing sources of materials.
Due to their innovative nature,
they persist on discovering
new sources of materials to
improve their enterprises.

3. MOBILIZE CAPITAL RESOURCES
Entrepreneurs have initiative and
self-confidence in accumulating
and mobilizing capital resources for
new
business
or
business
expansion.

4. INTRODUCE NEW TECHNOLOGIES, NEW
INDUSTRIES AND NEW PRODUCTS

Entrepreneurs introduce something
new or something different. Every
year, there are new technologies
and new products. All of these are
intended to satisfy human needs in
a more convenient and pleasant
way.

5. CREATE EMPLOYMENT
The biggest employer is the private
business sector. Millions of jobs
are provided by factories, service
industries, agricultural enterprises,
and the numerous small-scale
businesses.

QUESTIONS:
1.

2.
3.
4.

What is the best contribution of
entrepreneurship? Why?
Define an Entrepreneur.
What is Innovation?
What is the importance of
Entrepreneurship to our economic
development?

ASSIGNMENT:
Answer the following questions:
1. Why should women participate in
economic development?
2. How can economic nationalism help
our economy?

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