Question

1. In the realm of economic development, how does the role of entrepreneurs impact the overall growth and stability of a nation.

Answer 1

Entrepreneurs play an important role in production. In every type of production, an element of risk always exists. It is only the entrepreneur who bears risks involved in business. It is due to this fact that entrepreneurship is regarded as an indispensable factor of production.

1. Increase in Output
2. Mobilisation of Savings
3. Generation of Employment Opportunities
4. Balanced Regional Development
5. Less Dependence on other Countries