Question

Explain the role of Entrepreneur?

Answer 1

Role of an Entrepreneur:
Entrepreneurs play a most important role in the economic growth and development of a country’s economy.

1. They promote development of industries and help to remove regional disparities by industrializing rural and backward areas.
2. They help the country to increase the GDP and Per Capita Income.
3. They contribute towards the development of society by reducing the concentration of income and wealth.
4. They promote capital formation by mobilizing the idle savings of the citizens and the country’s export trade.
5. Entrepreneurs provide large-scale employment to artisans, technically qualified persons, and professionals and work in an environment of changing technology and try to maximize profits by innovations.
6. They enable the people to avail better quality goods at lower prices, which results in the improvement of their standard of living.