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Explain four ways by which an entrepreneur can promote economic development. |
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Answer» Ways by which entrepreneur can promote the economic development of a country: 1. A capable entrepreneur can assess the risk in advance and plan accordingly. He is the one who brings all the factors of production to one platform which can promote economic development of a country. 2. The industrial health of a nation depends on the level of entrepreneurship existing in it, economic development of the economy depends on entrepreneurial talent existing in the nation. 3. Entrepreneurship begets and. also injects entrepreneurship by starting a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones e.g. when computers came into the market there was continuous improvement in the models. 4. By harnessing the entrepreneurial talent a society comes out of traditional lethargy to modem industrial culture. 5. What to produce, how much to produce and how efficiently it is to be produced depends on the class of entrepreneur who commands it that is why entrepreneur can promote the economic development of a country. |
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