Answer:
Step-by-step explanation:
Everything you need to know about the role of entrepreneurs in economic development. Economic development essentially means a process of upward change whereby the real per capita income of a country increases over a period of time.
Entrepreneur plays a vital role in economic development. Entrepreneurs serve as the catalysts in the process of industrialization and economic growth.
Technical progress alone cannot lead to economic development, unless technological breakthroughs are put to economic use by entrepreneurs.
Some of the roles of entrepreneurs are:- 1. Capital Formation 2. Improvement in Per Capita Income 3. Generation of Employment 4. Balanced Regional Development 5. Improvement in Living Standards 6. Economic Independence 7. Backward and Forward Linkages
8. Inspire Others towards Entrepreneurship 9. Create Knowledge Spillovers 10. Augment the Number of Enterprises 11. Provide Diversity in Firms 12. Organising of Society’s Productive Resources 13. Production of New Articles 14. Development of New Production Technique and a Few Others.