Entrepreneurship has with time been the most advancing economic activity in third world countries. It is the act of gaining and acquiring the resources relevant for business management and commencement. However challenging entrepreneurship may be as a business action, there are many great outcomes associated with it. The advantages of entrepreneurship are not monopolized, they are generalized, narrowing down even to those who did not make an effort in the pulling together of resources. Advantages widen up to individuals, the society, the country and the world as a whole. The benefits are as listed below.
Entrepreneurship reduces the expenses of a country on import. Reduction in imports by the country courtesy of entrepreneurship is due to the fact that goods and services produced are meeting the required standards set by that consumer’s needs. Also, reduction of imports reduces the dependence of a country to others.
Entrepreneurship benefits a country or a society by leading to the improvement of infrastructure of the area and the country as a whole. This is as a result of rapid expansion by the country and society to provide the necessary environment for advancing entrepreneurial development.
Entrepreneurship has also benefitted in creation of employment. Employment opportunities have been newly created by the newly upcoming businesses courtesy of entrepreneurship. Unemployment levels have greatly decreased in countries and societies where there is advanced entrpreneurship.
Entrepreneurship has led to increased living standards to the individuals of a country. Living standards of an individual are upgraded because of the income earned courtesy of entrepreneurship.
Revenue is earned by the government in form of taxes when entreprenueurship has occured. This is because tha government requires legal documents and there are the running fees paid to the government in case of starting up a business.
Vision pursue by the individual is promoted courtesy of entrepreneurship. Individuals achieve their visions through entrepreneurship.
Pride and accomplishing of certain things is a benefit of entrepreneurship. Entrepreneurship promotes self accomplishment of goals and gain of pride in the end outcomes.
Another importance of entrepreneurship is that an individual tends to have more earnings than the earnings from salaries provided from employment. Income earned from entrepreneurship is to some extent controlled by the owner.
Entrepreneurship gives one control and flexibility over their own time. Entrepreneurs can do what they please with their time hence no limitation.
Minerals are a good example of sites of entrepreneurship. It has promoted diversity in resource exploitation which would have rather gone to waste.
There has been a great decline in the rural-urban migration due to entrepreneurship. Since employment has widely been provided to individuals in rural areas where entrepreneurs have set up businesses, it has not been mandatory for migration of ruralites to urban areas, seeking employment.