Entrepreneurship, which is the creation of new enterprises,is a tool for economic growth and development. With the present economic malaise bedeviling the global economy, governments have seen the need for entrepreneurship education in higher institutions of learning. Recently, there have been a surge in the rise of young entrepreneurs. With what I've seen so far, I've been prompted to point out more clearly, the following benefits of entrepreneurship to a nation:
1. Increase In Gross Domestic product (GDP):
GDP is the totality of goods and services produced within an economy. Entrepreneurship helps in raising a country's GDP. Entrepreneurship thrives in a market economy. A country with a high GDP stands to have a favorable balance of trade (BOT).
2. Increase In standard Of Living:
With job availability and increase in goods, there will be an increase in the living standard of the people.
3. Job creation:
Employment is another advantage that can be derived from entrepreneurship. Considering the job creation workload on governments, entrepreneurship can help extricate it. I strongly urge governments to create enabling work environment for entrepreneurs to come in. We should note that, a rising employment rate is an economic indicator that the economy is making headway.
4. Enhancement Of Local Initiatives:
Any nation with an entrepreneurial culture tends to be in a good position to enhance its local initiatives and conserve its local currency. America is a good case in point. In view of these advantages of entrepreneurship, any nation that fails to entrench entrepreneurship education into its culture will suffer the fate of the dinosaur.please, share this article with your friends.
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