Moreover, entrepreneurial ventures prepare and supply experienced labor to large industries. For example, the water supply in a water-scarce region will, at times, force people to stop working to collect water. But more importantly, millions from other sectors benefitted from it. Therefore, entrepreneurship provides a wide spectrum of ventures and entrepreneurs in every economy. New and improved offerings, products or technologies from entrepreneurs enable new markets to be developed and new wealth created. The Bill and Melinda Gates Foundation. Promotion of happiness is increasingly seen as an essential goal.”, Paradoxically, a significantly high number of entrepreneurs may lead to fierce competition and loss of career choices for individuals. The above discussion, in a nutshell, enumerates that tremendous’ contributions of entrepreneurship. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed. Our country is not an exception in this regard. Thus, entrepreneurship leads to more stability and a higher quality of community life. Smartphones are not exclusive to rich countries or rich people either. Imagine an innovative and automatic pump that can fill people's water containers automatically. Babson College. Through offering unique goods and services, entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. In effect, entrepreneurship enhances the standard of living of the people of a country. From the highly qualified programmer to the construction worker, the entrepreneur enables benefits across a broad spectrum of the economy. Paradoxically, a significantly high number of entrepreneurs may lead to fierce competition and loss of career choices for individuals. This promotes the general development, research, and development in the economy. There may be truth in the old saying, "too many chefs and not enough cooks spoil the soup.". Entrepreneurship is the nursing ground for new inexperienced adventurists. They also have the advantage of a lower cost of living, so a young entrepreneur from an underdeveloped country can compete with a multi-million-dollar existing product from a developed country. Are there any drawbacks to cultivating entrepreneurs and entrepreneurship? Accessed Sept. 22, 2020. Existing businesses may remain confined to the scope of existing markets and may hit the glass ceiling in terms of income. Entrepreneurship is innovation and hence the innovated ideas of goods and services have to be tested by experimentation. Regulations play a crucial role in nurturing entrepreneurship, but regulation requires a fine balancing act on the part of the regulating authority. An entrepreneurial process comprises of five steps hat needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently. That also capable employed persons to consume more goods and services. Entrepreneurship capital is defined as "a region's endowment with factors conducive to the creation of new businesses" and it exerts a positive impact on the region's economic output. Existing businesses may remain confined to existing markets and may hit the glass ceiling in terms of income.
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