How much does an entrepreneurial business impact the national economy of a country?
The Answer is
Entrepreneurship is key for the development of a country because primarily it indicates the ease of business and the “freeness” of the economy.
It is a key driver for in - House innovation. One of the ways to restrict brain drain is by enhancing the conditions of the economy.
It indicates how good the human capital is. This allows the creative minds to come up with ingenious ideas and show the real strength of the home grown economy. This also allows people to become better leaders erstwhile nourishing their business ideas.
It provides some amount of self sustenance to the economy. It provides the ability to use absolute advantage and relative advantage in the long run where by, the successful enterprises play a huge role in setting up the import and export quantities for the respective products, thereby providing a lever for the economy to operate on.
It provides a portfolio for the influx of Foreign investments into the economy, which is a healthy sign.