Hello everyone !! In my last blog ,I explained the meaning of entreprenurship, it is the process of developing a business plan, launching as well as carrying forward a business using various innovative ideas to meet customer's need and make profits.

So, today we will be discussing the role or importance of entreprenurship in our society or simply answer the question Why it is important?

Here , are a few points which can help you to understand the role or importance of entreprenurship . Let's see each one of them to understand them properly. Let's begin

Economic growth : Entrepreneures create value by producing goods or services in an economy. This generates them an income , which is further distributed to the factors of production such as rent for land, wages for capital, interest for capital etc. This creates a circular movement of money and allows money flow and real flow to occur in society.

Employment generation : It may not be possible for a business to give job opportunities in the very beginning ,but as it starts expanding more job roles are required to be fulfilled.Hence, a lot of opportunities are created in society. A single business can provide a lot of job opportunities to thousands and lakhs of people.

Boosts the level of economic activities :  Entreprenuship also generates business opportunities for other suppliers and sellers too. For example,if a new mobile company enters the market, phone case sellers, earphone sellers and many other people also get an opportunity to earn.

Improves economic efficiency : Economic efficiency refers to producing greater output from a lesser input, basically it is producing great result without increasing the limit of raw materials. This can be done only by improving processes, reducing wastes and increasing yeild.

Rise in living standard : When economy grows and job opportunities are created people tend to use the services to live a good lifestyle.

So, this was the role that entreprenurship plays in our society and now we can understand why the government is encouraging startups to grow  and why young children are taught to develop these entreprenurship skills since beginning so that they secure their futures as well as the future of other people too. I hope this blog and the information provided were valuable for you and are useful to you . You can read my previous blogs too to gain an idea of what niche we discuss. Please like, share and follow. Thank you