At the present, whenever we discuss about the future of work, maximum time, these discussion and conversation fueled with anxiety to understanding the impact of the new technology to the industry. Sometimes, it is only lead us to small discussion or arguments that how machine will do great things to make our lives better, or how any kind of innovation will outmoded the human labor and the reason of jobless dystopia. But one thing that they forget about is that these new innovation and business will help to grow your nation as well as the growth of people which are connected to the business. At the present, entrepreneurs are rapidly increasing at global scale, and providing job to millions of people. Moreover, these entrepreneurs convert the resources that available to the useful product and services.
How entrepreneurs link to the economic development?
Of course, entrepreneur provides and enables new markets to developed and created new wealth. On the other side, the economic development of any nation means a process of higher change wherefrom the real per capita income of the nation increase over a period of time. Thus, entrepreneur or new businesses plays a vital role in the development of economy of the nation. In fact, it is the one and only way to put and organize to use of the capital, labor, as well as technology. Only the entrepreneurs improve the living standard of the people by creating some goods and services in a country. Furthermore, it is also helpful to the increment of productivity as well as capital formation of the nation.
In addition, it increased the employment along with higher earnings which means higher revenue tax contributed to the nation. Through high taxes, government will invest to the other sector which are struggling as well as for human capital.
The facts by which you can understand how it connect to the development of nation’s economy
The following facts and key points will help you to understand that how entrepreneurs connect the economy development of the nation.
A. Through capital formation
B. Generation of the employment
C. It provide the independency in economy
D. Entrepreneur change the standard of living
E. It helps to the community development
F. Entrepreneur is the only one who create a social change
Although, the one thing is to know that the only entrepreneurs mobilize the idle savings of the people by investing and issues of the industrial securities. By using this idle savings of the people in industries means better and productive utilization of national resources.