Entrepreneurship is the dynamic process of creating incremental wealth and innovating things of value that have a bearing on the welfare of an entrepreneur. It provides civilization with an enormous amount of goods and services and enhances the growth of social welfare. The man behind the entrepreneurship is an action-oriented and highly motivated individual who is ready to achieve goals. The following is the importance of the willingness to venture into entrepreneurship:-
1.Provision of a variety of job opportunitie.: Establishment of new businesses creates jobs in the business formed. The more enterprising people are the more the chances of investing in new ventures and creating new jobs.
2.Economic growth:Creation of new businesses creates wealth which is eventually distributed to all members in various forms. Business owners, suppliers, financiers, distributors and other parties are all beneficiaries to the wealth created.
3.Standard of living: Entrepreneurship enables a country to produce quality products and services which are sold at reasonable prices. Consumption of high quality goods at low prices improves the consumer’s living standard.
4.Investment opportunities:The success of one new business produces many additional entrepreneurial and investment opportunities. Initial entrepreneurial activity may serve as a role model to inspire new generation of entrepreneurs and become a breeding ground for new business ventures.
5.Profits: The key share holders in entrepreneurship are the entrepreneurs and venture capitalists. These reap huge rewards for themselves when a business is successful.
6.Tax base: New businesses become tax payers, thus returning revenue to the government. More revenue is also accruing to the government from business employees when they pay income tax.
7.Technological Development:Entrepreneurs develop new products from new ideas. Every business strives for profitability. Competition dictates that great stride be made in technology.