Impact of Entrepreneurship on National Development


Roles of Entrepreneurship in National Development

Impact of Entrepreneurship on National Development

Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.

National Development is the ability of a country or countries to improve the social welfare of the people; e.g. by providing social amenities like quality education, portable water, transportation, infrastructure, medical care, etc.

The impacts of entrepreneurship on national development in Nigeria are remarkable and vary from:

1)  Creating large scale employment opportunities

2)  Promote balanced regional development;

3)  Improvement in standard of living;

4)  Facilitates overall development;

5)  Wealth creation and contribution;

6)  Promotes balanced regional development;

7)  Socio-cultural entrepreneurship prospective: Entrepreneurship has been growing exponentially which is a very positive sign and has helped to draw millions out of poverty, decrease unemployment, decrease the number of people dependent on social welfare and all in all uplift the living standards and quality of life of millions people;

8)  Entrepreneurship plays a vital role in economic development as key contributors to technological innovation and mew job growth.

On the other hand there are negative impacts of entrepreneur which vary from wastage and plundering of resources. The high taxes that cut into the returns usually discourage entrepreneurs. Also, unstable political conditions where government policies changed frequently discourage business as investors fear for the safety of their investments.

 Social Entrepreneurship and National Development

When an economy is described as private sector-led and market-driven, it is a platitude for a capitalist system. Critics of capitalism have argued that profits is the reward of entrepreneurs, but this is a private gain and how it is earned and how it is used in a private decision motivated by private gain and this is not necessarily in the interest of the whole economy or for the benefits of the majority of the society. Marxists have gone even further to state that profit is private gain derived from the exploitation of labour and therefore entrepreneurs and workers are in dialectic of class conflict over who gets the economic surplus. They posit communism as the formation to eliminate exploitation. The experience of countries trying to create a communist society has been far worse than the excess of capitalism.

With the discrediting of communism and various forms of socialism, the world is left to find the most humane type of capitalism. The mechanism for redressing the balance between capitalist entrepreneurs and workers and the self-employed in the state. The state seeks to facilitate capitalism while alleviating poverty by redistributing some of the profits through taxation.

Also read on:

<<Entrepreneurship and National Development in the state>>

<< Roles of Entrepreneurship in National Development>>

Post a Comment