Entrepreneurship has with time been the most advancing economic activity in third world countries. Entrepreneurship generally, is the act of identifying, acquiring and putting in place the necessary resources to start and run a business. However challenging entrepreneurship may be as a business action, there are many great outcomes associated with it. The advantages of entrepreneurship however, are not enjoyed singly, they are rather distributed widely to the world as a whole. Largely, the benefits are distributed to the individual, the society, the country and the planet as a whole. The following are the advantages of entrepreneurship.
Entrepreneurship reduces the expenses of a country on import. Reduction in imports by the country courtesy of entrepreneurship is due to the fact that goods and services produced are meeting the required standards set by that consumer’s needs. A country becomes self dependent due to entrepreneurship.
Infrastructure development is courtesy of rapid entrepreneurship to a country and the society as a whole. Rapod improvement of the infrastructure is to cater for the requirements of the entrepreneurs.
Entrepreneurship has increased the employment levels within a country and a society at large. New businesses set up have provided opportunities for individuals who previously did not have work to get employed. This has helped to decrease unemployment levels in a society and a country at large.
Also, the living standards of individuals and citizens of an entrepreneurial country increase with time. Entrepreneurship has led to income generation which in turn has been used in upgrading the living standards of the individuals.
Tax revenue to the government is provided in more quantities when new businesses are set up. This is because tha government requires legal documents and there are the running fees paid to the government in case of starting up a business.
Entrepreneurs have the freedom to pursue their intended visions and satisfy their own goals. Entrepreneurship more commonly benefits individuals who yearn to succeed in achieving their long set targets.
Pride and accomplishing of certain things is a benefit of entrepreneurship. This is because, once self-employed, one can accomplish what they would like to and their is pride in the final outcome because it is from their own sweat.
Another importance of entrepreneurship is that an individual tends to have more earnings than the earnings from salaries provided from employment. The entrepreneur sometimes is the controller of the income generated.
Also an outstanding benefit of entrepreneurship is that the business owner has total control over his own time and flexibility. There is minimal limitation over an entrepreneurs time hence one has utmost total control over their time.
Minerals are a good example of sites of entrepreneurship. There has been proper utilisation of the unexploited resources which would have rather gone to waste.
There has been a great decline in the rural-urban migration due to entrepreneurship. Since employment has widely been provided to individuals in rural areas where entrepreneurs have set up businesses, it has not been mandatory for migration of ruralites to urban areas, seeking employment.