The Role of Entrepreneurship in Developing Robust Economy

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Table of Contents
Introduction................................................................................................................................2
Nature of entrepreneurship.........................................................................................................2
Role of Entrepreneurship in developing robust economy..........................................................3
Critical analysis of difficult decisions made by an entrepreneur...............................................4
Critical analysis of ethical challenge they encountered.............................................................5
Critical analysis of legal disputes they encountered..................................................................6
Conclusion..................................................................................................................................8
References..................................................................................................................................9

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Introduction
Entrepreneurship is known to be act of creating a business or businesses with the help of
innovation and thus generate an amount of profit. It is related with transforming the world by
solving big problems (Fayolle and Gailly, 2015). For instance, creating innovative products
and offering new life-changing solutions. In US, small entrepreneur is known to be the
backbone of the economy as they play an important role to make the economy healthier at a
large. Entrepreneurship is that function who recognises production opportunity in the
industry, raises capital from various sources, arranges all sorts of resources for the day to day
operations so that organisation goal can be achieved with the development of overall
economy.
Other than economy growth, entrepreneurship also plays an important role in the society and
community development (Shepherd, 2015). It attracts dynamism from the economy and
pushes innovation in the markets with the help of advance entrepreneurial research. In
addition, Entrepreneurship creates an adequate platform for the entrepreneur where they can
develop new ways to researches and thus make necessary development in various sectors and
industries.
Nature of entrepreneurship
 Progressing innovation – These aspects help entrepreneur to introduce something
new in the market which helps in solving various problems with the help of some
creative ideas within or outside the organisation. Entrepreneurship also acts as an
innovative function by which things can be implemented in an effective way
(Piperopoulos and Dimov, 2015).
 Value creation – The procedure of creating value is very important in
entrepreneurship function as with the help of entrepreneurship, new technologies,
services, approaches, products and many more contribute to the value of enterprise.
 Gap filling function – This function reduces deficiencies at various levels of
business. In addition, some of the management inputs like leadership and motivation
also help in the entrepreneurship function to take sustainable measures against the

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problems and thus eliminate respective issues affecting organisation decision making
and policies (Suddaby, Bruton and Si, 2015).
 Risk-bearing function – In every organisation, there are some amount of risks
prevailing at any levels within the enterprise. With the help of entrepreneurship,
managers can work in uncertainties and gain long-term profit and perspectives
(Terjesen, Hessels and Li, 2016). Entrepreneurship tries to eliminate the various risk
acting as barrier in the path of achieving mission and vision of an organisation.
Role of Entrepreneurship in developing robust economy
Entrepreneurship plays a significant role in creating and developing a robust economy. Along
with this, various measures and functions are undertaken by the entrepreneur towards positive
side of economy. These are –
1. Employment in various sectors – When an entrepreneur introduces a new venture,
the requirement of new jobs also started in along with this. This fulfils the
requirement of various individuals who are continuously looking for jobs. This
creation of work fulfils the key goals of an economy and led country towards
economic development. In support of entrepreneurship, government also pushed
various efforts to help entrepreneur by increasing their morale through various
subsidies and policies (Aparicio, Urbano and Audretsch, 2016).
2. Development of society – In align with progressing economic growth,
entrepreneurship function also proved beneficial for the community as a whole.
Unlike the business, the primary goals of an entrepreneur are development of society
rather than profit generation. In development of communities, there are various
procedures conducted under entrepreneurship such as learning and training, healthcare
and various other facilities (Urbano and Aparicio, 2016).
3. Addressing environment challenges – With improvement in economic development,
entrepreneurship facilitates innovation that contributes in recognising of various
environment challenges through the development of advanced technologies. For
instance, innovation in climate change mitigation technologies is growing from last
decade and various manufacturing organisation are moving towards sustainable