ENT301: Role of Entrepreneurship - Economic and Social Impact Analysis

This essay delves into the multifaceted role of entrepreneurship on a global scale. It highlights how entrepreneurship fuels economic growth by increasing GDP and generating wealth through investments. It emphasizes the creation of job opportunities, enabling individuals to earn income regardless of their qualifications, and fostering growth in underdeveloped regions by enhancing infrastructure. Furthermore, the essay examines how entrepreneurship influences national income, per capita revenue, and the overall standard of living, including changes in trading processes and international relations. The paper concludes that entrepreneurship is a crucial concept for global advancement, impacting various aspects of society and the economy, from wealth generation and job creation to the improvement of living standards and the enhancement of international trade. The essay also provides references to support the arguments presented.

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“Role of entrepreneurship”
It can be seen that entrepreneurship is considered as one of the concept that emphasizes on
considering the different requirements and also the main motive is to set up the business on the
global platform. The businessmen can also be considered as entrepreneurs. It can be said that
entrepreneurship has affected the various aspects on the global platform. Therefore, this paper
will highlight the overall elaboration of the role of entrepreneurship.
It can be stated that Entrepreneurship has affect the overall growth of the economy. It has
increased the GDP and also the overall economic growth in the market. Also, it can be examined
that Entrepreneurship emphasized on generation of wealth, in it can be said that the focus is on
investing on the resources by the owners and also they maintain their funds from the investors. It
also boosted the wealth and assists the individuals to maintain success in the growing sector
(Dees, 2017).
By considering the concept of Entrepreneurship, it can be evaluated that job chances for the
individuals has been increased. It can be said that Entrepreneurship has given the chance to earn
their income to the people who are no strong qualification. In this, the economic growth has been
boosted and also the new market share can be grabbed easily (Prieger et al., 2016). Just because
of Entrepreneurship the emphasis is given on controlling the growth on the regional platform. By
starting the new ventures the growth has been evaluated in the areas which are backward and
there is less availability of the resources. Also Entrepreneurship has boosted the development
process of roads, transportation facilities and also the supply of water in the different areas.
Entrepreneurship has enhanced the job chance of the individuals and also it has boosted the
overall growth in the economic sector (Kirzner, 2015).
Entrepreneurship has also affected the GDP and per capital value and it is analyzed that the GDP
of the overall country is enhanced only because of the facilities given to the individuals on the
worldwide platform. In relation to national income, national product and per capita revenue of
the country the changes are only because of the concept of Entrepreneurship. The living pattern
of the people has also been changed just due to Entrepreneurship as in the present scenario, the
owners emphasizes on boosting the chances of job so that it can be easy for the people to earn
money (Parker, 2018). If the individuals earn good then it can be easy for them to focus on the
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maintaining their life. For instance : In relation to automation it can be seen that focus is on
minimizing the cost of production and also the productivity is high so that it helps to maintain
the customer base by offering less price products. Therefore, it can be stated that
Entrepreneurship has maintained the overall living standard of the individuals.
Entrepreneurship has also changed the trading process. It can be examined that in context to the
international organizations the relations has enhanced which lead to the overall economic
growth. The organizations can now easily earn the profits and also it can be stated that
Entrepreneurship has given impact on the growth of the community. In the recent scenario,
people can share their information with each other easily (Kuratko, 2016). So, it can be said that
Entrepreneurship has boosted the growth by considering the different factors and also it has
maintained the living pattern of the individuals in the society. So, Entrepreneurship can be one of
the best concepts in relation to the growth on the global platform.
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References
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Prieger, J.E., Bampoky, C., Blanco, L.R. and Liu, A., 2016. Economic growth and the optimal
level of entrepreneurship. World Development, 82, pp.95-109.
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