It is a key contributor to the overall development of the nation. Entrepreneurship can rightly be called a creator of wealth in an economy. It can also be said that entrepreneurship leads to a certain balance in regional development. This is because many entrepreneurs these days are setting up their companies in rural areas as well.
India is a hotbed for entrepreneurship now. Gone are those days where only families from business communities ruled the entrepreneurship ecosystem. With the advent of technology, people are now more informed and taking better decisions when it comes to starting their own venture. Also, now there are many start-up accelerators that help start-ups grow and continue to be profitable. People now value economic independence more than ever. Did you know that MSMEs in India contribute about 8% to its GDP? That’s a huge improvement. With schemes like ‘Start-up India’, the government too is working towards encouraging innovative start-ups. We now have an idea about the entrepreneurship scene in India. Let us next see how it impacts the economic development of the country.
Creation of wealth Entrepreneurs help mobilize the wealth in society by coming up with useful products and solutions. These products will be bought and used by many people in the society, thereby benefitting both the buyers and the workforce involved in making these products. By investment of their capital