ADVANTAGES OF ENTREPRENEURSHIP

Entrepreneurship is a microeconomic act of undertaking an innovation with the aim of combining the innovation with finance and business to produce goods or services. This is out of perceived opportunity. It can be within an existing organization or starting a new enterprise.

More recently, the term entrepreneurship has been applied in social and political activities to describe new social or political ideas. Whether in business, social or political fields, entrepreneurship involves taking risks.

Entrepreneurship advantages include;

Ø  It is an engine for job creation and economic growth. An entrepreneur sets up a new business and in doing so, provides employment opportunities. The government or local authorities carry out taxation and this goes towards increasing a country’s revenue.

Ø  Entrepreneurship brings out leadership qualities in an entrepreneur. Such an entrepreneur can be offered training opportunities to sharpen his/her skills. The trained entrepreneur can then benefit other organizations or a community.

Ø  Entrepreneurship affords the entrepreneur the freedom to manage his/her enterprise as he/she wishes.

Ø  Entrepreneurship allows potential entrepreneurs with capital to start and see their innovations take root.

Ø  Entrepreneurship encourages competition as each potential entrepreneur tries to come up with the best innovation. This also translates in quality goods or services.