The role of entrepreneurship in the development of the economy

1,EMPLOYMENT GENERATION: The activities of entrepreneurship has led to the establishment of many businesses. This has also led to the employment of people either skilled semi skilled or unskilled labour this in turn has reduced to an extent of unemployment in the country




2, EFFECTIVE UTILIZATION OF LOCAL RESOURCES: Business established by entrepreneur has led to the utilization of local materials e.g starch is gotten from cassava, groundnut cake is gotten from groundnut




3, EVEN DISTRIBUTION OF BUSINESSES
Business has been established by entrepreneur in all the nook and crannies of the country.  This has led to even spread of the business for example major industries are set up in urban and rural Areas

4, MITIGATE RURAL-URBAN MIGRATION
Because of even distribution of businesses as a result of the activities of entrepreneurs for example even in the mist remote areas there are business established. This business in the rural areas employ rural labour and has therefore reduced the migration if people from the rural areas to the urban areas

5,INCREASE IN PRODUCTIVITY
Entrepreneurship has increase to a very large extent the gross domestic product.This is as a result of entrepreneur either individual or group output. The gross domestic product of every nation has led to increase in productivity.

6, KEEN COMPETITION ; numerous business operating within the country where entrepreneur producing different product but are substitute has led to keen competition between entrepreneurs. This has resulted in low prices in quality products. Entrepreneurs operates different business and produce different goods and services which are substitutes and has led to fall in price