Question

Explain five ways by which entrepreneurs can promote the economic development of a country.

Answer 1

The word entrepreneur is derived from the French word, entreprendre, which means 'to undertake'. An entrepreneur is the one who organizes, manages,and assumes the risks of a business or enterprise.Five ways by which entrepreneurs can promote the economic development of a country are:

1) He is innovative.

2) He is a person who develops and owns his own enterprise to show his innovation skills.

3) Generates self-employment and additional employment. An entrepreneur is able to create employment opportunities which in turn will increase the national income.

4) Uses the excess capacity of the society and an entrepreneur helps to turn the excess capacity into use.5) Oriented toward the future.