Question

Which of the following are vital roles played by entrepreneurs to foster economic development?

• A. Promote capital formation
• B. Encourage effective mobilisation of skill
• C. Promote development of industries
• D. Promote country’s import trade

Answer 1

Answer: (A), (B), (C)

Promote development of industries

Entrepreneurs aspire for ideas and put them into practice in nurturing economic growth and development. The major roles played by entrepreneurs in economic development are:

(i) Entrepreneurs promote capital formation by mobilising the idle savings of the citizens.
(ii) Entrepreneurs encourage the effective mobilisation of skill and bring in new products and services.
(iii) Entrepreneurs develop the market for the growth of the economy.
(iv) Entrepreneurs promote the development of industries.