wiz-icon
MyQuestionIcon
MyQuestionIcon
2
You visited us 2 times! Enjoying our articles? Unlock Full Access!
Question

Write short answer of the following.
What is the need of an entrepreneur in our society?

Open in App
Solution

An entrepreneur is needed in the society because of the following reasons:

i. Innovation - The entrepreneur provides goods and services to customers by introducing new and innovative techniques of production which facilitate economic activities.

ii. Bears risks - By venturing into the new and uncertain areas, the entrepreneur also bears the risks involved in the project.

iii. Adds to the economic development - By creating employment opportunities in the society, an entrepreneur contributes towards the economic development of a country.

iv. Market development - The entrepreneurs constantly strive to establish new techniques of productions and products which in turn helps in the market growth and development.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Poverty Alleviation
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon