Question

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

Answer 1

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.