Development of entrepreneurship as an economic activity in third world countries has been increasing with time. It is the act of gaining and acquiring the resources relevant for business management and commencement. However challenging entrepreneurship may be as a business action, there are many great outcomes associated with it. The advantages of entrepreneurship are not monopolized, they are generalized, narrowing down even to those who did not make an effort in the pulling together of resources. Largely, the benefits are distributed to the individual, the society, the country and the planet as a whole. The advantages of entrepreneurship are as follows.
Entrepreneurship, to a country, saves on imports. Reduction in imports by the country courtesy of entrepreneurship is due to the fact that goods and services produced are meeting the required standards set by that consumer’s needs. Also, reduction of imports reduces the dependence of a country to others.
Improvement of infrastructure is also a key benefit of entrepreneurship. Good entrepreneurial environment is catered for by advancement in infrastructural development, therefore causing an increase in infrastructure improvement courtesy of entrepreneurship.
Entrepreneurship has increased the employment levels within a country and a society at large. Employment opportunities have been newly created by the newly upcoming businesses courtesy of entrepreneurship. Unemployment levels have greatly decreased in countries and societies where there is advanced entrpreneurship.
Entrepreneurship has led to increased living standards to the individuals of a country. Living standards of an individual are upgraded because of the income earned courtesy of entrepreneurship.
Entrepreneurship earns the government revenue in form of taxes. Entrepreneurship requires legal documents from the government and tax which are paid to government in form of revenue.
Entrepreneurs have the freedom to pursue their intended visions and satisfy their own goals. Individuals achieve their visions through entrepreneurship.
Pride and accomplishing of certain things is a benefit of entrepreneurship. Self-employment enables one accomplish his goals and also gaining of pride in the end result.
Income gained from entrepreneurship tends to be more than income from salaries. This is because the entrepreneur is the income limiter to some extent.
There is flexibility and time control by the
entrepreneur. This is because there is no time limiter apart from oneself, so one chooses to do what is right with his or her time.
Minerals are a good example of sites of entrepreneurship. Resources which would have gone to waste have been properly exploited due to entrepreneurship.
There has been a great decline in the rural-urban migration due to entrepreneurship. This has been observed courtesy of businesses set up in the rural areas which has increased employment opportunities for the rural dwellers hence they need not migrate to the urban areas in the quest for employment.