Entrepreneurship is one of the emerging sources of economic and social progress as it contributes to national revenue and development. It aids economies from around the world to progress and become globally competitive. Furthermore, here are the 5 main reasons explained by Paul Kemp Canterbury, why entrepreneurship is important. Economic Growth Entrepreneurship helps in economic growth by providing increases in job vacancies and other employment opportunities. The introduction of new products and services and local and international partnerships make the most contributions to it. Social Changes Next, it promotes social changes. With the increase in the employment rate, people are getting happier and able to experience a stable life. It also decreases the crime rate, which plays a huge role in promoting social security and progress. Promotes Innovation Innovation has always been associated with entrepreneurship. It serves as the backbone of the industry in creating and promoting new ventures to the public. With innovation, new goods and services are created that will help in economic growth and amplify the needs or wants for human survival. Improvement and Development of Previous Ventures Entrepreneurship improves daily, and it happens through the development of previous ventures. Settling with what is most entrepreneurs don’t take a principle. The venture to look and provide something new is the top asset of entrepreneurs, enabling them to become successful and unstoppable. Promotes Further Researches Lastly, entrepreneurship promotes further researches. An example of it is in the scientific research for new medicines and medical formulas to meet the needs and demands in addressing a certain disease. In entrepreneurship, unending researches are done to make sure that every corner of possibility is taken. Overall, entrepreneurship is essential in the economic standing of countries around the world. Entrepreneurs, such as Paul Kemp Canterbury, understand that competition is rampant more than ever. However, all economies stand with entrepreneurship to be a key for more social and economic developments for the benefit of all human beings.
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