1. JOB CREATION: Entrepreneurship businesses create more new jobs than also larger business. In united state of America, one study suggested that entrepreneurship businesses may account for as much as 66 percent of all new employment each year Ijaiya (2007).
These types of businesses created new jobs at much faster rate than did large older businesses. For instance when new eatery or dry cleaning outlet is opening in Nigeria, it created, some ten or more new jobs because so many new business are created each year, the cumulative effect of new jobs being created is large or significant. Enterprises play a key role in creating productive and decent work that helps meet the economic and social aspirations people and their communities whether small, medium or large enterprises, including co-operatives, they are a major source of growth and employment in all countries. Enterprises and the entrepreneurs who run them play a crucial role in creating job and reducing poverty.
2. INNOVATION: is referred to as the translation of a new idea, into a new company, a new product, a new service, a new process or a new method of production.
Specifically, innovation is simply a new idea, a new way of doing something that has been introduced to as the introduction of new things, ideas or ways of doing something and also means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth.
3. PRODUCTIVTY: The outflow of innovative endeavor is to increase productivity is the ability to produce more goods and services with less labour and other inputs. Higher productivity is chiefly a matter of improving production techniques which is more prevalent with entrepreneurs and other small business.
4. NEW TECHNOLOGIES, PRODUCT AND SERVICES
Another consequence of the association between entrepreneurship and change is the role that entrepreneurs play in promoting innovative technologies, product5 and services.
Many people who have developed new technologies, product and services were employees of large companies that refused to use them, forcing the inventors to become entrepreneurs.
5. STIMULATION OF INDEGENES ENTREPRENEURSHIP: Entrepreneurship and other small scale industries assist substantially in the development of indigenous entrepreneurs contribute tremendously to wealth creation of the nation substantially.
6. TRANSFORMATION OF RADITIONAL OR INDEGENOUS INDUSTRY:
In any economy, whether developing or developed, investment in entrepreneurship and other small scale enterprises has helped and is helping to transform and modernize the traditional economic sector.
These types of businesses created new jobs at much faster rate than did large older businesses. For instance when new eatery or dry cleaning outlet is opening in Nigeria, it created, some ten or more new jobs because so many new business are created each year, the cumulative effect of new jobs being created is large or significant. Enterprises play a key role in creating productive and decent work that helps meet the economic and social aspirations people and their communities whether small, medium or large enterprises, including co-operatives, they are a major source of growth and employment in all countries. Enterprises and the entrepreneurs who run them play a crucial role in creating job and reducing poverty.
2. INNOVATION: is referred to as the translation of a new idea, into a new company, a new product, a new service, a new process or a new method of production.
Specifically, innovation is simply a new idea, a new way of doing something that has been introduced to as the introduction of new things, ideas or ways of doing something and also means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth.
3. PRODUCTIVTY: The outflow of innovative endeavor is to increase productivity is the ability to produce more goods and services with less labour and other inputs. Higher productivity is chiefly a matter of improving production techniques which is more prevalent with entrepreneurs and other small business.
4. NEW TECHNOLOGIES, PRODUCT AND SERVICES
Another consequence of the association between entrepreneurship and change is the role that entrepreneurs play in promoting innovative technologies, product5 and services.
Many people who have developed new technologies, product and services were employees of large companies that refused to use them, forcing the inventors to become entrepreneurs.
5. STIMULATION OF INDEGENES ENTREPRENEURSHIP: Entrepreneurship and other small scale industries assist substantially in the development of indigenous entrepreneurs contribute tremendously to wealth creation of the nation substantially.
6. TRANSFORMATION OF RADITIONAL OR INDEGENOUS INDUSTRY:
In any economy, whether developing or developed, investment in entrepreneurship and other small scale enterprises has helped and is helping to transform and modernize the traditional economic sector.
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