Entrepreneurship, Innovation, and Economic Impact
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Role of Entrepreneurship in Economic Development
- Job Creation – Entrepreneurs establish businesses, generating employment opportunities.
- Innovation & Technology Advancement – They introduce new products, services, and technologies, improving efficiency.
- Wealth Creation – Businesses generate income, increasing national wealth and improving living standards.
- Market Competition – Entrepreneurship fosters competition, leading to better quality and lower prices.
- Economic Growth – Startups and businesses contribute to GDP growth.
- Investment Attraction – Entrepreneurship attracts both domestic and foreign investments.
- Social Development – Businesses address societal challenges, improving infrastructure and services.
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