Entreprenuership

In: Business and Management

Submitted By evansgwaro
Words 1552
Pages 7
Entrepreneurship and Government Support
Name: Evans Gwaro
Institution: Kisii University

Entrepreneurship and Government Support
Introduction
Economic development requires people who are willing to risk their resources to start and operate profit-oriented enterprises in a country. This is the sole responsibility of entrepreneurs. Some scholars argue that entrepreneurship can be given definitions from different viewpoints such as theoretical or operational perspectives. Ogbo and Nwachuku (2012) argue that theoretical dimension covers many activities relating to uncertainties in a business while operational definitions relate to simpler or single activity. Regardless of the point at which an individual stands to define entrepreneurial practices, the bottom line is the concept that is concerned with taking great risks to bring changes in business by organizing, planning, and initiating processes that yield desired outcomes. In most cases, entrepreneurship is evident to dominate in small scale enterprises even though they constitute a large percentage of economic drivers. Despite the little capital that is pumped to run these enterprises, revenue generation is increasingly becoming significant in many economies.
The role of Entrepreneurship in Economic Growth
It is important to analyze the role played by entrepreneurs in the growth of economy in many countries. They are often referred to as ‘engines of economic growth’ because they propel economies (Ogbo & Nwachuku, 2012). Thus, the main contribution of entrepreneurship in many economies of the world is provision of employment opportunities. As people acquire jobs, they realize income that helps them improve their living standards and support the governments through levies; hence, states are able to develop their infrastructural facilities as well as uplift their economic status. For instance, small…...

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