SOCIETAL AND ECONOMIC BENEFITS OF ENTREPRENEURSHIP Flashcards
Millions of unemployed people will have the opportunities to have a decent occupation. Small businesses produce jobs and create wealth
Entrepreneurship produces more jobs that equate to an increase in national income
A simple eatery in a rural area and a coffee shop in an urban area both ignite economic activity
regardless of their business scale.
Entrepreneurship amplifies economic activities of different sectors of society.
New products and services are always available in the market because of the ingenuity of entrepreneurs to seek opportunities and improve on them.
Entrepreneurship introduces new and innovative products and services.
How can you look good if not for the services of you nearby salon or barber shop? How can your day be complete without the food that a nearby eatery cooks? How can you live without the sari-sari store near your house where you buy your basic needs?
Entrepreneurship improves people’s living standards.
It balances the economy by distributing national income to more businesses rather that to only few
monopolies.
Entrepreneurship disperses the economic power and creates equality
It makes sure local resources are used properly and that every area has an appropriate allocation of
purposes.
Entrepreneurship controls the local wealth and balances regional development
Imagine if there are no or only few sari-sari or supermarket stores in your area. All of you will then fight for the food supplies because the store cannot supply all your needs.
Entrepreneurship reduces social conflicts and political unrest.
A country with more entrepreneurs is highly likely to become financially independent and will less likely need the help of other countries. This also applies to families, barangays and cities. Entrepreneurship creates wealth instead of borrowing wealth.
Entrepreneurship elicits economic independence and capital formation.
