THE ROLE OF ENTREPRENEURS TOWARDS ECONOMIC DEVELOPMENT

According to J.B. Say, entrepreneurs are economic agents who unite all means of production- land of one, the labor of another and the capital of yet another and thus produces a product. By selling the product in the market they pay rent of land, wages to labor, interest on capital and what remain are their profits. They shift economic resources out of an area of lower and into an area of higher productivity and greater yield.

Based on studies, the economic development of a country can be measured on the poverty level and unemployment rate of the people. Lower rate is an indication either that many people do not have sufficient food to eat daily, or the basic needs of the family are not being adequately provided or there maybe failure of the parents to send their children to school, among others. The effect of sluggish economic growth incline many to seek employment across the borders to look for job opportunities. Much worse, domestically, it become now the cause why many had attempt to commit crimes of stealing.

There is no gainsaying that if people have their own job, there will be economic security. They will now have their own source of income. In effect, they can now afford to buy primary necessities of their families such as food and clothing.  Providing decent shelter will no longer be a problem. Parents will not be constraint financially to send their children to school providing them education. One may even afford to buy a vehicle for personal or for family use.

Seeking employment is truly difficult if there are only few job opportunities. Otherwise that would not be the case. Hence, entrepreneurs play an important role to address economic problems, either in the family or in general in the country. Business establishments can offer or create thousands of job opportunities for many. If all are employed and have enough income, such will certainly alleviate poverty across the country.

Besides the job opportunities it can offer, business establishments can greatly help the existing government. More revenues can be raise by the latter which in turn be used in providing basic services to the people.  These are good reciprocal duties and obligations.

Entrepreneurs are the keys to economic development. The direction of national economies, industry or markets can be altered by them.