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What is the primary objective of entrepreneurship development?
- a)To make individuals financially rich.
- b)To create a competitive market.
- c)To enhance academic qualifications.
- d)To stimulate economic growth and development.
Correct answer is option 'D'. Can you explain this answer?
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What is the primary objective of entrepreneurship development?a)To mak...
The primary objective of entrepreneurship development is to foster economic growth and development within a country. By nurturing entrepreneurial qualities, promoting new business ideas, and supporting individuals to launch and manage enterprises, entrepreneurship development contributes to overall economic progress and the expansion of industrial sectors.
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What is the primary objective of entrepreneurship development?a)To mak...
Primary Objective of Entrepreneurship Development
Entrepreneurship development plays a vital role in the economic landscape of any country. Its primary objective is to stimulate economic growth and development. Here’s a detailed explanation:
Economic Growth
- Job Creation: Entrepreneurship leads to new businesses, which in turn creates job opportunities. As new companies emerge, they require a workforce, reducing unemployment rates.
- Increase in GDP: New ventures contribute to the Gross Domestic Product (GDP) by producing goods and services. This increase in economic activity boosts overall economic growth.
Innovation and Competitiveness
- Encouraging Innovation: Entrepreneurs often introduce innovative products and services. This fosters a culture of creativity and technological advancement, which is essential for economic progress.
- Competitive Market: New businesses enhance competition in the market, driving existing companies to improve their offerings and efficiency. This benefits consumers through better quality and prices.
Social Development
- Community Development: Entrepreneurs often invest in their local communities, leading to improved infrastructure and social services. This contributes to overall societal well-being.
- Empowerment: Entrepreneurship empowers individuals, particularly marginalized groups, by providing them with opportunities to participate in economic activities, thus promoting inclusivity.
Conclusion
In summary, while making individuals financially rich and creating competitive markets are important aspects of entrepreneurship, the overarching goal is to stimulate economic growth and development. This leads to a thriving economy, improved living standards, and a better quality of life for all citizens.
Entrepreneurship development plays a vital role in the economic landscape of any country. Its primary objective is to stimulate economic growth and development. Here’s a detailed explanation:
Economic Growth
- Job Creation: Entrepreneurship leads to new businesses, which in turn creates job opportunities. As new companies emerge, they require a workforce, reducing unemployment rates.
- Increase in GDP: New ventures contribute to the Gross Domestic Product (GDP) by producing goods and services. This increase in economic activity boosts overall economic growth.
Innovation and Competitiveness
- Encouraging Innovation: Entrepreneurs often introduce innovative products and services. This fosters a culture of creativity and technological advancement, which is essential for economic progress.
- Competitive Market: New businesses enhance competition in the market, driving existing companies to improve their offerings and efficiency. This benefits consumers through better quality and prices.
Social Development
- Community Development: Entrepreneurs often invest in their local communities, leading to improved infrastructure and social services. This contributes to overall societal well-being.
- Empowerment: Entrepreneurship empowers individuals, particularly marginalized groups, by providing them with opportunities to participate in economic activities, thus promoting inclusivity.
Conclusion
In summary, while making individuals financially rich and creating competitive markets are important aspects of entrepreneurship, the overarching goal is to stimulate economic growth and development. This leads to a thriving economy, improved living standards, and a better quality of life for all citizens.
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What is the primary objective of entrepreneurship development?a)To make individuals financially rich.b)To create a competitive market.c)To enhance academic qualifications.d)To stimulate economic growth and development.Correct answer is option 'D'. Can you explain this answer?
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What is the primary objective of entrepreneurship development?a)To make individuals financially rich.b)To create a competitive market.c)To enhance academic qualifications.d)To stimulate economic growth and development.Correct answer is option 'D'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the primary objective of entrepreneurship development?a)To make individuals financially rich.b)To create a competitive market.c)To enhance academic qualifications.d)To stimulate economic growth and development.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the primary objective of entrepreneurship development?a)To make individuals financially rich.b)To create a competitive market.c)To enhance academic qualifications.d)To stimulate economic growth and development.Correct answer is option 'D'. Can you explain this answer?.
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