Question

Entrepreneurship has a great role in National Development and more so economic development. State 4 roles of entrepreneurship in contributing to National Development 

Answer 1

Entrepreneurship has a great role in National Development and more so economic development.  This is experienced in the following areas: 

Capital formation

Entrepreneurs play a major role in capital formation.  They help in the creation of wealth for the country.  This is experienced through job creation as employees save their salaries and wages through the banking and other systems thus creating capital formation.  Payment of tax, as well as regular savings by entrepreneurs, creates capital formation as well as leads to National Development.

Technology promotion

Entrepreneurs are at the forefront in the promotion of technology.  They promote the use of modern technology in small-scale manufacturing to enhance higher production. Several examples include the development of Energy Saving Jikos, Energy Saving lamps, Cutting machines, and Charcoal Refrigerators.

Marketing of Local Products

Entrepreneurs have played a great role in the improvement of the marketing of locally produced products. For example, the improvement of the Jua Kali sector has resulted in an improvement in the internal and external markets.   In the modern world of competition, every business is compelled to produce and aggressively market quality products and services. This results in an upward trend in National Development.

Self-Reliance

Since entrepreneurs are self-employed persons they are enabled to survive comfortably without too much borrowing thus self-reliant and this is a positive contribution to national development

 1 capital formation 

2 technology promotion 

3 marketing of local products 

4 self reliance