Question

What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?

Answer 1

Entrepreneurs plays a vital role in the economy by revitalizing, stimulating growth in the economy. It tends to give more employment to people, helps in building smart products using technology and innovative ideas which raises overall standard of living of people. They tends to produce goods which are efficient and take less inputs as raw material. Online grocery store, cab booking, door step solutions to many problems are ideas on which many entrepreneurs worked upon.

The whole society tends to gain from these ideas where some people gets benefit by getting employed, others by getting their issue resolved as people nowadays need one step solution to every problem. Banks gain by offering loans to many new startups, investors gain by investing in it. These all factors leads to development of nation and raises overall GDP level.