Question

In general, what effects does entrepreneurship have on economies around the
world? Explain your answer with appropriate examples.

Answer 1

Entrepreneurship plays an important role in improving the health of the economies around the world. It leads to reduction in unemployment rate of the country and also leads to popping up new ideas and their implementation by mainly the youth of the country. This helps in reduction on the dependence on foreign economies and also increasing overall growth rate of the economy. Moreover it generates self satisfaction and increased income for entrepreneurs as they have flexibility in their working hours.

Considering the importance of entrepreneurship in realizing the demographic dividend especially in developing economies of the world, India has started the program " Start up India, Stand up India". This program gives importance to start ups in the country and provides loans at nominal rates to entrepreneurs, help in search of venture capitalists, reduces the paperwork of start ups. This has actually increased the number of start up projects in the country and has helped in improving overall health of the economy.