WHAT MAKES ENTREPRENEURSHIP TO BE VERY IMPORTANT TO ANY ECONOMY
WHAT IS ENTREPRENEURSHIP?
Entrepreneurship refers to an individual or a small group of partners who strike out on an original path to create a new business.
HOW ENTREPRENEURS FUEL ECONOMIC GROWTH
Innovation and entrepreneurship undeniably contribute to economic growth, making them a particular area of interest for economists and policymakers worldwide.
However, some scholars say that the growth created by entrepreneurship can be exaggerated.
For one thing, growth from entrepreneurial activity doesn't occur evenly across an economy.
*NECESSITY ENTREPRENEURS VERSUS OPPORTUNITY ENTREPRENEURS*
One interesting way to look at entrepreneurship is to divide it into two broad categories.
NECESSITY ENTREPRENEURSHIP: Is the launching of a business by people who lack other opportunities.
OPPORTUNITY ENTREPRENEURSHIP:Is the creation of an enterprise in response to a new or previously overlooked opportunity.
NOTA BENE(N/B)
Necessity entrepreneurship can be a side hustle for someone who is trying to make ends meet or a way to meet their non-economic needs and goals.