Encouragement to Innovation and Research

Since the primary role of an entrepreneur in advanced Nations is to implement innovation. The entrepreneur promotes innovative methods of production, and takes risks. When using innovative machinery and equipment, and develops the methodological approach and creates new markets too.

This is why investigations and Research receive encouragement that ultimately benefit society.

Prospecting for New Markets and Growth of Markets

The business owner is not content with the market, but keeps in search of new markets to sell his products and also creates new markets.

Additionally, an entrepreneur is often involved in the development of markets, and expanding those.

In all of these the above, he employs a variety of techniques and techniques, such as marketing research, research on motivation surveys on buying habits consumer satisfaction, advertising and promotions for sales, diversification of products incentives for sellers and intermediaries, etc.

Development of New Production Techniques

The entrepreneur doesn’t feel at ease with the current methods of production.

Thus, he is able to carry out different experiments to save time, capital and labor during production, and in addition to improving the quality and variety of the service and product.

He also conducts research and utilizes techniques like management through changes.

So, customers typically receive high-quality items at low costs.

It will result in improvements and an increase in living standards for consumers.

Development of Suitable Raw Materials

The Entrepreneurs are also involved in finding fresh sources for raw material. As well as semi-finished goods, and to develop their own alternative substances.

In this way, not only savings in the economy can be made and the economy can also be saved from various kinds of crises. Through the use of a substitute for the scarce, limited or importable materials.

Helpful in Changing the Social Structure

Because the entrepreneur is still trying to implement new ideas in every field and at every level. A desire for the scientific method to logic, change, and innovation are a part of the society. And people are prepared to accept shifts in the unfair customs, beliefs and social evils etc.

Thus, the entrepreneur plays an important role to play in altering the social structure and these changes are easy as well.

Contribution to the Execution of Government Policies

Entrepreneurs make a significant contribution to the implementation of government policies and achieving national objectives.

The entrepreneurs collaborate with the government in the execution of development plans for the country. In order to create the balance between exports and imports as well as to encourage an equitable growth.

In this way, entrepreneurs broaden their development opportunities through collaboration and working with governments.

Establishment of New Business Enterprises

The entrepreneur is not content only with the innovation of a business, and continues to work through the creation of several new business ventures.

In this way the business owner after having established the company. Hands it over in the hands of efficient managers. They then are occupied with the establishment of a brand new business.

So, entrepreneurs work in the direction of establishing business ventures in succession, one after another.

New Products

Entrepreneurs try to figure out the possibilities for the production and distribution of brand new products. And services using inventions, innovation, and research. Then he or she introduces these products and services on the market.

Entrepreneurs are always looking to the potential of new goods and services, and in this direction. They are always engaged with research and studies and so on. Articles do

Minimizes Socio-economic Problems

The entrepreneurs boost their earnings by boosting savings and capital formation. Through the innovation of business entities and in promoting industrial ventures.

It helps to address social issues including the plight of the poor, illiteracy. Lack of living standards, dowry systems and social crimes. As well as violence against women, child labor exploitation, etc.

In addition, entrepreneurs also assist in reducing the issues that are prevalent in cities and towns. That are prone to pollution as well as overcrowding, slums and conflict, etc. Through reducing the imbalances in economics and disparities in various regions.

Therefore, entrepreneurs play an important role to play in solving socioeconomic issues.

Optimum Utilization of Resources

Entrepreneurs make the most efficient use of the human and natural resources that are available in the nation.

Similar to natural riches minerals, raw materials and human capabilities as well as human skills, etc.

Not just that, entrepreneurs can also boost productivity in the country by making use of unutilized resources, using their managerial abilities.

The entrepreneur moves the economy’s resources from low-productive areas to high-productivity areas.

Establishing Self Sufficient Society

Entrepreneurs play a crucial part in the development of a self-sufficient societies.

Entrepreneurs could bring about the world to a new level of productivity.

The entrepreneurs can boost the exports of their country in addition to meeting national needs.

The same is true for entrepreneurs. They can help in boosting capital assets, wealth and income. and so on.

Role in Social Responsibilities

The industry is gaining momentum because of the responsibility taken by entrepreneurs.

Regional imbalances are increasing. Opportunities for employment are being created, new goods or services are developed and distributed. Hence the consumers receive these items at the lowest price, and the economic social issues are steadily declining.

Therefore, the entrepreneurs are accountable to every sector of society.

Contribution to Rapid and Balanced Economic Growth

Entrepreneurship is not just the foundation of business. Bbut also the foundation of a balanced and rapid economic growth since entrepreneurs. Seek out opportunities for industrial growth and develop new industries. To make use of the opportunities that result in the rapid development of the economy of the country.

In addition, entrepreneurs contribute to the development of a balanced economy. Of the country by eliminating regional and provincial differences. Through the innovation of industries and businesses. And also economically backward regions as well.

“The entrepreneurs widen the way of Balanced economic development.”

Ovik Mkrtchyan  

Conclusion

Entrepreneurs are the main cause of the current economic. Growth of countries such as America, Britain, France and Japan.

In India the rate of economic growth is poor, which is primarily. Because in India the entrepreneurs are not as well-developed.

We can assert that the entrepreneur by himself transforms the inefficient production. Sources into production that eliminates stagnation and puts. A nation in the class of developed nations , by giving the nation self-sufficiency.