Entrepreneurship is promoted and encouraged as a viable career option. And here are 7 reasons why it’s playing a role in economic development. 

  1. Businesses embrace technology 

 Technology has allowed us to change the way we work as well as the structure of the office environment. Today businesses generate their income online and technology has become essential for business operations. These days if you’re connected to some digital device smartphone or laptop you’ve your own little office on the go. 

  1. Offers convenience

 Many people want the pleasure of buying and getting a product immediately and traditional brick and mortar offers this service. Such as retail businesses where you’ve face-to-face daily interaction with customers, they’ll always be a market for people who want the convenience of shopping in brick and mortar stores. 

  1. Empowers the individual and others around them  

 Taking control of your own destiny and opting for the entrepreneurial way of life by owning your own business it’s a way to wealth for the entrepreneur and others. With unemployment so high and job seekers not able to find a job, entrepreneurship will without doubt make a positive difference to thousands of families. 

  1. Learning helps increase productivity

The most accomplished entrepreneurs are those who never stop reading and learning. Entrepreneurs who make a determined effort to continually develop their skills are better resources or assets to their businesses and the economic development as a whole.  

  1. Entrepreneurs play a significant role in producing and exporting

Entrepreneurs use their local traditional skill, technology, knowledge and experience for producing traditional handicraft items. Nowadays, such items are on demand in foreign markets from jewelries, carpets, stone carvings, table mats and handbags such as the world famous “ciondo”.  

 They’re both exported to foreign markets and sold locally at markets such as the Maasai Market in Kenya, which has become immensely popular with foreigners, as well as the local people. 

  1. Fills a gap in the market

Whether if it’s inventing a new service/product like LED lights into the market. This saves time and money for the user two important factors in today’s economy. 

  1. Creates social change

Like entrepreneurs who offer internet towers in rural areas that had no access to internet or improved water infiltration systems in communities that had no access to clean water. This allows for an improved morale, quality of life and greater economic freedom.