What Is The Role Of Entrepreneurship In Economic Development?

3 Answers

Connor Sephton Profile
Connor Sephton answered
There is one very good reason why America became an economic powerhouse in the late 19th century and the 20th century, and that is entrepreneurs who took an idea and developed it into a viable service or product. One of the best examples is Thomas Edison, who invented the phonograph and the light bulb among many other things. In short, entrepreneurship helps the economy grow with more and new types of jobs and industries, and in the case of Edison, a better standard of living is realized and it gave other businesses the precise tools that they needed to grow and expand.

With the invention of the light bulb, an entire industry was created which supports thousands and thousands of jobs to this day. With factories and manufacturing companies no longer refrained from round the clock production due to lack of light, jobs in those sectors took off as well.  This in turn lead to the development of new communities to house the people who came to fill these jobs, and that in turn leads to more jobs in the local government such as police, council members, garbage disposal people, dog catcher and the list goes on and on. Clearly new ideas that come from entrepreneurs like Thomas Edison, Steve Jobs, and Bill Gates, have created thousands and thousands of jobs for the industries that are directly involved in, and any number of other businesses that are loosely tied to them.

Countries that have a tolerant and encouraging environment for people such as this are the ones that will see their economies grow as a result. Ones that develop new technology now and have the facilities and manpower to mass produce the product quickly will thrive in today's global economy.

Answer Question

Anonymous