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Entrepreneurship - Outline Example
Author : parkercamille
Pages 6 (1506 words)
Through this current research the economic development of the UK for a certain period of time will be studied and will be intended to relate this factor with the entrepreneurial activities in order to reach to any concrete finding. …
The intention of this study is an entrepreneurship as one of the major activities for fostering economic growth. Entrepreneurs are essential instigators for renovation in an economy, and entrepreneurship accelerates the growth for new economic and industrial prospects and effectual resource utilization. The efficacy of an economy is improved when entrepreneurs perform to simplify trade between organizations or countries with different inclinations and resource endowments. Economic progress takes place when entrepreneurs accelerate the generation, distribution and application of pioneering thoughts. Entrepreneurship not only takes advantage of new business prospects by proper distribution of resources, but it also pursues new potentials for resource utilization and thus re-draws the limitations of economic movement. As a result, entrepreneurial activities help to reduce the unemployment rate and poverty. The association between entrepreneurship and employment is covered with uncertainty. It can be stated that lower degree of entrepreneurship can result in low economic development which in turn can impact on the level of employment rate. Entrepreneurs can create new businesses and organizations, which generate job opportunities, therefore reducing the unemployment rate. On the other hand, new businesses and organizations are considered of having low rate of survival and growth due to huge competition in the market, thus this fact argues that entrepreneurship can lead to unemployment. ...