What is the importance of entrepreneurs in the economy?


Quick Answer

Entrepreneurs play key roles in the economy by creating a substantial amount of wealth, and by owning and operating small business and even large corporations. Entrepreneurs are crucial in providing some degree of economic stability. They hold jobs in all sectors of the economy, and are valuable assets in all areas of the country.

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What is the importance of entrepreneurs in the economy?
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Full Answer

In addition to owning and operating small corporations and larger businesses, some entrepreneurs work independently as contractors and consultants. They are often highly motivated individuals and have high levels of confidence and self-esteem. These personality traits make entrepreneurs capable of setting and achieving high standards, such as financial and economic success. This sets a standard for others to follow. Entrepreneurs, in addition to being motivated and independent, are often creative and resourceful. They often help to bring new ideas and concepts into markets, which keeps markets fresh and competitive. Entrepreneurs exist in all levels of society, and while some find success at the local or state level, others find success on a national or even international scale. Some entrepreneurs achieve success using personal and social skills, and by forming strategic connections while others embark on entrepreneurial careers after attending college or university and studying certain areas of academics. The academic curriculum for entrepreneurs begins as early as elementary school and may continue through adulthood.

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