Entrepreneurship has with time been the most advancing economic activity in third world countries. This refers to the process of gaining and identifying the required resources for starting and managing a business. Entrepreneurs despite the several challenges with which they face in their pursuit for business management and starting, they have a wide range of advantages as they are within the market. The advantages of entrepreneurship are not monopolized, they are generalized, narrowing down even to those who did not make an effort in the pulling together of resources. Advantages widen up to individuals, the society, the country and the world as a whole. The following are the advantages of entrepreneurship.
Entrepreneurship, to a country, saves on imports. This is because courtesy of entrepreneurship, the country becomes quite self sufficient by producing products which require minimal importation. A country becomes self dependent due to entrepreneurship.
Infrastructure development is courtesy of rapid entrepreneurship to a country and the society as a whole. This is as a result of rapid expansion by the country and society to provide the necessary environment for advancing entrepreneurial development.
Creation of employment has been increased courtesy of entrepreneurship. Starting up of new businesses has led to increase in the number of employed manpower required as a labour force to run and manage the businesses. Low levels of unemployment have therefore been observed courtesy of entrepreneurship.
Entrepreneurship has led to increased living standards to the individuals of a country. Living standards of an individual are upgraded because of the income earned courtesy of entrepreneurship.
Revenue is earned by the government in form of taxes when entreprenueurship has occured. Legal documents and the money required to start up a business is paid to the government in case of entreprensurship.
Vision pursue by the individual is promoted courtesy of entrepreneurship. Individuals achieve their visions through entrepreneurship.
Pride and accomplishing of certain things is a benefit of entrepreneurship. Self-employment enables one accomplish his goals and also gaining of pride in the end result.
Income gained from entrepreneurship tends to be more than income from salaries. The entrepreneur sometimes is the controller of the income generated.
Also an outstanding benefit of entrepreneurship is that the business owner has total control over his own time and flexibility. Entrepreneurs can do what they please with their time hence no limitation.
Good use of natural resources such as minerals is promoted through entrepreneurship. Resources which would have gone to waste have been properly exploited due to entrepreneurship.
Entrepreneurship, mainly in third world countries has led to a great reduction in rural-urban migration. Employment seeking by rural people has greatly declined in urban areas as entrepreneurship has promoted their employment within the rural areas.