Development of entrepreneurship as an economic activity in third world countries has been increasing with time. Entrepreneurship generally, is the act of identifying, acquiring and putting in place the necessary resources to start and run a business. Despite challenges and obstacles faced by entrepreneurs in their quest for success in their businesses, they have several astonishing advantages. Entrepreneurial advantages are not singly enjoyed but are enjoyed by several sectors in the society. Largely, the benefits are distributed to the individual, the society, the country and the planet as a whole. The benefits are as listed below.
Import fee and risks are minimized courtesy of entrepreneurship. Entrepreneurship reduces import rate by availing products at the consumer’s demand and affordable prices too. Minimal dependence is experienced by countries which have had increased level of entrepreneurship.
Improvement of infrastructure is also a key benefit of entrepreneurship. Rapod improvement of the infrastructure is to cater for the requirements of the entrepreneurs.
Entrepreneurship has also benefitted in creation of employment. New businesses set up have provided opportunities for individuals who previously did not have work to get employed. Low levels of unemployment have therefore been observed courtesy of entrepreneurship.
Also, the living standards of individuals and citizens of an entrepreneurial country increase with time. This is because income earned is used in upgrading of the individual’s living standards.
Tax revenue to the government is provided in more quantities when new businesses are set up. Legal documents and the money required to start up a business is paid to the government in case of entreprensurship.
The other benefit of entrepreneurship is that an individual is free to pursue what he or she has been dreaming of. Entrepreneurship more commonly benefits individuals who yearn to succeed in achieving their long set targets.
Pride and accomplishing of certain things is a benefit of entrepreneurship. This is because, once self-employed, one can accomplish what they would like to and their is pride in the final outcome because it is from their own sweat.
Another importance of entrepreneurship is that an individual tends to have more earnings than the earnings from salaries provided from employment. The entrepreneur sometimes is the controller of the income generated.
Entrepreneurship gives one control and flexibility over their own time. This is because there is no time limiter apart from oneself, so one chooses to do what is right with his or her time.
Minerals are a good example of sites of entrepreneurship. Resources which would have gone to waste have been properly exploited due to entrepreneurship.
There has been a great decline in the rural-urban migration due to entrepreneurship. Employment seeking by rural people has greatly declined in urban areas as entrepreneurship has promoted their employment within the rural areas.