The Impact Of Entrepreneurship On The Economy | Millionaires Insights
Entrepreneurship plays a vital role in the development of a country’s
the economy as this is the key contributor to innovativeness, product
improvement, reduction of unemployment and poverty.
Entrepreneurship, which is basically the practice of starting a business
in order to earn a profit on newfound opportunities, can go a long way
to stabilize the economy of a nation as well as generate massive returns
to the government.
Entrepreneurship can impact the economy of a country in diverse ways.
It is through entrepreneurship that important innovations enter the market leading to new products or production process which eventually increases efficiency through bringing competition in the market.
Various factors have deterred emerging entrepreneurs from
successfully starting their own business. Among the numerous factors
cited by some failed startups in Africa’s most populous country Nigeria
from a personal survey, I conducted include, high and multiple taxes,
lack of funding, electricity, and security.

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In such environments, starting and sustaining a small business could be very tedious and only a few entrepreneurs with extra personal qualities can survive. Creativity and a strong work ethic are vital as well as being
detail-oriented and willing to research thoroughly and accept risks.
According to research conducted by The Global Entrepreneurship and
Development Institute in 2015, it was found that the USA is a world leader
when it comes to supporting its entrepreneurs with respect to business
formation, expansion, and growth followed by countries like Canada,
Australia. They also finance new businesses through venture capital.
Fast forward 2020, Germany now ranks as the top Entrepreneurship country in terms of government support, financing and policies. Japan and the USA coming second and third respectively. This type of financial capital is provided to early-stage, high-potential
and riskier start-up companies.

Africa still got a long way to go. Kenya and Rwanda are fast coming up
and South Africa has always been ahead of development in Africa with
electricity and infrastructure in place to enable entrepreneurs to thrive.
Small businesses are the heart of any country’s economy and a country
that does not play with its entrepreneurs has a better chance of an
improved economy.
The future of the African economy depends largely on its entrepreneurs
as well as government policies on entrepreneurship.

WHAT ENTREPRENEURS CAN OFFER TO THEIR COUNTRY
Entrepreneurs have a lot to offer to their country of residence.
According to Strive Masiyiwa, CEO of Econet Wireless, an entrepreneur
can do the following for his country;
 Create jobs
 Provide services and products needed in the country
 Create wealth (For themselves and their country)
Impact of Entrepreneurship on an Economy
Entrepreneurs pay tax when they sell goods when they pay their
employees and when they import goods, they pay the duties that are
due, according to the law.Using Apple as a case study, strive said we all know what Apple sells:
iPhones, iPads, iPods, etc.
These are consumer products, manufactured by the company, mostly in
China, and sold around the world. The founder of Apple computers,
Steve Jobs, died in 2011.
The company that he left behind generates billions of dollars in tax revenues, for his home country, the United States. This is used to pay
the salaries of civil servants, build roads and other infrastructure, build
schools, hospitals, civil defense, and a powerful army – This is wealth!
I could also say that about Coca Cola, Toyota, Alibaba, Econet Wireless,
to mention a few.
According to Carree and Thurik, the concept of entrepreneurship is
multidimensional and largely ill-defined. Understanding the role of
entrepreneurship in the process of economic growth will, therefore,
require a framework because of the nature of intermediate variables
and connections that exist
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