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which the entrepreneurs need to grow the economy

2017-08-05 14:02:35 | Legal Services

Lower marginal rates won't however create an opportunity in the impoverished rural towns, but the universal access to broadband surely would.

Entrepreneurs result in creating businesses, businesses result in creating jobs and people with the jobs however make good customers.

Entrepreneurs create the businesses and the new businesses help in creating jobs, to strengthen the market competition and also to increase productivity. In the United States, entrepreneurism is considered as part of the American identity and their self-image. It’s thus non-partisan, too; both the sides of the political spectrum however celebrate the entrepreneurial small business as a fount of innovation and growth. Entrepreneurism is thus seen as a route to the upward mobility -- a way for the average people in order to build wealth.

The purpose of this article is to make the reader aware of the fact that not tax cuts but there are other important factors to help the entrepreneurs with the help of which they can bring growth in the economy .
1. Investing in the products and services people need.
There is some motivation which a person needs in order to start a new business. According to the traditional models, entrepreneurs however create new businesses in the response in order to unmet the needs and the demands in the market. That is, there is thus an opportunity in order to provide a product or a service that is thus not currently in existence, or otherwise either available. Economists generally refer to these business-starters as the “opportunity” entrepreneurs for the purpose of distinguishing these individuals from those who however start businesses for the lack of better work opportunities. So-called the “opportunity” entrepreneurs, who however launch the new enterprises in the response to the market needs, are the key players when it however comes to fostering the economic growth in a region. They also enable access to the goods and services that the populations require in order to be productive. This is also not to ignore the “necessity” entrepreneurs that however launch the enterprises because they however have no other options. Both can and also do contribute to the economic growth.

2. Providing the employment opportunities.
New businesses are required to hire the employees. They can create jobs and thus these economic opportunities however uplift and support the communities through increasing the quality of life and also overall standard of living.
3. Commerce and regional economic integration.
Technology has however made it possible for the small, entrepreneur-led businesses in order to expand into the regional and global markets. When the new businesses export the goods and services to the nearby regions, these enterprises however contribute directly to a region’s productivity and their earnings. This thus increases in revenue and strengthens an economy and also promotes the overall welfare of a population. Economies that however trade with one another are thus almost always better off. Politics aside, engaging in regional and international trade promotes investment in the regional transportation and infrastructure, which thus also strengthens the economies. This however has never been more true than it is thus today, as we however live in an increasingly interconnected global economy.

4. New technologies result in promoting efficiency.
The ability in order to the turn ideas into the new products and services that the people need is thus the fount of prosperity for any developed country. Economic growth, generally speaking, is however driven by the new technologies and their creative applications. The periods of rapid innovation historically have however been accompanied by the periods of the strong economic growth. Also , the impetus of innovation is thus considered as the greatest natural resource of all: the human mind. Creating the innovative products and their solutions also requires an educated population and also an environment where the collaborative work can however take place. In addition to being good for the business, education also increases the workforce creativity and quality of life.
5. Addressing the environmental challenges.
Innovation is (and will always thus continue to be) crucial when it however comes to addressing the enormous environmental challenges which we face today: combating the climate change, lowering the global greenhouse gas emissions, and also preserving the biodiversity in the environment. Without the power for the extended periods of time, commerce however comes to a halt. A Reliable access to these kind of innovations (such as irrigation technology, electricity, and the urban infrastructure) thus increases the productivity and also enhances economic development.
6. Innovation impacts socio-economic objectives.
Innovative business practices also helps to create efficiency and also conserve the resources. An Innovation in agriculture is thus especially relevant for the purpose of addressing the socioeconomic challenges

7. Innovation happens where there is competition.
Also , In essence, there is thus a positive feedback loop among the innovation, entrepreneurship, and the economic development.

New and growing businesses generally represent the principal sources of the job creation and also generate an innovative activity in an economy, the two factors that generally result in the rising standards of living for all.

However, it’s important in order to understand that entrepreneurship and also innovation are however dependent on the access and participation. For the entrepreneurs in order to bring new ideas to life, they also need access to education and also a level-playing field on which the have to compete. Thus , in this vein, the role of the government leaders and the public policy is thus to create conditions that however allow more entrepreneurs in order to start businesses by thus implementing the policies which however nurture that environment so those businesses can grow. Economic growth also suffers when the entrepreneurial activity is thus unevenly spread socio-economically, demographically, and also geographically. Under the right conditions, entrepreneurs thus have an incredible power: they also help the regional

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.

About LegalRaasta
LegalRaasta is a technology platform to simplify legal and business related matters. We are committed to helping startups and small business owners in solving legal compliance related to starting and running their business.Our mission is to offer affordable, quick and automated professional services to clients. Through technology, we bring numerous government/ legal forms at one place and have simplified them to be fully understood by common man.
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