IndexIntroductionWhy is entrepreneurship an important component of economic development? (essay) Providing employment opportunities Trade and regional economic integration: diversity of products and services New technologies promote efficiency Are entrepreneurs considered agents of change to develop a country's economy? Conclusion Introduction In discussing the role of entrepreneurship in economic development, this essay recognizes that Entrepreneurs play an essential role in the progress of a country. Their skills, talent and hard work are critical to providing the necessary goods and services that citizens need. By creating new businesses, entrepreneurs not only create jobs but also intensify competition and can even increase productivity through technological change. Consequently, high levels of measured entrepreneurship translate into high levels of economic development in a country. The contribution of entrepreneurs to the economy is of immense value, as their products are essential to the overall development of society and people simply cannot do without them. Entrepreneurs are therefore essential for the economic growth of the country. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Why is entrepreneurship an important component of economic development? (essay)Investments entrepreneurs must invest in what is needed for the economy. Economic progress will depend greatly on their contribution. Any entrepreneur will invest in products and services that people need. Their investment will ensure a better life for people. More goods and services will be available to them. According to traditional models, entrepreneurs create new businesses in response to unmet market needs and demands. That is, there is an opportunity to provide a product or service that does not currently exist or is not otherwise available. Economists refer to these entrepreneurs as “opportunity” entrepreneurs to distinguish these individuals from those who start a business for lack of better job opportunities. So-called “opportunity” entrepreneurs, who launch new businesses in response to market needs, are key players when it comes to driving economic growth in a region. Providing employment opportunities An entrepreneur, by setting up various enterprises and establishments, creates employment in the economic development of a country. People need work. This is an important contribution that an employer can make to provide an employee with income that meets his or her needs. If there are not enough job opportunities, unemployment is the main factor that affects and influences the economic development of a country where unemployment is the phenomenon that occurs when a person who is actively looking for work is unable to find work the higher the rate Unemployment slows down the economic development of a country and the opposite is true. Employment is the main driver because it influences the spending patterns of individuals, industries and the economy in general. So, if the unemployment rate is high, this basically means that as individuals, we will not have enough disposable income to spend, industries will also not be able to operate at full capacity as few individuals will consume their products, thus leading to crisis . reduction in cash inflows, and the economy will suffer as the growth rate of the economy will generally be low. Trade and regional economic integration: Technology has made it possible for small businesses led byentrepreneurs to expand into regional and global markets. When new businesses export goods and services to nearby regions, these businesses directly contribute to a region's productivity and earnings. This increase in revenue strengthens the economy and promotes the overall well-being of a population. Economies that trade with each other are almost always in better shape. Politics aside, engagement in regional and international trade promotes investment in regional transportation and infrastructure, which also strengthens economies. International trade represents a large part of a country's gross domestic product. It is also one of the important sources of income for the economic development of a country. Entrepreneurs promote international trade by selling their products abroad. Any entrepreneur would like a larger market. If there are more consumers who buy its products, the more its profits will be. Diversity of products and services An entrepreneur can provide various types of goods and services to the consumer. The latter has a lot to choose from. After all, a consumer would like to get a good deal, and if his choices are more, he can get these products or services at reasonable prices. Personal wishes are also fulfilled if there are products and services to choose from. A person may like a particular type of tie and perhaps can find it in his local market. His desire to purchase a tie of his choice is thus fulfilled. New technologies promote efficiency The ability to transform ideas into new products and services that people need is the source of prosperity for any developed country. Economic growth, in general, is driven by new technologies and their creative applications. Periods of rapid innovation have historically been accompanied by periods of strong economic growth. The drive to innovate is the greatest natural resource of all: the human mind. Creating innovative products and solutions requires an educated population and an environment where collaborative work can take place. In addition to being good for business, education increases workforce creativity and quality of life. Are entrepreneurs considered agents of change to develop a country's economy? Yes, because entrepreneurs create opportunities, are good at planning and managing strategically to make a decision and always aim for excellence in a company. Who must have good skills and intuitions to develop their own strategy in business. The rapid growth of marketing is constantly changing our lives. As a result, entrepreneurs play an important role in a market as they are seen as agents of change. If the change has an economic basis, the implications are far-reaching and affect other aspects of society such as the social, cultural and political. This is why the entrepreneur is willing to take responsibility and take the business risk to create and expand their business in order to explore more opportunities. How well goods and services satisfy customer demand and preferences. Entrepreneurs are seen as the owners and also take on the role of managers. As entrepreneurs they observe the fourth factor of production (entrepreneur, land, labor and capital) and improve it for economic development. They have been actively trained to run their own business and cultivate and offer new ideas for economic growth and prosperity individually. Furthermore, entrepreneurs have good strategic planning and management ability to make a decision and always aim for excellence in a business. Therefore, it can avoid the failure that can threaten an entrepreneur and the lack of continuity.