THE IMPACT OF ENTREPRENEURSHIPON ECONOMIC GROWTH
Dr. Ercan EKMEKCIOGLU
Institution/Affiliation: Kyrgyzstan Turkey Manas UniversityE-mail: ercan.ekmekcioglu@gmail.com
Abstract
According to Chell & Ozkan, (2010), an entrepreneur is someone who is willing to bear the risk of a business venture where there is a significant chance for making profit. Entrepreneurship is basicallythe practice of starting a business in order to earn profit on new found opportunities. Entrepreneurshipis a challenging task as many businesses which start fail to take off. Entrepreneurship has manyuncertainties especially when new products are created for which there is no existing market.Entrepreneurship affects economic growth in various ways. It is through entrepreneurship thatimportant innovations enter the market leading to new products or production process whicheventually increases efficiency through bringing competition in the market. This paper discourses theimpact of entrepreneurship on economic growth. Ideas and concepts that emerge from entrepreneursincrease our knowledge and what consumers may prefer through introducing variations of existing products and services in the market. This speeds up innovation of new products in the market as aresult of the longer working hours and more efficient nature of entrepreneurs as their income isdirectly linked with their working input. Entrepreneurship leads to introduction of new goods withnew quality and value. Their innovativeness introduces new ways of production and new markets thathave not been exploited. It is through entrepreneurship that new source of supply are discovered andcreation of new business organisations that directly affect the economy. Creation of new businessopportunities through entrepreneurship, productivity and innovation leads to economic growth. Thistherefore means that when there is more entrepreneurship in an economy more growth is expected.
Keywords:
Entrepreneurship, Economic Growth, Innovativeness
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