Entrepreneurship has with time been the most advancing economic activity in third world countries. This refers to the process of gaining and identifying the required resources for starting and managing 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. Advantages widen up to individuals, the society, the country and the world as a whole. The benefits are as listed below.
Import fee and risks are minimized courtesy of entrepreneurship. Reduction in imports by the country courtesy of entrepreneurship is due to the fact that goods and services produced are meeting the required standards set by that consumer’s needs. 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 increased the employment levels within a country and a society at large. 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.
Revenue is earned by the government in form of taxes when entreprenueurship has occured. This is because tha government requires legal documents and there are the running fees paid to the government in case of starting up a business.
Vision pursue by the individual is promoted courtesy of entrepreneurship. Target achievement by entrepreneurs has been a benefit of entrepreneurship so far.
Moreover, entrepreneurship gives an individual more pride and fulfillment in accomplishment of certain things. Self-employment enables one accomplish his goals and also gaining of pride in the end result.
Income gained from entrepreneurship tends to be more than income from salaries. Income earned from entrepreneurship is to some extent controlled by the owner.
Entrepreneurship gives one control and flexibility over their own time. There is minimal limitation over an entrepreneurs time hence one has utmost total control over their time.
Entrepreneurship makes use of the unexploited natural resources for example minerals. It has promoted diversity in resource exploitation which would have rather gone to waste.
There has been a great decline in the rural-urban migration due to entrepreneurship. This has been observed courtesy of businesses set up in the rural areas which has increased employment opportunities for the rural dwellers hence they need not migrate to the urban areas in the quest for employment.