Table answers in detail with right examples. 1.0) Introduction

   Table of contentIntroduction………………………………………………………………………………….…………….2Solvingworld problems and providing employment opportunities……………………….

……………..2Raisingthe competition in the market develop the efficiency of the products andmanufacturing.….

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.3Commerceand regional economic integration………………………………………………………..….3Investingin services and products……………………………………………………………….….

……..3Entrepreneursthe agents of change ……………………………………………….…………….

.………4Conclusion……………………………………………………………………….………………………..4References………………………………………………………………………….…………………….

.4  QuestionHow entrepreneurs contribute toeconomic development of a country and is this considered entrepreneurs as anagent of change. Explain your answers in detail with right examples.     1.0)        Introduction Entrepreneurship may be defined as “the procedure of  innovation and using opportunities  with  lots of  effort  and perseverance  together  with accepting  financial,psychological  and  social risks”.

  It is indeed motivated byearning profit  promotion,  self-satisfaction and independence” (Hisrich,2007: 172). Due to that in many situations entrepreneurs are scientist,inventors and people with visions which give them the power and influence toaffect the economic situation by creating new jobs and opportunities for otherpeople or by making new products and markets which stimulate and develop theeconomy. Entrepreneur can affect every aspects of economy starting fromrevolutionize the industry as what happened with Henry Ford in  the industrial revolution, the way we viewthe world like Thomas Edison and the bulb light or change the consumerpurchasing habits like Jeff  Bezos  and Amazon. Entrepreneurs are one of the maindriver forces of any macro economy. In other words entrepreneurs help developingthe economy by raising the competition in the market, develop the efficiency ofthe products and manufacturing, investing in services and products, solvingworld problems and providing employment opportunities.  1.1)   Solving worldproblems and providing employment opportunitiesEvery business needs human resources.

By creating new businessesentrepreneurs create new jobs opportunities which ill increase the livestandard of the country and the purchasing power of its citizens then leads toits economy to develop. Estonia is eastern European country in 2009 itsuffered severe damage due to the economic crises which lead the government tocut the spending and fire 30% of the government’s employee. The unemploymentrate rose from 4% to 19% which led to huge decrease in their GDP. This crisisled many people to start their own companies and become entrepreneurs. One ofthose companies was Skype. In 2017 the unemployment rate was only 6% with mostof the employment depending on the private sector.1.2)        Raising the competition in the market develop the efficiency of the products and manufacturing In free market, entrepreneurs have the opportunities to invent anddevelop new products and services.

With the high competition, businesses haveto provide better services and products which leads to more developing and therise in the living standards of the community.1.3)           Commerceand regional economic integration.

With today’s technologies, small entrepreneurs have opportunitiesto sell and export their products to international markets. This revenue leadsto increase in the country export then the development of the country economy.oneexample is Amazon the famous site which allows small entrepreneurs to selltheir product to people from every part of the world while their taxes are paidto their governments.1.4)        Investing in services and productsEntrepreneurs don’t have to be inventors them self. A lot ofentrepreneurs make businesses by investing in other people ideas. By doing this,they help creating new businesses and new entrepreneurs which helps developingthe economy.

Reid Hoffman isan American internet entrepreneur, venture capitalist and author. Hoffman wasthe co-founder and executive chairman of LinkedIn, a business-oriented socialnetwork used primarily for professional networking. He is currently a partnerat the venture capital firm Greylock Partners. On the Forbes 2017 list of theworld’s billionaires2.0)        Entrepreneur as an agent of change .A change agent is a person frominside or outside the organization who helps an organization transform itselfby focusing on such matters as organizational effectiveness, improvement, anddevelopment.

as we discussed earlier successful entrepreneur must have all thisquality and ability. An Entrepreneur doesn’t always have to be the founder of abusiness. He could be an agent of change that could transform an organizationor a product and make it better. Tan Sri Anthony Francis anentrepreneur who managed to flip a failing government owned company to asuccessful business by changing the company structure and marketing philosophynow Air Asia is   huge success story.

 ConclusionIn conclusion entrepreneurs have the power and influence to developthe economy by solving world problems and providing employment opportunities, raisingthe competition in the market develop the efficiency of the products andmanufacturing, Investing in services and products and Commerce and regionaleconomic integration, Or by being the agent of change flipping a failing bossinessto a successful one.  3.0)        References –      A study on the effect of entrepreneurship on economicgrowth (PDF Download Available). Available from:https://www.researchgate.net/publication/268509407_A_study_on_the_effect_of_entrepreneurship_on_economic_growthaccessed Jan 26 2018.-      http://www.businessdictionary.com/definition/entrepreneurship.html