• Entrepreneurs play a great role in economic and social development. Growing unemployment, particularly among the educated ones, is a global challenge. The available employment opportunities can cater only for 5-10% of the unemployed. Entrepreneurs generate employment both directly and indirectly.   >>> Directly self-employ themselves.   >>> indirectly establish industrial units which offer jobs to millions of job seekers.

  • Entrepreneurial activities contribute to maintaining and securing jobs in addition to generating new jobs. Jobs are created when firms start up or grow while the net balance of creation and destruction leads to net job creation. Thus entrepreneurs are the best hubs for fighting against unemployment as they create over 65% of total employment of labor force worldwide.

  • National income consists of the goods and services produced in the country and those imported. The goods and services produced are used for consumption within the country as well as for export. The domestic demand increases with the increasing population and rise of standards of living. The export demand also increase to meet the needs of growing imports. An increasing number of entrepreneurs are required to meet this increasing demand for goods and services. All of these imply the increase of taxes. Thus, Entrepreneurs pay taxes to the government and therefore contribute to over 55% of GDP.

  • It has been observed that Entrepreneurs reduce poverty among their people by either empowering them or creating job opportunities. They empower them through the capacity building that makes them (the needy) self-reliant. They also create new jobs that employ millions of labor force. The resources they generate from their work are used for economic and social development that improves the standard of living.

  • An Entrepreneur is a person who always looks for changes. Apart from combining factors of production, he also introduces new ideas and a new combination of factors. He always tries to introduce newer techniques of production of goods, and organisation which in turn benefit the majority. e.g Introduction of mobile monies has been serving the majority of people who previously had not accessed to conventional financial institutions like banks.

  • Entrepreneurs are like industries which produce fine products. Entrepreneurs guide their employees on executing various Entrepreneurial activities. Within that process, employees learn how to work individually as well as a team. After sometimes, those mentored employees become potential Entrepreneur either by establishing their own business or within the organisations they work.

  • One of the reasons why people involve in criminal acts is unemployment, as it is said "an idle mind is the house of evils". Since Entrepreneur are self-employed as well as employers of others, they reduce crimes in their community and the world at large. Since Entrepreneur earn money from the services they offer to their clients or the products they produce, they reduce socio-economic differences between the haves and have-nots. They reduce this through employment they offer to others (unemployed) who in turn generate income from social and economic activities.