GENERAL IMPORTANCES OF ENTREPRENEURSHIP IN

COMMERCIAL,SOCIAL AND ECONOMIC

 COMMERCIAL IMPORTANCES.
1/Entrepreneurship helps in wealth creation.
Entrepreneurship drives wealth creation by identifying and exploiting new business opportunities. Successful entrepreneurs
generate income not only for themselves but also for their employees, suppliers, and other stakeholders contributing to
economic prosperity.

2/Entrepreneurship help in job creation.

Entrepreneurs are primary job creators, as they establish new businesses that require a workforce to operate .The expansion
of entrepreneurial ventures leads to increased employment opportunities, reduced unemployment rates, and overall economic
growth.

3/Entrepreneurship help in resource allocation and efficiency.

Entrepreneurs play a crucial role in efficiently allocation of resources by identifying market needs and deploying resources to
address them effectively. This efficient resources allocation leads to the optimal utilization of capital ,labour, and technology.

4/Entrepreneurship promotes innovation and leads to market disruption.

Entrepreneurs often introduce innovative products,services,and business models that disrupt existing markets and creates
new ones.This innovation leads to increased competition, improved efficiency, and better products and services for consumers.
SOCIAL IMPORTANCES.
 i/Entrepreneurship helps people to improve their socioeconomic life thus
increases life expectancy of people this is by job creation,innovations,wealth
creation and also poverty alleviation.

 ii/Entrepreneurship act as the source of satisfying peoples needs and wants.this

is by identifying unmet needs whereby entrepreneurs often are driven by a
desire to identify and address unmet needs in the market.by recognizing gaps or
inefficiencies in existing product,entrepreneurs can develop innovative
solutions that better meet the needs of consumers.

 Iii/Entrepreneurship help to solve problems such as public health

problems,accessibility to clean and safe water.this is through water purification
technologies whereby entrepreneurs can develop advanced water purification
technologies that can provide clean and safe drinking water to communities
facing water contamination issues.
 ECONOMIC IMPORTANCE.

i/Entrepreneurship helps to improve income of the country through poverty

reduction.(Innovations and creation of job)

Ii/Entrepreneurship help to improves economic status of an individual,family and

community at large

Iii/Entrepreneurship helps to decent employment through innovation and skills

development,Job creations and also promoting job quality.
 THE END…