Entrepreneurs are those who found and start a small business recognizing the risks and benefits rather than working as employees. They are commonly seen as innovators, a source of new ideas, goods and services. Entrepreneurs play an important role in an economy. They have the skills and motivation to predict current and future needs and bring new ideas to market. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay So, how do entrepreneurs contribute to the economic development of a country? First, entrepreneurs must invest in the products and services that people need. To keep up with the world economy they must invest. They generate new businesses in response to unmet market needs and demands. This creates the possibility of providing a product or service that does not currently exist or is otherwise unavailable. An entrepreneur's contribution will influence economic progress. Any entrepreneur will invest in products and services that people need. Your investment will in turn ensure a better life for people. More goods and services will be available to them. Every decision a company makes is an investment, and leaders can further distinguish these investments into two categories: assets and business. For example, entrepreneurs can invest in capital that has the ability to increase labor productivity. This in turn provides employment opportunities to people. Higher quality capital goods directly make individuals, businesses and countries more productively efficient. Greater production efficiency leads to an increase in living standards and therefore serves the purpose of economic growth. Another way an entrepreneur can contribute to the economy is through employment. An entrepreneur by creating various businesses and establishing himself creates employment in the economy. To continue to survive, people must be employed. This is an important contribution that an employer can make to provide an employee with income that meets his or her needs. For example, new businesses need to hire employees. Entrepreneurs create jobs, and these economic opportunities uplift and support communities by increasing the quality of life and overall standard of living. Beyond that, the 21st century provides new technologies that promote efficiency. What people need is the ability to translate their ideas into new products and services, which is the cornerstone of prosperity for any developed country. The creation of new technologies and their creative applications is driven by the determination of economic growth. Periods of rapid innovation have historically been accompanied by periods of strong economic growth. The greatest natural resource of all, the human mind, stimulates innovation. Creating innovative products requires an educated population and an environment where collaborative work can take place. In addition to being good for business, education increases workforce creativity and quality of life. Usually, when an entrepreneur starts to innovate, there is also competition. In essence, there is a vicious circle between innovation, entrepreneurship and economic development. New and growing businesses are major sources of job creation and innovative activity in an economy, two factors that generally result in improved living standards for all. However, it is important to understand that entrepreneurship and innovation depend on access and participation. To be able to.