FACULTY difficult to construct your own business and

FACULTY OF ENGINEERING AND TECHNOLOGY INFRASTRUCTURE

BUSS 2320

ENTREPRENEURSHIP FOR ENGINEERS

 

 

 

 

 

STUDENT NAME

Alhamli Ali Yahya Yahya

 141912700

LECTURER NAME

V. ASOKAN

SUBMISSION DATE

26 January 2018

 

 

 

MARKS

 

 

 

 

 

Table of content

Cover page

Page 1

Table of content

Page 2

Introduction

Page 3

1.Wealth Creation
and Sharing
2.Create Jobs

 
        
Page 4

3.Balanced Regional Development
4.Diversity in products and
services
5.Standard of
Living

        

              Page 5

6.Exports
7.Community Development
Samsung as an exapmle

 
Page 6

Conclustion

           
 Page 7

Refernces

            
Page 8

 

 

 

 

 

 

 

 

 

 

 Introduction

 Basically an entrepreneur
is an person with vision, somebody who works
difficult and
has the mettle to attempt something new- even if it means failing . The advance of a country will depend upon his aptitude and ability as well as difficult work to provide essential goods and services required by the citizens of his
or her country. Entrepreneur plays  influential
role in the the economic growth and standard of living of the country. As a startup originator or small bussiness owner,you may think that you are basically working difficult to construct your own business and give for yourself and your family. But you are really doing a entirety part more for your nearby community, state, locale, and the nation as a entirety.

 

 The concept of leader is used to refer to the person
who attains economic progress, through his ability to find new and better ways to
do things, and through acting in a clear strategy to achieve entrepreneurship and
excellence. Thus, this strategy will be grounded on three main characteristics (comprehensiveness,
integration, and long term future perspective), through that, a convenient environment
to achieve entrepreneurship will be able to be provided. Thus, entrepreneurship
is the desire and capability to plan and work on making relevant business a success.
Equally, the leading enterprise is regarded the base in organizing and developing
business arrangements, which are able to compete and get into foreign markets. Therefore,
the leader is the one who initiates, and organizes mechanisms of economic and societal
necessities. Likewise, he or she is also the one who is willing to take risks and
take in failure. Likewise, they tend to hold the capability of calling for resources,
workers, equipment’s, and other aids, and then, develop aadministrative, social,
psychological skills and characteristics which enable the achievement of goals set
by the enterprise .

Small and medium enterprises contribute
in spreading the ideology of self-employment and entrepreneurship. In addition,
these small and medium enterprises contribute in reinforcing the economic cooperation
in society and they increase the interrelation relationships between the various
institutions that a society has. That is achieved through the supply of adequate
inputs, manpower and production requirements to the institutions (Zarqa Chamber
of Industry, 2012)

Entrepreneurship has social and economic
dimensions. Creativity contributes essentially in providing the services and producing
products On this basis, and from an economic perspective, the leading enterprise
works by creativity and on methods and ways in producing and providing services.
As from the social perspective, the leader deals with various parties- groups of
workers, consumers from the local community and the government. Eventually, that
will lead to an improved performance of the institution (Kortell et al., 2009) Initiators
and leaders take the responsibility of founding leading enterprises based on ideas,
information, thoughts and technologies that they have or are available.

Here are the best seven important roles
entrepreneur  plays in the economic development
of a country

1.Wealth Creation
and Sharing

By building up the
business entity, entrepreneurs contribute their own assets and draw in capital (in
the form of debt, equity, etc.) from investors, banks and the public. This mobilizes
public wealth and permits individuals to advantage from the success of entrepreneurs
and developing businesses. This kind of pooled capital that results in wealth creation
and dispersion is one of the fundamental goals and objectives of economic development.

entrepreneur has to contribute in what is
required for the economy. Economic advance will much depend
upon his or her contributions.
Any entrepreneur will contribute in products and services which the individuals require. His or investment will guarantee a superior life for the individuals. More products and services will be at
their disposal.

 

2.Create Jobs

 Entrepreneurs are by nature and definition job creators, as contradicted to job searchers. The basic translation is that
when you gotten to be an entrepreneur, there is one less job searcher in the economy, and at that point you give employment for different other job searchers. This kind of job creation by modern and existing businesses is once more is one of the essential objectives of economic development. This is why the Government. of Malaysia has propelled activities  to advance and support unused new businesses, and also others like the Make in India activity to draw in foreign companies and
their FDI into the Indian economy. All this in turn makes a lot of work opportunities, and
is making a difference in expanding our guidelines to a worldwide level….

An entrepreneur by setting up different businesses and foundations is creating employment in the economy. Individuals require occupations. This is
a basic contribution
that an employer can make to provide salary to an employee who can meet his or her needs.

 

 

3.Balanced Regional
Development

Entrepreneurs setting up modern businesses and industrial units offer assistance with territorial development by finding in less created and in reverse ranges. The development of industries and trade in these regions leads to infrastructure improvements like  better streets and rail joins, airplane terminals, steady electricity and water
supply, schools, hospitals,
shopping malls and other
public and
private services that would not something else be available. Every unused business that located in a less created region will make both direct and indirect jobs, making a difference lift territorial economies
in numerous different ways. The combined investing by all the modern workers of the modern businesses and
the supporting occupations in other businesses includes to the local and territorial economic yield. Both central
and state governments promote this kind of territorial advancement by giving enrolled MSME businesses different benefits and concessions.

 

4.Diversity in
products and services

An entrepreneur can give different sorts of products and services to the buyer. The latter has much to select from. A buyer after all would
like to have a great deal, and in the case that his or her choices are more than he or she can
get these goods or services at reasonable rates. Moreover individual wants are met if there are goods and services to select from. A individual may like
a specific sort of tie and he can maybe find it in his
nearby market. His desire to buy a tie of his choice is hence met.

 

 5.Standard of Living

Increment in the standard of living of individuals in a community is however another key objective of economic development. Entrepreneurs again play a key role in expanding the standard
of living in a community.

They do this not fair by making jobs,but also by developing and receiving advancements that lead
to improvements in the quality of life of their employees, customers, and other partners in the community. For example, mechanization that reduces generation costs and empowers speedier production will make a trade unit more
productive, while also giving its customers with the same products at lower costs.

 

6.Exports

Any developing business will inevitably need to get begun with exports to grow their trade to outside markets. This is an vital ingredient of economic development since it gives access to greater markets, and
leads to currency inflows and get to to the most recent cutting-edge technologies and forms being utilized in more created outside markets. Another
key advantage is that this development that leads to more steady business income during economic downturns in the local economy.

An entrepreneur promotes worldwide trade by offering his or her products overseas. Any entrepreneur would like a more extensive market. In case there are more consumers to buy his or her products, the higher
his income.

7.Community Development

Economic development doesn’t continuously interpret into community improvement. Community improvement requires infrastructure for education and training, healthcare, and other public services. For example, you require highly educated and skilled laborers in a community
to draw in a modern businesses. In case there are
educational universities , specialized training schools and internship opportunities, that
will offer assistance construct the pool of educated and skilled workers.

Samsung entrprise
as an Example

Massive Samsung
alone generates an yearly income that is a entirety 17% of South Korea’s GDP. Now, economics is a small more complicated
than that. You can’t just straight up say
Samsung does or does not account for about 1/5 of South Korea’s whole economy, but you can securely say Samsung has a MAJOR affect on South Korea. It is by distant South Korea’s most recognized company, particularly its electronics and IT division.

 

 

 

 

Conclusion

New and developing businesses represent the principal sources of work creation and innovative action in an economy, two factors that generally result in
the rising standards of living for all.

The entrepreneur is basic for economic
development of a country. Development economists recognize three major stages of improvement. In the
first stage, the economy specializes in the production of agricultural items and small-scale manufacturing. In the moment stage, the economy
shifts from small-scale production toward manufacturing. In the
third stage, with expanding wealth the economy shifts away from manufacturing toward administrations. The first stage is stamped by high rates of non-agricultural self-employment. Sole
proprietorships—i.e.,the self-employed—probably account for most small manufacturing firms and
service firms. Nearly all economies experience this stage. The moment stage is checked by decreasing rates of
self-employment. There are a few reasons to expect that entrepreneurial action will decrease as economies gotten to be more created. In the event that we accept that people have distinctive gifts of administrative capacity, at that point as an
economy gets to be wealthier the normal firm size should increase as superior supervisors run companies.

So, there is a
very important role for entrepreneurs to spark economic development by starting
new businesses, creating jobs,
and contributing to improvement in various key goals such as GDP, exports, standard
of living, skills development and community development.

 

 

 

 

 

 

 

 

 

 

Referances

 

1-Ács, Z.J., Desai,
S. and Hessels, J. (2008). ‘Entrepreneurship, economic development and institutions’,
Small Business Economics, 31: 219-234.  

2-Carree, M. A., Thurik, A. R. 2003

The Impact
of Entrepreneurship on Economic Growth ,Acs, Z. J.Audretsch, D.
B.eds. Handbook of Entrepreneurship ResearchKluwer Academic PublishersBoston437-471.

 

3-https://www.entrepreneur.com/article/283616

 

 

 

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