Great entrepreneurs have the ability to change the way you live and work. When successful, their innovations can improve living standards, and in addition to creating wealth through entrepreneurship. They also create jobs and contribute to a growing economy.

So entrepreneurship is important for a number of reasons, from promoting social change to promoting innovation.

Entrepreneurs promote economic growth

New products and services that entrepreneurs create can make a cascade effect in which they stimulate related businesses or sectors that need to support the new business. Thus, this promotes economic development.

Future development efforts in underdeveloped countries will require robust logistical support, capital investment, and skilled labour. From highly skilled programmers to construction workers, entrepreneurship benefits a large part of the economy.