Impact of Entrepreneurship on National Development in Jamaica
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This document discusses the impact of entrepreneurship on national development in Jamaica. It defines entrepreneurship and national development. Entrepreneurship is developing and managing a business to make a profit, while national development improves social welfare through education, healthcare, infrastructure, etc. Positive impacts of entrepreneurship in Jamaica include job creation, regional development, improved standards of living, and overall growth. However, wastage and depletion of resources can also occur. Sociocultural and political/economic factors shape entrepreneurship as well. On balance, entrepreneurs benefit economies through job creation, competition, poverty reduction, and more, though inefficiencies sometimes happen.
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Impact of Entrepreneurship on National Development in Jamaica
- 1. Introduction to Entrepreneurship Impact of Entrepreneurship on National Development in Jamaica
- 2. Objectives: At the end of this presentation you should be able to: Define entrepreneurship and National Development. Explain the impact of entrepreneurship nationally. Discuss the Pros and Cons of entrepreneurship.
- 3. Entrepreneurship? Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
- 4. National Development National development is the ability of a country or countries to improve the social welfare of the people. e.g. by providing social amenities like quality education, portable water, transportation infrastructure, medical care, etc.
- 5. The impact of entrepreneurship on national development in Jamaica
- 6. • positive impact of entrepreneurship on national development in Jamaica are remarkable and varies from Creating large scale employment opportunities, Promotes balanced regional development, Improvement in standard of living, Facilitates Overall Development. On the other hand there are negative impacts which vary from wastage and plundering of resources.
- 7. Socio-cultural Entrepreneurship Perspective The culture of a country refers to the practices and beliefs that people hold therefore people grow up in different societies that shapes their beliefs, moral and valves. Socio- culture affects the way customers think and use certain products.
- 8. Socio-cultural Entrepreneurship Perspective Entrepreneurship has been growing exponentially which is a very positive sign and has helped to draw millions out of poverty, decrease unemployment, decrease the number of people dependent on social welfare and all in all uplift the living standards and quality of life of millions
- 9. Political and economical perspectives Unstable political conditions where government policies changed frequently discourage businesses as investors fear for the safety of their investments. High taxes that cut in to the returns usually discourage entrepreneurs.
- 10. Impact of the Economy on Entrepreneurship Entrepreneurs play a vital role in economic development as key contributors to technological innovation and new job growth
- 11. Impact of the Economy on Entrepreneurship Entrepreneurs help build communities in ways such as providing jobs, conducting business locally, creating and participating in entrepreneurial networks, investing in community projects, and giving to local charities.
- 12. Advantages of an Entrepreneur Independence - being your own boss Low start up and maintenance cost No RED Tapes Focus Niche Market Creates Large-Scale Employment Opportunities: Promotes Balanced Regional Development: Improvement in the Standard of Living: Wealth Creation and Distribution:
- 13. Disadvantages of Entrepreneurship Risk of no Salary: Less/No Benefits: Unpredictable and hectic Work schedule: Being your own Administrator: Incompetent staff: Unclear Procedures:
- 14. Conclusion • The positive impacts of entrepreneurs on an economy far outweigh the negative impacts. • Job creation, reduction in unemployment levels, increased competition, opening new markets, increasing productivity, foreign income generation and poverty alleviation are some of the positive impacts that entrepreneurs have on an economy.
- 15. Conclusion However this is not to say that there are no negative impacts such as the wastage and plundering of resources, yet taken as a whole it is apparent that the entrepreneurs positively impact an economy.
Editor's Notes
- #4: businessnewsdaily.com postulates that entrepreneurship is starting a business from scratch, which includes everything from idea conception to managing the business for the long term.
- #5: national development is the development of infrastructures such as roads, hospitals, airports, dams, schools, etc. as well as development in it's peoples, such as educational and health, even sports and the like