Entrepreneurship in Developing Countries Essay

1030 WordsMay 28, 20135 Pages
Exploits University Bachelors Degree in Business Administration Entrepreneurship With Relative Examples for Each point, discuss the role of Entrepreneurship in the Economic Development of a Nation (i.e. Malawi) Submitted To: Mr. Zaipa Submitted By: Tapiwa Mayuni With Relative Examples for Each point, discuss the role of Entrepreneurship in the Economic Development of a Nation (i.e. Malawi) Entrepreneurship in any society plays a significant role in the development of the economy. According to Doctor Howard Stevenson who is said to be the God father of Entrepreneurship “entrepreneurship is the pursuit of opportunity beyond the resources you currently control” In this definition Prof. Stevenson was implying that Entrepreneurs have to have a relentless focus to seize an opportunity presented to them, which can come in the form of introducing a new innovative product, creating a better cheaper version of a product, strategizing a new business model or targeting new customers for an already existing product. In this definition beyond the resources they control section of the statement simply means entrepreneurs often times have to use the bare minimum that they have to pursue a business idea until it is self sufficient. Entrepreneurship has different contributions to a Nations economy and especially with developing Nations such as Malawi. Some roles Entrepreneurship plays in the development of an economies nation are: 1. Effective Utilization of Resources 2. Export promotion 3. Creation of Employment 4. Increase Per Capita Effective Utilization of Resources Entrepreneurship in this role puts to use resources available in the raw form through a processing course into a finished product which is worth more value than in the raw state. The utilization of available resources helps improve an economy by creating taxes, which the government
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