Why entrepreneurship is important to the economy?

The main motive of entrepreneurs to practice entrepreneurship is to create wealth and gain financially. The businesses set up by entrepreneurs generate wealth which contributes to the national income as well through paying taxes. This tax revenue adds up to the national income which can then be used for the overall national growth and development. Additionally, these new ventures lead to generation of new employment opportunities in different sectors. For instance, a lot of startup entrepreneurs are coming in the Information technology domain, which has created enormous demand of skilled workforce in IT field.

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