Answer to Question #196800 in Management for Prince

Question

“Emerging economies are characterized by an increasing market orientation and an expanding economic foundation. The success of many of these economies is such that they are rapidly becoming major economic forces in the world. Entrepreneurship plays a key role in this economic development”, (Bruton, Ahlstom & Obloj; 2008)

In light of the above quote, discuss the role of entrepreneurship in the South African economy.

Answer 1

Answer.

Entrepreneurship is important in the south African economy.It is responsible for the creation of employment opportunities. The opportunities created are for the entrepreneurs themselves and other people as well.In south Africa,entrepreneurial activities influence the economic performance of the country. In so doing,there is the witness of bringing in new methods of doing things,products and different production processes.All those are essential to the country economy as it works in boosting competition and production more broadly.

Entrepreneurship improves productivity in south African economy. When businesses and workers become efficient,the cost fall as the profits increase. Entrepreneurs also result in the increased demand which is accompanied by major economic growth.In south Africa,entrepreneurs cause the creation and growth of the economy.

Other importance of entrepreneurship in south Africa is that it promotes research and development. To add on that,entrepreneurship has the importance of directly and indirectly impacting the developments in the questions immunity.In helping the south economy, entrepreneurship enhances the living standards of people together with integrating economic and political outsiders. All those are essential in the entrepreneurial development of the south Africa economy.