Entrepreneurship Literature & Language Essay Research (Essay Sample)

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The entrepreneurial function is a vital component in the process of economic growth (Baumol, 1968). Discuss the functions of entrepreneurs from an economic lens and explain the above statement by providing examples found in today’s business world.
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1 INTRODUCTION
Vishnu and Nikhil (2014) define an entrepreneur as a person who creates business which later creates jobs, intensifies competition, and even increases productivity through technological technology. An entrepreneur is an innovator and a creator of the new firms and new jobs. Entrepreneur creates value and new jobs which in turn could have positive impacts on the economy. Through their innovation, entrepreneurs create economically viable entities that are expected to improve economic development and promote growth. The more new entrepreneurial opportunities activities in the economy exist, the new entrepreneurial opportunities are created.
Entrepreneurs contribute to the social value by connecting the social basics that help to economic development (Sanchita et al., 2019).
Social value creation is an ideal aspect that promotes the coexistence of various business partners. With entrepreneurial skills, business people are likely to connect with others because of the social fabric. This connection will necessitate their business transaction as they gear up their creativity to sell their goods and service to their counterparts with an exchange of value and money. Such exchanges enhance the growth of the business which automatically promotes the growth of the economy (Sanchita et al., 2019).