Key Highlights

• Entrepreneurship involves designing, launching, and running new business enterprises to earn a profit by ensuring the best possible use of resources.
• Entrepreneurs can change the way we live and work. 
• Economically, entrepreneurship helps in boosting the national income and tax revenue of a country when they earn high incomes from their operations.
  

Entrepreneurship is the act of seeking investment and production opportunity, developing and managing a business venture to undertake production function, arranging inputs for example land, labour, materials, and capital while introducing new techniques in identifying new sources for the enterprise.

Entrepreneurship can also be defined as a process of creating a new business (enterprise) and bearing any of its risks, with the view of making profits.

Entrepreneurship involves designing, launching, and running new business enterprises to earn a profit by ensuring the best possible use of resources. Good entrepreneurship skills in an area have a positive impact on improving the socio-economic status of local communities in various ways namely:

Entrepreneurs can change the way we live and work. If successful, their innovations may improve standards of living and help in wealth creation alongside the creation of job opportunities, and contributes to the economic growth of a country, county, or area.

Entrepreneurship helps to drive change with innovation, where new and improved products enable new markets to be developed hence creating a variety of quality products in the market for the customers to choose from thus bringing healthy competition in the market. This is done by offering unique goods and services into the market by doing away with the old traditions and reduce dependence on obsolete systems and technologies. This results in improved quality of life improved good morale and greater economic freedom.

Economically, entrepreneurship helps in boosting the national income and tax revenue of a country when they earn high incomes from their operations. The socioeconomic status of a community can be improved when the entrepreneurs contribute to activities such as investing in community projects and supporting local charities. This enables further development beyond their ventures.