Image

It's been obvious through out the years that entrepreneurship has been a great part of the growth of nations. It's been a catalyst for reduction in poverty, income inequality, unemployment rate in countries and it still upshooting development till now.

Entrepreneurs are seen to be risk takers and also initiators of business for profit making where capitalism is widely encouraged in order to increase goods and service in the country.

Poverty Declines

Poverty is one parameter for development where country's poverty rate has drastically declined due to the ultimate attention given to entrepreneurship. Youth are utilized by their own various initiatives to create a venture for production which would contribute to the overall monetary output of a country. Thus, entrepreneurship needs to be encouraged, utilized and properly multiplied for the betterment of a nation. When every youth desires to become a sole proprietor, the country rate of economic activities would definitely increase leading joblessness, hunger and poverty rate to decline tremendously.

Let every youth be encouraged with right knowledge concerning the sufficient conditions in owning businesses irrespective of how small or big they start.

Income Inequality Subsidizes

Income inequality is one other index for development. The gap between the rich and the poor gradually shortens as a result of job creation by people. The Government is incapable of meeting individual welfare but only concerns about the social welfare of a nation, therefore, it is vital for private individuals to motivate themselves to become entrepreneurs thereby satisfying their personal needs. When individual welfare is taken care of, the gap between the rich and the poor subsidizes.
One pertinent thing about social welfare is that, it is the accumulation of various individual welfare but not everyone votes are equal. That is, a youth need might be uninterrupted power supply while another youth might be job supply but the government would attend to the pressing need forfeiting the other. Therefore one has to be worse off due to the shortage of resources.

Thus, Entrepreneurship has a way of dealing with the areas forfeited by the government

Unemployment rate declines

This is the most obvious effect of entrepreneurship on a country's unemployment rate. The rate of unemployment has been a very huge problem for mostly third world countries where youth are not utilized or are underutilized by different parastatals and organizations. Entrepreneurship is an index to develop a country through eradicating an immense unemployment rate in a country. When jobs are created by every average individual, it increases their standard of living of every average individual thereby making them busy with production. Youth won't be bothered about federal packages anymore because their drive will be the spirit of capitalism to gather wealth for their own profit.

Jobs would be available for jobless youths

In conclusion, the mentality of creating a business for your self should be part of you because social package might fail to provide sufficient and appropriate job needed for you to correspond with the exact speciality built by schools and experience. This would avoid underutilization of youth in the country.

If government can't encourage you, let capitalism be the motivator

Thanks very much and I remain @maduprecious. Stay blessed!

Blog contributor: @maduprecious

Editor: @bait002, for the community!

---

^{@stach.pay is a community innovative account created to promote and provide rewards for the creative commons seeking to get rewarded for their works on the Steem Blockchain. Thank you for reading}