Entrepreneurship Accelerates Economic Growth By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. So a public policy that encourages and supports entrepreneurship should be considered important for economic growth.

Dr Chuck A Arize thank you for your contribution to the discussion

Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term. Rural entrepreneurship can be considered one of the solutions to reduce poverty, migration, unemployment, and to develop rural areas. Rural entrepreneurs may increase the standard of living and purchasing power of the rural people and bottom of pyramid by offering employment opportunity to the people in villages. To guarantee an increase in the standard of living of the underprivileged population and to provide the basic needs: elementary education, healthcare, cleans drinking water, rural roads, etc. Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional. Entrepreneurship's importance lies in the following: Drives economic growth and creates new job. Encourages innovation by bringing new ideas, products, and services to the market. Contributes to social change by developing products or services that reduce people's dependence on outdated technologies. Basically, entrepreneurship development is basically the process of improving the skill set as well as the knowledge of the entrepreneurs. This can be done through various methods such as classroom sessions or training programmes specially designed to increase the entrepreneurial acumen. Innovative entrepreneurship is the practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals. Innovation helps an individual entrepreneur or a group of entrepreneurs to improve or replace a particular product, process or service. Small businesses fuel economic growth by increasing job opportunities and raising employment rates. The U.S. government often favors small businesses with incentives, tax cuts, grants, and good access to funding to help keep them competitive. In terms of GDP, small businesses account for a significant portion of the country's economic output. According to the National Sample Survey Office, small businesses contribute about 45% of manufacturing production and 40% of the country's exports. Small businesses help the local economic growth by providing employment opportunities to people who may not be employed by large organizations and big companies. For the growth of an economy and community, the circulation of money within the community is very important. SMEs help to create jobs, generate income, and promote innovation, leading to increased productivity and economic growth. They also contribute to reducing poverty and inequality, promoting regional development, and providing opportunities for entrepreneurship and innovation. Economies of scale are the advantages that can sometimes occur as a result of increasing the size of a business. As, a business might enjoy an economy of scale concerning its bulk purchasing. By buying a large number of products at once, it could negotiate a lower price per unit than its competitors.