Discuss The Importance Of Entrepreneurship

Introduction

The following assignment is about the importance of entrepreneurship and the effect it has on a community and the country’s economy. Included in this assignment is a profile done on a business entity in my area which focuses on the functionality of the business, the various markets which affect the business and determining whether the business entity is successful or not.

Theme 1: Importance of Entrepreneurship in the development and growth of the economy of a country

Entrepreneurship can be defined as the ability and desire to create, sustain and manage a business entity, which includes accepting any risks that are involved in order to generate a profit for the entrepreneur/s. Entrepreneurship is an

The market environment:

Customers: The customers are the people that live in or are around the area in need of various goods.

Suppliers: The business has multiple suppliers for example Albany which provides bread, ABI for cool drinks and other Supply companies that supply them with other goods.

Competitors: They have a few competitors such as several garages in the area which also sell goods as well as they compete with a spar in the area.

Stakeholders: Mr Ndlovu is the sole stakeholder of the business as he is the sole owner of the business.

Intermediaries: The business acts as an intermediary for the goods that they sell.

The macro environment:

Technological: The business makes use of various technologies such as a bread slicer, a cash register, various freezers and some other technological devices.

Economical: The most notable economic factors that affect the business is the GDP and the interest rates as the affect the expense cost of their

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Nwokike F. 2015. Impact of Entrepreneurship on the Economy of a Country. [ONLINE] Available at: http://thetotalentrepreneurs.com/impact-of-entrepreneurship-on-economy-of-country/. [Accessed 1 April 2017].

Seth S. 2015. Why Entrepreneurs Are Important for the Economy. [ONLINE] Available at: http://www.investopedia.com/articles/personal-finance/101414/why-entrepreneurs-are-important-economy.asp. [Accessed 1 April 2017].

Kumar C. 2012. What is the Role of an Entrepreneur in Economic Development? [ONLINE] Available at: http://www.preservearticles.com/201101143326/role-of-an-entrepreneur-in-economic-development.html. [Accessed 1 April 2017].

Ekmekçioğlu E. 2012. The Impact of Entrepreneurship on Economic Growth. [ONLINE] Available at: http://www.academia.edu/1600957/The_Impact_of_Entrepreneurship_on_Economic_Growth. [Accessed 1 April