Answer: New and improved offerings, products or technologies from entrepreneurs enable new markets to be developed and new wealth created. Additionally, the cascading effect of increased employment and higher earnings contribute to better national income in form of higher tax revenue and higher government spending.

New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.

Conclusively, entrepreneurs play a very important role in a nation’s development by starting new businesses, creating jobs, and contributing to development in various key areas such as GDP, exports, standard of living, skills development and community development.

Entrepreneurs locate and exploit opportunities. They convert the latent and idle resources like land, labour and capital into national income and wealth in the form of goods and services. They help increase Net National Product and Per Capita Income in the country.

Entrepreneurs have an important role in all business activity, especially with assisting in the start-up of a business. Entrepreneurs must: Show initiative – entrepreneurs can show initiative through being proactive and planning ahead. Initiative can also be demonstrated by taking steps to start the business.

The 5 Types of Entrepreneurs

• Innovators. Innovators are the types of entrepreneurs who come up with completely new ideas and turn them into viable businesses.
• The Hustler Entrepreneur.
• Imitators.
• Researcher.
• Buyers.

It turns out that there are four distinct types of entrepreneurial organizations; small businesses, scalable startups, large companies and social entrepreneurs. They all engage in entrepreneurship.

• Home-based. Home-based entrepreneurs are self-employed.
• Internet-based. Internet-based entrepreneurs run their business online and use virtual technologies to support business activities.
• Lifestyle.
• High potential.
• Social.
• Venture capital.
• Franchise format.

There are two accepted categories of wealthy and successful entrepreneurs – the business owner entrepreneur and the angel investor entrepreneur. There are some distinct activities in the path to becoming a business owner entrepreneur versus an angel investor entrepreneur.

7 Steps to Becoming an Entrepreneur

1. Step 1 Find the right business for you.
2. Step 2 Determine if you should get an education.
3. Step 3 Plan your business.
4. Step 4 Find your target group/audience.
5. Step 5 Network.
6. Step 6 Sell your idea.
7. Step 7 Market.

A pure entrepreneur is an individual who is motivated by psychological and economic rewards. He undertakes an entrepreneurial activity for his personal satisfaction in work, ego, and status.

The 10 Most Successful Social Entrepreneurs

• Bill Drayton.
• Rachel Brathen.
• Shiza Shahid.
• Blake Mycoskie.
• Scott Harrison.
• Muhammad Yunus.
• Jeffrey Hollender.
• 8a. Xavier Helgesen.

Examples of entrepreneurial skills

• Business management skills.
• Teamwork and leadership skills.
• Communication and listening.
• Customer service skills.
• Financial skills.
• Analytical and problem-solving skills.
• Critical thinking skills.
• Strategic thinking and planning skills.

5 Skills Every Entrepreneur Should Have

• 5 Skills Entrepreneurs Need.
• Understanding the Skills.
• Communication.
• Sales.
• Focus.
• Ability to Learn.
• Business Strategy.
• Education and Career Outlook.

Entrepreneurs rank among the happiest careers. Overall they rank in the 93rd percentile of careers for satisfaction scores.

A day in the life of an entrepreneur might include sales calls, marketing meetings, client lunches, press interviews and dozens of other things that advance the progress of the business. Nine entrepreneurs shared the most surprising items they include on their daily to-do lists.

Top jobs for entrepreneurs

• Social media manager.
• Public relations manager.
• Appraiser.
• Financial advisor.
• Marketing manager.
• Web developer.
• Sales manager.
• Systems analyst.