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7 Top Reasons Entrepreneurs Are Important to The Nigeria Economy


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Entrepreneurs basically generate wealth in economies. They ensure that redistribution of wealth and resources flow efficiently in an economy. By creating a new product or service, an entrepreneur brings in new source of wealth into the economy, also they ensure that people earn a living in the society.

Nigeria economy is build on wealth and it is weight on the amount of money, goods and services made available to its citizens for consumption. This is why some people have more money than others and why some people can afford certain types of products and services while others cannot.

READ ALSO:  Effective Steps Towards Becoming An Entrepreneur


This is literally why entrepreneurs are very important to the Nigeria economy. To create new ideas, new products and new wealth that will be effective to businesses and to the economy .

The following are the seven top reasons entrepreneurs are important in the economy.

entreprenuer


1. ENTREPRENEURS CREATE AND BUILD NEW BUSINESSES:
      This is the number one top most reason entrepreneurs are important in the economy. Their innovations requires good number of workers to help them manage their business ventures; from the highly qualified computer programmers to the accountant, the construction workers, the marketers etc. 

2. ENTREPRENEURS PAY TAX :
        Business ventures established by entrepreneurs are expected to pay taxes to relevant government authorities in their respective cities. The tax money gotten from this business ventures is used by the government to provide basic necessities like, affordable schools, transportation, health care, construction and other basic infrastructure.



3. ENTREPRENEURS BRINGS CHANGE:
         Entrepreneurs are more open-minded and in their own way create jobs in the environment for a better society. For example, smartphone and their apps and other modern day gadgets have gone a long way to change how people live across the universe. and the globalization of technology have allowed entrepreneurs in under-developed and developing countries to be able to make use of the same working tools and materials as their fellow counterparts in well- developed countries.


READ ALSO: Five Lessons to Learn From Top African Entrepreneurs


4. ENTREPRENEURS BRINGS COMMUNITY DEVELOPMENT:
         Entrepreneurs often invest in charity projects, provides financial assistance and support to people in and outside their communities.
          Some popular entrepreneurs like, Gbenga Adenuga and Alhaji Dangote have continue to used their wealth to finance great causes both within their community and outside their community.



5. ENTREPRENEURS CREATE DEMAND AND SUPPLY:
         Entrepreneurs in their start up stages need raw materials to produce their finished products, to get this raw materials, they turn to other business for their supplies and this suppliers turn to manufacturers for their products. Entrepreneurs are the major link in this cycle and by so they are creating more jobs in their own way.



6. ENTREPRENEURS BUILD CONFIDENCE IN PEOPLE:
         A country's economic strength is determine largely on its Gross Domestic Product (GDP) performance. Entrepreneurs through their innovations are seen as a vital ingredient to balance and redistribute wealth in the economy - because having a robust economy instill confident in people and it motivates them to do extra ordinary things.



7. LASTLY, entrepreneurs are like national treasures who should be nutured, protected and encouraged at any given time because they create all wealth, opportunities and prosperity in a country. Nigeria as a developing country seriously need to imbibe this mentality and start valuing entrepreneurs and encouraging more people to take that path to financial freedom.