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PECO 231.docx - Running Head: ENTERPRENUERSHIP DEVELOPMENT...

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Running Head: ENTERPRENUERSHIP DEVELOPMENT 1CHUKA UNIVERSITYEMBU CAMPUSDEPARTMENT: EDUCATIONCOURSE: B.E.D ARTS, PRIMARY OPTIONUNIT TITLE: ENTERPRENUERSHIP DEVELOPMENTUNIT CODE: PECO 231STUDENT NAME: NYAGA ANTONY NDERIADM No: ABS4T/29630/15YEAR OF STUDY: YEAR 4 SEM 1LECTURER NAME: DR. GILBERT MUGAMBI MIRITITASK: ASSORTED QUESTIONSDATE OF SUBMISSION: APRIL 2018CONTACT NUMBER: 0722614052
ENTERPRENUERSHIP DEVELOPMENT 2IntroductionSmall businesses in the economy has consistently shown that the creation of new businesses drives economic prosperity. As well as playing a crucial role in increasing the competition of emerging sectors, new small businesses are critical for economic growth and innovative capacity in Kenya. Job creation, economic growth and poverty reduction are usually the main political interests in entrepreneurship (Storey, 2016).BodyContributions of small businesses in the economyThe bottom line of vibrant entrepreneurialism is that it creates wealth: for the entrepreneur, for the people that are employed as a result and for the local economy. It creates wealth on a national scale for the government in the form of taxation, which is then redistributed accordingly to the services and communities that need it the most.The success of an entrepreneur is ultimately in creating a product or service that adds value to the lives of its users; whether that is an inherent need for the item or a simple desire to have it. Either way, an innovation on this scale can help to push a market forwards on a domesticlevel, and drive exports to new overseas markets. This again is a wealth-creating exercise, which is a key driver of economic growth.Often an entrepreneur has to take a risk or two to enjoy success, and it is this spirit which serves as a wake-up call for many an ailing industry and economy. As such, it is, the Kenyan government cultivate a sense of entrepreneurialism – through an effective economic and legal framework.
ENTERPRENUERSHIP DEVELOPMENT 3Successful entrepreneurialism often requires the skills and labor of many hands; and that necessitates job creation. As a thriving business grows so do the opportunities for others and the cumulative impact of new start-ups in most counties area cutting queues at the job center.It facilitates economic benefits – employees with money in their pockets will naturally spend them on local goods and services. It also helps to push societies forward too: it is well documented that unemployment causes crime, poverty and a gamut of physical and mental illnesses; adding further strain to already stretched health services.Success in business generally has a cascading effect, and so a range of stakeholders flourish from entrepreneurial growth. Suppliers, retailers, storage facilities, courier services, recruitment agencies and much more. Any or all of these can benefit from a local company that is thriving.

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Term
Fall
Professor
Pinedo
Tags
Economics, Business, Entrepreneurship, Small business Administration, Journal of Small Business Management

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