How entrepreneurship shapes development

Government has been all eyes and ears in boosting the rural industries and on employment generation. According to Eduardo Taylor, an acknowledged authority on small enterprise development, the following are the principles in shaping up entrepreneurship as a key to development in the countryside.

• Entrepreneurship creates employment. Setting up an enterprise would \mean hiring employees. Entrepreneurial activities largely determine the rate of employment and under employment in the country.
• Entrepreneurship improves the quality of life. Entrepreneurs continuously innovate and develop new products and services which answers basic needs of every housewife, men at work and even teenagers. For example agricultural machineries have increased food production and automatic gadgets like rice cooker would help a simple housewife manage her chore.
• Entrepreneurship contributes to more equitable distribution of income. By creating enterprises in the countryside, the progress spread down to rural areas. When income is evenly distributed, a stronger middle class arises which prevent monopolies and the concentration of wealth in the hands of an elite few.
• Entrepreneurship utilizes and mobilizes resources for greater productivity. Raw materials and other resources from rural areas can be utilized and mobilized accelerating its purpose in the development of products and bring income to rural people for further improvement of the production.
• Entrepreneurship eases social tension but creates social benefits. Because of the economic activity, government has an additional income thru taxes which could help build new government infrastructure, establish road development, educational and medical service that would be beneficial to local residents and feels the government’s presence.

Taylor emphasized the government has the role to provide the support and environment that would encourage the private sector to embark on ventures that they consider to be worthwhile and profitable.