1.1 will much depend upon the entrepreneur’s contributions. According

1.1  IntroductionEntrepreneurship is the process of creating something new with the value of devoting the necessary time and effort, assuming the accompanying financial, psychic and social risk and receiving the resulting rewards of monetary and personal satisfaction and independence. Also, the capacity and willingness to develop, manage and organize a business venture along with all kinds of risks in order to earn the profit. Example of entrepreneurship is when starting of new businesses. In economics, entrepreneurship combined with labour, capital land natural resources which can produce the profit. Entrepreneurial spirit can be characterized by risk-taking and also innovation. This is an essential part of a nation’s ability to succeed in the increasingly competitive global marketplace. Entrepreneur is a person who owns a business which can be also known as a businessman. They are taking on all the risks and rewards of the venture. an entrepreneur is commonly seen as a source of new ideas, innovator, goods, services and business. However, people tend to think an entrepreneur is a person who has the talent in seeing opportunities and the abilities to develop those opportunities into profit-making businesses.   1.2  Contribution of Entrepreneurs to the Economic Development of a CountryAccording to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring success or achievement. Entrepreneurs play a major role in the economy and they contribute to the economic development of a country. Entrepreneur’s contribution is extremely large value to the economy.Developed countries anyway prosper on consumerism. Besides, the role of an entrepreneur is much important in generating products valuable for the luxurious and comfortable living of the citizens of a particular country. Investment may help in contributing to the economy. Economic progress will much depend upon the entrepreneur’s contributions. According to traditional models, entrepreneurs create new business to meet demands and need in the market. Any entrepreneur will invest in products and services according to needs from the people. The investment will ensure a better life for the people. More goods and services will be at their disposal. Economists refer to those business-starters as opportunities entrepreneurs. In order to distinguish these individuals from those who start businesses as lack of better work opportunities. Entrepreneurs that launch enterprises also contribute to economic growth in a region. They enable access to goods and services to demanding by the populations in order to be productive.An entrepreneur promotes international trade by selling the products abroad to expand their business into regional and global markets. When the export of new businesses goods and services to the nearby regions, these enterprises contribute directly to a region’s productivity and earnings. The revenue increases whereby strengthens an economy and promotes the overall welfare of a population. The trade of economy with one another are almost always better off. Aside from politics, engaging in regional and international trade promotes investment in territorial transportation and infrastructure which also strengthens economies. Nowadays, we live in an increasingly interconnected global economy. Foreign markets have a significant role hence foreign trade, some estimates are responsible for over 90 percent of our economic growth. An entrepreneur may produce various types of goods and services to the consumer. This is referred to diversity in products and services. Consumers would like to have a good bargain which more likely they can get the products and services at reasonable rates according to their choices. As an example, when the person like the particular type of a product, they perhaps locate it in their local market. The individual desire to purchase a product of their choice is thus met. Any new businesses need to hire employees. Setting up various businesses and establishments by the entrepreneurs may generate employment in the economy. This is a major contribution that the employer can make to provide income to an employee who can meet his or her needs. Therefore, by providing employment opportunities they create jobs and these economic opportunities uplift support communities through increasing the quality of life and overall standard of living. An entrepreneur contributes to a gross national product. One of the advantages to increase the competition in the economy is that individuals and firms continue to source methods which may improve their operations. Therefore, they use resources more efficiently and most importantly reduce costs while adding value. Entrepreneurs make much of contribution to the national economy and national exchequer as a whole. The calculation of GNP of the country is based upon the total number of products and services available in a respective country. The more products and services available the higher the GNP. It indicates the economic prosperity of the country.While opponents tend to state that when increasing the productivity the unemployment can often increase, thus reducing the positive impacts. It is the opinion of the writer that increased productivity leading to increased unemployment will then cause more individuals to be creative and find niche markets. Furthermore, they become entrepreneurs and begin generating more employment opportunities, thus helps the growth of the economy. New technology promotes efficiency. The ability of entrepreneur in creating new innovative ideas may help in developing the economy of the country. Economic growth is driven by their creative applications and new technologies. Periods of strong economic growth has accompanied periods of rapid innovation. The creation of innovative products and solutions requires an educated population and an environment where collaborative work can take place. In order to be good for business, education increases workforce creativity and quality of life. Hence, it is essential for the entrepreneur to create a new invention to help the economy. Innovation is crucial when it comes to addressing the enormous environmental challenges we face today such as lowering global greenhouse gas emissions, combating climate change and preserving biodiversity in the environment. The commerce may stop without the power for extended period of time. Reliable access to these innovations such as electricity, urban infrastructure and irrigation technology increases productivity and enhances economic development. Innovative business practices to conserve resources and also create efficiency. Innovation in agriculture is relevant for addressing socioeconomic challenges which is also encouraging the economic growth. One of the example which in U.S, they waste billions of dollars annually due to inefficiencies and uncompetitive practices in their healthcare system. Hopefully, new innovations and creative ideas in the future will address these problems, resulting in further reforms. When this occurs, U.S citizens overall quality of life along with their will benefit, and so will their economy if our wasteful healthcare costs also decrease. Moreover, innovation happens where there is competition. Basically, there is appositive feedback loop among entrepreneurship, economic development and innovation. New and growing businesses represent the principal sources of job creation and innovative activity in an economy. There are two factors that generally result in the rising standards of living for all. It is important to understand that both innovation and entrepreneurship are dependent on access and participation. For entrepreneurs to bring new ideas to life, they need access to education and a level playing field on which to compete. The role of government leaders and public policy is essential to create situations that allow more entrepreneurs to start businesses by implementing policies which nurture that environment so those businesses can grow. Economic growth suffers when entrepreneurial activity is unevenly spread socio-economically, geographically and demographically. Entrepreneurs have a spectacular power which they help regional areas prosper economically. Plus, they also serve society as they help engineer innovative solutions to problems and challenges.  1.3 Agent of ChangeEntrepreneurs is an agent of change. An entrepreneur is a person who organises, manages and assumes the risks of a business or enterprise. There are five reasons why entrepreneurs are the agents of change which they can be community developer, inclusive wealth generator, opportunities multiplier, paradigm generator and knowledge enhancer. In addition, they are also described as creative, visionary and has a knack for sniffing out opportunities. Moreover, the entrepreneur or agent of change has the capability to sense or recognize the necessity of change. Hence, this is to assess certain trends and thus more general to address change are particularly important nowadays.