Entrepreneurship creates employment, utilizes resources, introduces new technology, brings foreign income and does many more to a country.
"Entrepreneurship means an individual's ability to turn ideas into action. It includes creativity, innovation and risk-taking, as well as the ability to plan and manage projects in order to achieve objectives………………………." (European Parliament & Council, 2017)
Considering the Sri Lankan economy, Small and medium entrepreneurs (SMEs) provide 45% of employment and contributes to 52% of Gross Domestic Production (GDP). They contribute to innovations such as new products, services and wealth creation which are all essential to a healthy economy. It has been the major driving force in Sri Lanka for so many years but still it is underestimated. According to the Department of Census & statistics, 2017 the unemployment by level of education; GCE A/L & above has increased from 8.2% to 9.2% and this keeps increasing rapidly, when it comes to entrepreneurship it helps to eradicate unemployment and create new job opportunities. Either it is product or service based enterprise, giving the opportunity to grow will allow more people to involve and earn a living out of it. For an instance an entrepreneur who identifies a business opportunity and starting an education institution provide service to children, when he grows and expand the services, more young graduates will gain the opportunity to work as lecturers, and then there will be room for supportive staff and operational staff as well. People get jobs, getting jobs they get a source of income, getting a source of income would pacify their needs in life, by being pacified they feel happy and society becomes a friendly place to live. Among the many global indexes there is an index created to measure happiness as well. So this process get enables because of Entrepreneurship.
Therefore the entrepreneurship is there to create happy faces in the community.
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