Respuesta :
Entrepreneurship is defined as the process of designing, launching and running a new business, which is often initially a small one. Entrepreneurship can help combat unemployment and improve the economy of South Africa in these 3 ways:
- When a new business appears on the market, this means that new job opportunities will appear. And as most entrepreneurship start small, they have growth opportunities meaning that as they grow they will need more people to fit in for new roles. This is a great help to combat unemployment levels in the community.
- The more entrepreneurs start launching their businesses, and the more this businesses start to be successful, the more need for competition in the specific field. This means that more businesses will be created, and thus more job opportunities with them. As more entrepreneurs appear, more businesses are created.
- By combating the unemployment with new job opportunities, there is also an increase of spending, as people now have funds to buy more products/services. This helps to reactivate the economy of the community.
Three ways to combat unemployment and improve the economy of South Africa are opening job opportunities, new businesses are created, and increasing the investments. Entrepreneurship is described as designing, launching, and running a new business process that is usually originally a small business.
EXPLANATION:
Here is the list of three ways for entrepreneurship to fight against unemployment as well as enhance the economic activities in South Africa:
• Opening job opportunities for people
Entrepreneurs make businesses, where all of most businesses require people to fulfill the positions in this business. By hiring people, entrepreneurs independently overcome unemployment. When entrepreneurs emerge, more businesses emerge too. It results in the number of people who will be employed.
Being an entrepreneur, someone creates an agent for socio-economic change, where the business will grow over time, some fortunes, a lot of hard work, ingenuity, and skills. These agents of change will begin to need more people to fill their position and carry out their functions.
• More businesses are created
By the increasing number of people who are being employed and getting salaries/wages, they can consume (goods and services) and save money. Both of these actions enable greater economic development, and GDP growth; when people consume, they help open jobs throughout their consumption and they buy services and goods from businesses owned by entrepreneurs.
• Enhancing More investments
For savings, the more people save, the more attention they will get from putting money in their bank account. Now, banks have more money that can be lent, to others (including entrepreneurs) and hence they charge interest to their borrowers; at a higher rate which they pay to the people who keep their money in the bank (in the deposits form), because the bank also needs to make money. The loan is considered productive and will support entrepreneurs develop their businesses, hire more people and develop the South African economy.
LEARN MORE
If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:
• An entrepreneur would most likely be a? https://brainly.com/question/3779250
KEYWORDS : South Africa, Entrepreneurship
Subject : English
Class : 10-12
Sub-Chapter : Entrepreneurship
