ECONOMIC IMPACTS

employment generation

is vital because it reduces unemployment, raises incomes, and drives overall economic development.

national income

is the actual income people and businesses receive from that production.

dispersal of economic power

means the control over resources and wealth that allows someone to make decisions, influence the economy, or improve living standards.

balance regional development

ensures economic growth and opportunities reach all areas, reducing urban-rural inequality and promoting local prosperity.

economic independence

by producing goods and services locally (import substitution) and creating products for international markets (export promotion), reducing reliance on foreign goods and earning income for the country

reducing unrest and social tension among youth

High unemployment or lack of opportunities can lead to frustration, crime, or social unrest among young people.

improvement in living standards

by starting businesses that provide important goods and services for the community. They create jobs and income, which allows families to afford better food, education, and healthcare. By offering new or useful products, entrepreneurs make life easier and better for people while also helping the local economy grow.

harnessing locally available resources and entrepreneurship

Entrepreneurs use resources that are already in their community, like local materials, skills, or talents, to make products and services.

innovation in enterprises

Entrepreneurs introduce new ideas, products, services, or processes to improve efficiency, meet customer needs, or create unique offerings. Innovation drives competitiveness, growth, and economic development.