Tax cuts are not the help which the entrepreneurs need to grow the economy

Lower marginal rates won't however  create an opportunity in the  impoverished rural towns, but the universal access to broadband surely  would.

 

Entrepreneurs result in creating  businesses, businesses result in creating  jobs and people with the  jobs however make good customers.

 

Entrepreneurs create the businesses and the  new businesses help in  creating  jobs, to strengthen the  market competition and also to  increase productivity. In  the United States, entrepreneurism is considered as part of the American identity and their  self-image. It’s thus non-partisan, too; both the  sides of the political spectrum however  celebrate the entrepreneurial small business as a fount of innovation and growth. Entrepreneurism is thus seen as a route to the upward mobility -- a way for the  average people in order  to build wealth.

 

The purpose of this article is to make the reader aware of the fact that not tax cuts but there are other important factors to help the entrepreneurs with the help of which they can bring growth in the economy .

  1. Investing in the  products and services people need.

There is some motivation which  a person needs in order  to start a new business.  According to the  traditional models, entrepreneurs however create new businesses in the response in order  to unmet the needs and the  demands in the market. That is, there is thus an opportunity in order  to provide a product or a service that is thus  not currently in existence, or otherwise either available. Economists generally  refer to these business-starters as the  “opportunity” entrepreneurs for the purpose of  distinguishing  these individuals from those who however  start businesses for the lack of better work opportunities. So-called the “opportunity” entrepreneurs, who however  launch the new enterprises in the response to the market needs, are the  key players when it however  comes to  fostering the  economic growth in a region. They also  enable access to the  goods and services that the  populations require in order to be productive. This is also  not to ignore the  “necessity” entrepreneurs that however  launch the  enterprises because they however  have no other options. Both can and also   do contribute to the  economic growth.

 

  1. Providing the employment opportunities.

New businesses are required to hire the  employees. They can  create jobs and thus these economic opportunities however uplift and support the  communities through increasing the quality of life and also  overall standard of living.

  1. Commerce and regional economic integration.

Technology has however  made it possible for the small, entrepreneur-led businesses in order  to expand into the  regional and global markets. When the  new businesses export the goods and services to the nearby regions, these enterprises however contribute directly to a region’s productivity and their  earnings. This thus  increases  in revenue and strengthens an economy and also promotes the overall welfare of a population. Economies that however  trade with one another are thus almost always better off. Politics aside, engaging in regional and international trade promotes investment in the  regional transportation and infrastructure, which thus  also strengthens the  economies. This however has never been more true than it is thus  today, as we however  live in an increasingly interconnected global economy.

 

  1. New technologies result in  promoting  efficiency.

The ability in order to the  turn ideas into the  new products and services that the people need is thus  the fount of prosperity for any developed country. Economic growth, generally speaking, is however driven by the  new technologies and their creative applications. The  periods of rapid innovation historically have however  been accompanied by the  periods of the  strong economic growth. Also , the impetus of innovation is thus considered as the greatest natural resource of all: the human mind. Creating the innovative products and their  solutions also requires an educated population and also  an environment where the collaborative work can however  take place. In addition to being good for the  business, education also increases the  workforce creativity and quality of life.

  1. Addressing the environmental challenges.

Innovation is (and will always thus continue to be) crucial when it however comes to addressing the enormous environmental challenges which we face today: combating the climate change, lowering the  global greenhouse gas emissions, and also  preserving the  biodiversity in the environment. Without the power for the  extended periods of time, commerce however comes to a halt.  A Reliable access to these kind of innovations (such as irrigation technology, electricity, and the  urban infrastructure) thus increases the  productivity and also  enhances economic development.

  1. Innovation impacts socio-economic objectives.

Innovative business practices also helps to  create efficiency and also  conserve the resources. An Innovation in agriculture is thus especially relevant for the purpose of addressing the socioeconomic challenges

 

  1. Innovation happens where there is competition.

Also , In essence, there is thus  a positive feedback loop among the  innovation, entrepreneurship, and the economic development.

 

New and growing businesses generally  represent the principal sources of the  job creation and also generate an  innovative activity in an economy, the two factors that generally result in the rising standards of living for all.

 

 

However, it’s important in order  to understand that entrepreneurship and also  innovation are however  dependent on the  access and participation. For the entrepreneurs in order  to bring new ideas to life, they also need access to  education and also a level-playing field on which the have  to compete. Thus , in this vein, the role of the  government leaders and the public policy is thus  to create conditions that however  allow more entrepreneurs in order  to start businesses by thus  implementing the policies which however  nurture that environment so those businesses can grow. Economic growth also  suffers when the entrepreneurial activity is thus  unevenly spread socio-economically, demographically, and also  geographically. Under the right conditions, entrepreneurs thus  have an incredible power: they also help the  regional

 

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.


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