8 Role of Entrepreneurs in Balanced Regional Development of Industries

An entrepreneur is a person who perceives for a new product or service and also finds out financial sources for establishing the business for production of the product and service. The entrepreneurs know, how to avail the opportunities, and to establish any viable industry in any viable area. So, Entrepreneurs in Balanced Regional Development of Industries, playing a very big role.

Role of Entrepreneurs in Balanced Regional Development of Industries
Role of Entrepreneurs in Balanced Regional Development of Industries

Role of Entrepreneurs in Balanced Regional Development of Industries

The role of entrepreneurs in the balanced development of the industries may be explained as follows:

1. Knowledge of Market Conditions

An entrepreneur has full knowledge about the markets, like – where is the good market for a particular product, where particular product and services are to be produced, what will be the cost of production for a product at that place, to what extent the labour and capital will be available in the area, what is the likely demand for the commodity, what should be the price of the commodity, etc.

Extend and type of competition and the measures to win the competition, etc.

Entrepreneurs establish industries in those Areas, where most of the factors are favorable to him.

As a result, the balanced development of industries become possible.

Related: 16 Ways of Employment Generation in The World (Explained).

2. Advantages of Government Policies and Facilities

The government also committed for balanced regional development of industries.

To achieve the goal, various types of policies have been formulated.

Governments have also provided various types of facilities allotment of land at concessional rates, provision of basic infrastructural facilities at the allotted place, easy availability of various resources, finance facilities at reasonable rates of interest, exemptions from taxes, the supply of modern techniques and machinery on installment, good facilities for marketing, etc.

The entrepreneur may come forward to avail these facilities for the establishment of new industrial units and expansion of the existing units.

So, the balanced development of the industries become possible.

Bonus: 15 Major Role of Entrepreneur in Economic Development.

3. Utilization of Different Resources

The nature has bestowed all countries and areas with one or the other resources, free of cost, of course, in varying degrees.

Besides, economic and physical resources are also available in all areas.

The entrepreneurs use various resources in the production of various commodities and services, since the prossess entrepreneurial qualities.

As a result, balanced regional development of industries takes place in the country.

4. Constructive Changes in Social Structure

Several constructive changes have occurred in the social structure, due to the role of the entrepreneur.

Role of Entrepreneurs in Balanced Regional Development of Industries
Role of Entrepreneurs in Balanced Regional Development

The society has become industry oriented, misbeliefs have reduced, several obsolete traditions have come to an end.

As a result, the entrepreneurs do not hesitate to bear risks and establishing industries in far flung areas.

Related: 15 Roles of Entrepreneur as Innovator (Explained).

5. Activeness in All Areas

The efforts of the entrepreneurs cause spread of activeness in all areas of life.

They provide opportunities for leading free life to people, as well as to make the society self sufficient.

6. Evolution of Multiform

Nature has several diversities, but uniformity in its various elements may also be observed.

The entrepreneurs assess these diversities and use of them for the prosperity of human being, various capabilities and qualities, like, intelligence, sharp memory, forsightedness, dedication, courage, knowledge of various new techniques, awareness towards the opportunities, knowledge of market conditions, etc.

As a result, uniform development of industries become possible and regional imbalances also can be reduced.

Bonus: Top 10 Role of Entrepreneurs in Bringing Social Stability.

7. Establishing Self Sufficient Society

The entrepreneurs have an important role in the establishment of a self sufficient society, the reason being that they fulfill the requirements of the society and also increase the Exports.

8. Help in Removing Regional Disparities

The entrepreneurs have an important role in removing the geographical disparties in the economy.

Entrepreneur may available various facilities to etablish industries in such areas, like, no industry districts.

Besides, the government also attract private entrepreneurs for establishing industries in backward areas.

Related: 27 Positive Effects of Globalization (You Don’t Know).

For that, land and capital provided to them at concessional rates. Exemption in taxes and various types of subsidies are also provided for the establishment of industries in the backward areas.

All these efforts are helpful in the development of backward areas.

Thus, in balance regional development of industries, entrepreneurs are playing a very important role.

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