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What is the Role of Entrepreneurship in the Economy?

Entrepreneurship plays a vital role in economic development. Some key contributions include:
Job creation: New businesses generate employment opportunities.
Innovation: Entrepreneurs introduce new products and services, which can lead to technological advancements.
Economic growth: Successful entrepreneurial ventures contribute to the overall growth of the economy through increased productivity and wealth generation.
Market competition: Entrepreneurship fosters competition, which can lead to better products and services at lower prices.

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