Influence of Entrepreneurship Advancement on Economic Growth in Japan
DOI:
https://doi.org/10.53819/81018102t5055Abstract
Entrepreneurs are regarded as the backbone for the growth of nations. Hence, the study investigated the influence of entrepreneurship advancement on economic growth in Japan. The study was literature-based and thus, the conclusions were based on the previous studies' findings. The study findings revealed that entrepreneurship advancement is significant to economic growth. Entrepreneurship is crucial in promoting social modification and driving innovation in a nation. Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs’ challenges existing firms to become more competitive. The study further noted that entrepreneurs serve as the catalysts in the process of industrialization and economic growth. Entrepreneurs help in the development of the society and paves for independent living. Entrepreneurship is vital for any country's economy as it supports the contribution of the government in the provision of goods and service. Apart from creating jobs and bringing wealth on a local level, entrepreneurs are also opening up the way for more businesses to open up. Entrepreneurs provide new job opportunities in the short and long term. The study concluded that entrepreneurship activities significantly influence economic growth. The influence of entrepreneurship advancement on economic growth is significant. The government needs to think of measures that will assist these ventures to continue to be in the market when they have been established. The study recommended that policies should be developed that support the development of entrepreneurs in the country.
Keywords: Entrepreneurship Advancement, Economic Growth, Japan
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