Journal of Applied Business, Economics and Strategic Management ISSN: 3139-1664 (Online)

Authors: Priya Nair, Aditya Singh

Abstract: Entrepreneurship serves as a catalyst for economic growth and development by promoting innovation, job creation, and wealth generation. This paper examines the multifaceted role of entrepreneurship in driving economic performance, addressing its impact on productivity, technological advancement, and market competitiveness. Utilizing a comprehensive review of literature, statistical data, and case studies, the study highlights how entrepreneurial activities influence both microeconomic and macroeconomic indicators. Findings suggest that fostering entrepreneurship leads to increased economic resilience, diversification of industries, and enhanced societal welfare. The paper also identifies challenges such as access to finance, regulatory barriers, and skill shortages, and proposes strategies for promoting entrepreneurial ecosystems in emerging and developed economies.

Keywords: Entrepreneurship, economic growth, innovation, job creation, development, entrepreneurial ecosystems, competitiveness, wealth generation.