For all economies to compete in today’s global marketplace successfully, large firms must become more innovative and entrepreneurial. The overall health of larger companies is however, affected by the performance of thousands of new ventures started by entrepreneurs.
New ventures consistently create more jobs each year than do large companies and are an excellent source of employment for workers with all types of skills. Although it is often risky, some people are attracted by the excitement of being a part of a new business.
The efforts of those working in new ventures often result in innovative products which enhances the nation’s ability to compete successfully in the global market place.
New ventures can stimulate competition by giving consumers innovative products that encourage companies to improve the quality and reduce the prices of their offerings. New ventures accelerate the advance and spread of new technology as well. These would naturally improve the population’s standard of living.
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