Table of ContentsWealth Creation and SharingBalanced Regional DevelopmentStandard of LivingCommunity DevelopmentEntrepreneurship plays an influential role in the economic development and way of life of the country. As a startup founder or small business owner, you may think that you are just working hard to build your own business and support yourself and your family. But you actually do so much more for your local community, your state, your region and the country as a whole. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayWealth Creation and SharingBy creating the business entity, the entrepreneurs invest their own resources and attract capital in the form of debt, equity from investors, lenders and the public. This mobilizes public finances and allows citizens to benefit from the achievements of entrepreneurs and developing businesses. This type of pooled capital that results in the creation and distribution of wealth is one of the fundamental imperatives and objectives of economic development. Entrepreneurs are by nature and definition job creators, rather than job seekers. The simple translation is that when you become an entrepreneur, there is one less job seeker in the economy, and you then provide employment to several other job seekers. This type of job creation by new and existing organizations is again one of the fundamental goals of economic development. Balanced regional development Entrepreneurs who create new businesses and industrial units contribute to regional development by establishing themselves in less developed and lagging areas. The growth of industries and businesses in these areas requires infrastructure improvements such as better road and rail connections, airports, stable electricity and water supplies, schools, hospitals, shopping centers and other administrations open and private that would not usually be accessible. Each new business established in a less developed area will create direct and indirect jobs, helping to boost regional economies in different ways. The combined spending of all new employees at new businesses and the jobs that support them at other businesses adds to local and regional economic output. Gross domestic product is one of the main markers of a country's economic performance. It is calculated either by summing the annual incomes of all working-age citizens or by totaling the value of all final goods and services produced in the country during the year. GDP per capita is occasionally used as a marker of lifestyle, with higher GDP per capita compared to higher expectations of daily life. Standard of Living Raising the standard of living of people in a community is yet another key objective of economic development. Entrepreneurs once again play a key role in expanding the way of life in a community. They do this by creating jobs, as well as creating and adopting advancements that lead to improved personal satisfaction of their representatives, customers and different group partners. For example, automation that reduces production costs and enables faster production will make a business unit more productive, while providing its customers with the same products at lower prices. Any growing business will need to.