The development of rural entrepreneurs is a complex problem which can be tackled by the social, political and economic institutions.
The sooner they are established the better it would be for the entrepreneurial development in the rural sector and the economic growth of the country.
1. Provide employment opportunities:
Rural entrepreneurship is labor intensive and provide a clear solution to the growing problem of unemployment. Development of industrial units in rural areas through rural entrepreneurship has high potential for employment generation and income creation.
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2. Check on migration of rural population:
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Rural entrepreneurship can fill the big gap and disparities in income rural and urban people. Rural entrepreneurship will bring in or develop infrastructural facilities like power, roads, bridges etc. It can help to check the migration of people from rural to urban areas in search of jobs.
3. Balanced regional growth:
Rural entrepreneurship can dispel the concentration of industrial units in urban areas and promote regional development in a balanced way.
4. Promotion of artistic activities:
The age-old rich heritage of rural India is preserved by protecting and promoting art and handicrafts through rural entrepreneurship.
5. Check on social evils:
The growth of rural entrepreneurship can reduce the social evils like poverty, growth of slums, pollution in cities etc.
6. Awaken the rural youth:
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Rural entrepreneurship can awaken the rural youth and expose them to various avenues to adopt entrepreneurship and promote it as a career.
7. Improved standard of living:
Rural entrepreneurship will also increase the literacy rate of rural population. Their education and self-employment will prosper the community, thus increasing their standard of living.