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The Significance and Contributions of Startups Driving Economic Growth
- 1 Lancaster University, Brian Statham Way, Old Trafford, Stretford, Manchester, UK
* Author to whom correspondence should be addressed.
Abstract
Entrepreneurship is a driving force behind economic growth, innovation, and prosperity. Entrepreneurs sow ideas and grow them into profitable companies that boost local economies, provide employment, and add to GDP and tax receipts. However, there are several challenges for trailblazers in this area, including restricted funding availability and regulatory hurdles. Despite these difficulties, becoming an entrepreneur has several advantages, including encouraging self-reliance, inventiveness, and financial success. Recognizing the critical role that entrepreneurs play in creating a thriving economy, governments, business incubators, and educational initiatives work to encourage entrepreneurs in order to cultivate an inventive culture. This article will address the importance and contributions made by startups and entrepreneurs from several angles, demonstrating their indispensable role in the economy and motivating them to make greater contributions to society and the economy.
Keywords
startups, importance, economy, entrepreneurs
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Cite this article
Rong,Y. (2025). The Significance and Contributions of Startups Driving Economic Growth. Advances in Economics, Management and Political Sciences,149,5-11.
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