IndexWealth Creation and SharingBalanced Regional DevelopmentStandards of LivingCommunity DevelopmentEntrepreneurship plays an influential role in the economic development and lifestyle of the country. As a startup founder or small business owner, you may think that you are simply working hard to build your business and provide for yourself and your family. But you're actually doing 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 Shouldn't Be Banned"? Get an Original Essay Creating and Sharing WealthBy establishing the business entity, entrepreneurs invest their resources and attract capital in the form of debt, equity capital from investors, financiers and the public. This mobilizes public finances and allows people to profit from the achievements of entrepreneurs and developing businesses. This type of shared 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 therefore you provide work to many more job seekers. This type of job creation by new and existing organizations is once again one of the key goals of economic development. Balanced regional development Entrepreneurs who create new businesses and industrial units contribute to regional development by locating in less developed and backward areas. The growth of industries and businesses in these areas results in infrastructure improvements such as better road and rail links, airports, stable electricity and water supply, schools, hospitals, shopping malls and other open and private administrations that would generally not be accessible. Every new company that establishes itself in a less developed area will create both direct and indirect jobs, helping to boost regional economies in many different ways. The combined spending of all new employees in new businesses and supporting jobs in other businesses adds to local and regional economic output. Gross domestic product is one of the main indicators of a country's economic performance. It is calculated by summing the annual incomes of all citizens of working age or by summing the value of all final goods and services produced in the country during the year. GDP per capita is sometimes used as a lifestyle indicator, with a higher GDP per capita equated to a greater expectation for daily living. Standard of Living Raising the standard of living of people in a community is another key goal of economic development. Entrepreneurs once again take on a key role in expanding lifestyle in a community. They do this by creating jobs, as well as creating and embracing advancements that lead to improvements in the personal satisfaction of their representatives, customers and other partners in the group. For example, automation that reduces manufacturing costs and enables faster production will make a business unit more productive, while providing its customers with the same goods at lower prices. Any growing company will ultimately need to be export-friendly to extend its business to remote markets. . This is a critical element of monetary progress as it gives access to larger markets and stimulates cash inflows and access to the latest.