THE IMPACT OF ENTREPRENEURIAL ACTIVITIES ON SUSTAINABLE ECONOMIC GROWTH

Abstract

Entrepreneurship is a key driver in the provision of goods and services, contributing significantly to economic sustainability. Traditional production methods, often lacking technological updates, have limited consumer patronage and economic growth due to slow adaptation to environmental changes. This study examines the roles of entrepreneurship in enhancing economic sustainability through the production of improved quality goods and services, promotion of innovation to increase market demand, and introduction of new products that elevate living standards. The findings highlight that entrepreneurship adds value to goods and services, fosters adaptive and goal-oriented activities, and stimulates economic growth by responding effectively to dynamic market conditions. The study recommends merit-based support for entrepreneurs, particularly in the allocation of financial resources, to encourage those with managerial ability and capacity to succeed, thereby reducing failures due to inadequate managerial acumen. Overall, the study underscores entrepreneurship as a critical mechanism for driving innovation, enhancing economic performance, and promoting sustainable development.