Analyse two benefits to your country’s economy of an increase in the number ofnew business start-ups by entrepreneurs.

Job Creation: One of the most significant benefits of new business start-ups is job creation. Entrepreneurs who start their businesses often need to hire employees to help run the company. This can lead to a significant number of new jobs, particularly if the business grows rapidly. More jobs mean lower unemployment rates, which can have numerous positive effects on the economy, including increased consumer spending and less strain on social safety net programs.

Innovation and Competition: New businesses often bring new ideas, products, or ways of doing things to the market. This can lead to innovation, which can boost productivity and economic growth. Additionally, the presence of new businesses can increase competition in the market. This can lead to lower prices, better quality products or services, and increased choice for consumers, all of which can improve the standard of living and contribute to economic growth.