In what ways is entrepreneurship vital to the private enterprise system?
Entrepreneurship is primarily in small businesses. Small businesses make up nearly half of all private enterprise (publicly-held corporations make up about half). Small business are very vital. Here’s why. Small businesses provide groceries, gasoline, auto repair, furniture, cars, trucks, appliances, light bulbs, many things you need in your house, and, they build houses.
They also provide jobs – tens of millions of them. With jobs, people can rent/buy housing. They can afford to have kids. They buy clothing and medical for kids.
They also pay taxes (and collect taxes from customers to forward to governments). Taxes pay for roads, street lights, police, fire, etc.