Economic growth without investment in human development is unsustainable and unethical. – Amartya Sen
Entrepreneurship is the process where talented individuals recognize societal issues, take charge of the situation, and transform problems to create opportunities. Entrepreneurs analyze the economic lacunae and work their ways through innovation to develop products or services that improve our lifestyles. Entrepreneurship is the other side of leadership that aims much more than building a self-image and generating wealth. They create businesses, which in turn enhances the job scenario of the country, giving jobs to many. The market competition increases, and with enhanced productivity, the country spurs economic growth. But the role of the entrepreneur in the growing economy is much more than that. Dropped below are some of the reasons to show how entrepreneurship commands economic growth.
Importance of Entrepreneurs
Contributes to National Income
Entrepreneurs lay out business plans that bring improved products and services to the market with enhanced technology. With the increase in demand from different markets, the products or services generate wealth, increasing national income. Employment also increases, so does national earnings. The federal government generates better revenue in the form of tax and utilizes them for other deprived sectors. The overall economy sees a different form when entrepreneurs take over the markets.
Improves the Outlook Of Society Through Change
An entrepreneur's guide to better thinking implies giving away the traditional business model and improving products and services. They bring change in the most desired form. They focus on striking what is most needed in the economy, thereby reducing dependency on obsolete products. The globalization of technology has connected people worldwide. Entrepreneurs make the most out of technology by making accessibility of advanced products in developing countries.
Any new venture opens doors of possibilities for unemployed individuals to generate income and live life in a better way. Jobs not only help people earn livelihood but also focus on improving their lifestyles. Companies like Microsoft, Google, KFC are the brilliance of entrepreneurs that drives the US economy to a great extent today.
Gives Back to Community
Entrepreneurs are great philanthropists who believe in giving back to the community. Brands and companies sponsor many foundations through affiliations and donations. They believe in abolishing the problems of the underprivileged and magnify the importance of health, education, and good lifestyle of this section too.
Encourages Other Entrepreneurs
Entrepreneurs act as pillars of strength for the masses who step into entrepreneurship. Many entrepreneurs act as mentors and consultants for newcomers, whereas some turn angel investors for upcoming businesses. Through experience and knowledge sharing, entrepreneurs help other entrepreneurs save in the first steps of establishing business and avoid repeating the same errors. The economy flourishes when businesses flourish, and the lessons for entrepreneurial education start with consistency and dedication.
Through technological reach and with the internet, trading with other economies only gets simplified. Entrepreneurs make use of this opportunity to reach out to several countries and expand their markets. It, in turn, brings more wealth to the economy integrating businesses and projecting a better future. It also influences the outlook of the economy, improving the infrastructure and transportation.
Shows the Immense Possibilities through Innovation
With Innovation, entrepreneurship breaks open the limiting boundaries of businesses. They show a new dimension of enhancing and structuring our markets to reach maximum customers and build networks. There are many examples of innovative entrepreneurship, but we will take just one of the lot. We all know how online learning apps increase the student base by adding courses and programs to cater to every learner in the best possible way.
Finding the Purpose
Entrepreneurship is all about innovation and modernity with a purpose. Today we look into sustainable solutions that would enrich the economy rather than burdening it. Entrepreneurs focus on these issues (like combating sudden climate change, finding ways to avoid pollution, employing renewable sources to the maximum extent) and provide solutions through businesses. Examples include:- Using a scrap of old gadgets to build new devices, generating biogas through organic measures, etc.
Entrepreneurs give competition to existing businesses and raise performance standards. With such competition, consumers benefit as they get access to products at lower prices and wide varieties. This channels new businesses, and the cycle continues. Hence entrepreneurs fuel competition among new and old businesses to propel economic growth upwards.
Powering the Entrepreneurship Culture
It is spectacular to see how important is entrepreneurship for you and your society. However, a push from the government can propel this culture in the right direction and give hope to the leaders in their endeavours. The efforts, ideas, and strategies only profitably power the economy and enhance its state as businesses flourish. The right policies, continued acceptance, proper infrastructure for R&D can change the face of entrepreneurship. When that happens, the economies will never take a step back and keep soaring to give the highest competition.
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