Key Importance Of Entrepreneurship In A Growing Economy

Supriti Tripathy

27th Sep'21

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.

 

entrepreneur role

 

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.

 

other roles

 

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.

 

Creates Jobs

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.

 

role in growing economy

 

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.

 

Integrates Businesses

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.

 

Fuels Competition

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. 

 

responsibilities

 

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. 

 

We at OpenGrowth Academy aim to convert your idea into a full-fledged business. We are a next-gen platform to nurture your dreams into reality. Your views are valuable to us. Visit us to know more about the OpenGrowth Academy programs, sessions, and events. 

A believer of good things and pursuer of diverse avocation, she is a fiction lover and a simple writer. Supriti has a number of professions to her list and she feels challenges are the only answers to failures.

Comments

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Nath Mary

2nd Apr'22 03:11:34 PM

I'm so happy to share this with you that can read / see this now. When I started trading binary and forex a few months ago, I really didn't have the necessary tools to trade and I lost a lot until I met Pablo Martinez who taught me all about market psychology as he managed my account for me. Today I am grateful to him for his great offer and help because it really changed my financial situation with an investment capital of $1500 and now I'm earning around $35,500 - $30,000 profits per week. Here is his WhatsApp no: +44 7520 636249 or his email address: pm7234029@gmail.com Https://www.facebook.com/PM-Fast-Trade-104912912155335/