Importance of Entrepreneurship, A Brief Overview on how budding Entrepreneurs are taking up new Ventures and Helping the Society.
“Nobody talks about entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science; it’s about trading: buying and selling.”
Anita Roddick, founder of The Body Shop
And, this is where the importance of entrepreneurship lies. Over the years, a lot have been written about the role and importance of entrepreneurs in the business economy. The argument still continues even today when the scenario of entrepreneurship has been so distinct and successful.
Does entrepreneurship has any significance on the society and economy, or is it completely business centric?
What are the key elements of entrepreneurship that makes the process so much important today?
Let’s do an analysis on the importance of entrepreneurship.
Importance of Entrepreneurship to Business and Financials:
The importance of an entrepreneur can be well adjudged with the kind of role he plays for the growth and success of the organization. Entrepreneurship is all about innovating and coming up with new business ideas. The existing knowledge clubbed with marketing techniques, innovative products and prompt service, may result in creating a unique selling proposition. With his leadership abilities, an entrepreneur is able to coordinate the business process and manage his workforce towards achieving growth and development of the organization. Entrepreneurship is all about developing the ability to identify profitable business opportunities thereby transforming the potential risks into a salable proposition.
Importance of Entrepreneurship to Society and Economy:
The importance of entrepreneurship to the socio-economic development of a country is a matter to be debated upon. Many people are in favor of entrepreneurship and are in a opinion that it benefits the society.
Defining the significance of this process are:
Facilitates employment in the society– It is often considered that when people fail to get employed, they choose to become entrepreneurs. However, this is not the fact. Innumerable businesses have emerged as a result of aspirations of people who had a dream and a vision. What’s more one can get!!! Millions of careers are nurtured by entrepreneurs who invest in new business opportunities. This clearly shows that entrepreneurship drives the society resulting in creating a significant impact on the economy.
Creates wealth for individuals and nation as well– People looking for profitable business opportunities have the ability of creating wealth. With business growth and development, the wealth created by the entrepreneur plays a major role in the development of the economy and society. Either in form of new products or services or by tax contributions entrepreneurship overall contributes towards uplifting the economy.
Contribution towards research and development– Entrepreneurship has major significance in creating opportunities for research and development as almost two-thirds of the innovations comes from successful entrepreneurs. This leads to the development of standardized and advanced technology for the nation.
Provides self sufficiency– Entrepreneurship facilitates self sufficiency, while providing improved standards of living to the workforce. Ample opportunities are generated for the people working with the entrepreneur, contributing towards intrinsic growth and success. Thus, entrepreneurship makes the nation a better place to live in.
Promotes corporate social responsibility – Successful entrepreneur is one who facilitates corporate social responsibility towards rapid growth and development of the society.
Thus, it can be summed up that a nation which promotes higher levels of entrepreneurship possesses higher level of development opportunities.