Key Roles of Entrepreneurship in Society
Across the country, communities are struggling, employees are concerned about career and future and youth to see lesser prospects of a better life. Solutions to these problems are difficult to find and even not on the horizon. Well, Entrepreneurship cannot solve all these problems of the community but entrepreneurs surely have a solution for many of them. Entrepreneurs are considered as job creators and their contribution to society cannot be measured only in monetary terms.
As an entrepreneur or a small business owner, you may think that you are working hard to build your business and earning for yourself and your family. But actually, you are contributing a lot to your society, region, and the country as a whole. An entrepreneur is a great resource as an individual and likely to have created a product or service with a substantial customer base and business profitability. They naturally have a good amount of intelligence, insight, and innovation to offer in the society.
Here are some important roles that entrepreneurship plays in the development of a society:
- Promotes Innovation
In the rapidly changing era of technology, manual jobs are declining and many jobs do not exist anymore. Remember movie projectionists, switchboard operators etc? Entrepreneurs keep up with these changes and step in to fill the gaps. They consider losses of occupations and sense the opportunities in the new landscape. As a result, they innovate, create new products and services that solve various problems in the society. Look at Steve Jobs, He knew that music is everyone’s favorite and he suspected that people will like to have their own music collection. So, he invented iPod and then, went on to develop more such products. Entrepreneurs as Innovators look for the needs of consumers and find solutions to fulfill them.
- Create Jobs
Entrepreneurs start new businesses and hire new employees. They become a job creation engine and create numerous employment opportunities. Consider the internet development but it has also spawned the problem of cyber-attacks. In response, the software companies have created mobile applications to defend against the bot attacks and ultimately, it resulted in new jobs for skilled software developers. The idea of mobile apps and ethical hacking was new at the time but since the concept is in the market, competitors have started creating a similar line of products. Entrepreneurs are leading the job market and economy.
- Raise Standards of Living
Entrepreneurship uses innovative talent, hire employees and start a new business. The employees earn income and spend in the local economy. And all of this creates wealth and raises the standards of living. Many studies also show that productivity increment leads to a standard of living for the population. The overall process of entrepreneurship has a high level of productivity and the result is that employees become more efficient. The demand increases and therefore raises the income and standards of living.
- Creates Economic Growth
Entrepreneurs contribute a lot to the economy as businesses generate wealth for the population. When entrepreneurs invest their money in the market, leaders and investors invest their capital in new ventures to put funds at work. Another point of view is taxes paid by businesses and income tax paid by employees. The added income of government is spent on stimulation of the economy. It also boosts the GDP per capita of the country and helps in achieving the economic development goals.
- Help Other Entrepreneurs
It is not always about monetary values. Entrepreneurs also have a passion for their businesses and love to share their stories and learnings with aspiring innovators. The seasoned entrepreneurs tell the mistakes they have done in their entrepreneurship journey. A neophyte can avoid wasting time on these mistakes and perform better. Many entrepreneurs also form local groups to discuss business related problems and hurdles in the market and much more, which means success breeds success.
The Bottom line
There are many more key roles of entrepreneurship in society. Broadly, Entrepreneurs always think to give back to communities. They earn for themselves, their employees, and also donate to charities and organizations. The interaction of entrepreneurship and economic development holds important inferences for business owners, policymakers, development institutes, and charitable donors. Overall, a balanced approach to nurture entrepreneurship can result in a much positive effect on the economy and society. Join the entrepreneurship community of fast-growing startup businesses and contribute to society and economic growth..!!