The entrepreneur is a resource, as well as an individual in their own right. The successful businessman or woman – whom is likely to have created a product or service of note, built a substantial customer base and turned over a profit in a period of financial doom-and-gloom around the globe – naturally has a wealth of insight, intelligence and innovation to offer. Entrepreneurship is creative and forward thinking. Although businesses run on money, entrepreneurs are often focused on a great deal more than their bottom line. They contribute to society by leading the way and by finding innovative solutions to practical, financial and social issues. The bottom line of vibrant entrepreneurialism is that it creates wealth: for the entrepreneur, for the people that are employed as a result and for the local economy. It creates wealth on a national scale for the government in the form of taxation, which is then redistributed accordingly to the services and communities that need it the most.
The success of an entrepreneur is ultimately in creating a product or service that adds value to the lives of its users; whether that is an inherent need for the item or a simple desire to have it. Either way, an innovation on this scale can help to push a market forwards on a domestic level, and – where relevant – drive exports to new overseas markets. This again is a wealth-creating exercise, which is a key driver of economic growth says Aditya Modak.
Many people know that being an entrepreneur has its benefits for the individual, but what they don’t often think about is the benefits entrepreneurship has for society. Apart from simply creating jobs by opening new businesses, entrepreneurs also donate a great deal of both their time and money, and create innovative products that change how the world works.
Often an entrepreneur has to take a risk or two to enjoy success, and it is this spirit which serves as a wake-up call for many an ailing industry and economy. As such, it is those governments that cultivate a sense of entrepreneurialism – through an effective economic and legal framework – that will reap the ultimate benefit. Prosperity is a two-way street after all.
The most common benefit that comes to mind when thinking about entrepreneurship is job creation. In the process of creating new companies and opening new businesses, entrepreneurs require assistance from others. This means they will hire people with the required skills, therefore creating many jobs in their industry.
In turn, job creation means that the economy will also improve at the same time. This is true because the more jobs there are, the more money people have to spend, and the more other businesses benefit in return. Entrepreneurship will not solve all the problems of a disintegrating community, but entrepreneurs do offer some solutions. They have a reputation for being innovators and job creators, and they provide benefits to society.
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.
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.
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.