IMPORTANCE OF ENTREPRENEURSHIP | WHY ENTREPRENEURSHIP IS SO IMPORTANT?
The importance of entrepreneurship in a country and its economic growth is remarkable. If countries declare it as a national asset, it will not be illegitimate.
Entrepreneurship is the indicator of countries’ economic development and social wellness.
Not only economic development, but it also provides jobs to the unemployed, increase the standard of living, inspires other people to become an entrepreneur and solve other’s problem and many more.
Therefore, one can measure how to prosper a nation is by analyzing how supportive that country is to its entrepreneurs. That much impactful it is in countries’ overall enrichment.
Now you may think why I am giving so much emphasis on the importance of entrepreneurship.
Why is entrepreneurship so important for a country’s overall development?
Now there are several reasons behind it.
These 11 reasons will show you why the importance of entrepreneurship can’t be ignored.
ENHANCE ECONOMIC GROWTH
Entrepreneurship plays a very important role in enhancing a country’s economic growth. When entrepreneurs build businesses, it affects every part of the economy.
For example, when someone starts a car company, many companies started to confide on it. Some companies are started to supply raw materials to it, some are providing essential services and machinery to it, and some institutions train their employees to improve efficiency and a lot more building their small enterprise to support the big one and make a profit.
A big number of unemployed find a job through it directly or indirectly. Because of new services and products developed by entrepreneurs, it increases the exchange of money in the country and abroad also which spur economic growth.
Due to having businesses, investors from the different regions show great interest in investing their money which flourishes economic development in any developing or under developing country.
Besides those, enhancement of entrepreneurship environment results in the improvement of infrastructure which faster economic growth and alleviation of poverty in the country.
INSPIRES OTHERS TO BE ENTREPRENEUR
Entrepreneurship inspires them who aspire to be entrepreneurs.
Entrepreneurs inspire others to become an entrepreneur through their action and innovation.
They are different; they see and do things differently. When people are struggling with their problems, entrepreneurs struggle to solve others’ problems which could be inspiring for a lot of people.
They bring life-changing innovation to society which inspires others to do the same.
Most importantly, entrepreneurs contribute to social welfare and development of the social community through charity or sometimes directly. We often see businessmen donated a big portion of their wealth for the betterment of the country.
This is how an entrepreneur and entrepreneurship inspire others to have the same and contribute to the nation’s upliftment.
What is Entrepreneurship and Entrepreneur | Definition and Meaning
IMPROVE STANDARD OF LIVING
The standard of living refers to a certain level of wealth, various types of goods and services, materials, comforts and all the necessities available to a definite portion of people.
Now for all these, entrepreneurs bring new products and services in the market within the purchasing power through their innovation.
To function their business, they need employees.
Therefore, entrepreneurs hire employees. Now because of having a job or source of income, people can consume the necessary goods and services.
Consequently, entrepreneurs help in increasing the standard of living of a nation.