Why is Entrepreneurship Important in Today's World?

  • 23rd Sep'20
  • 51
  • 23
  • 3

Entrepreneurship has a large scale impact on economic conditions, business environment, and job generation in various countries. We can not deny the fact that entrepreneurs make a significant contribution to the country’s GDP and are often referred to as a national asset.

With the increase in population, it is very important to create jobs for people and entrepreneurs to help us with that. They tend to change the way we live and work and create perfect competition in the market which helps consumers get good services at a lower price.

 

What is Entrepreneurship?

 

Simply, entrepreneurship can be defined as the endeavor of creating, owning, and commercializing an idea, technology, product, or service, as well as assuming the risks and rewards associated with that enterprise.

Click on the following link to know more about entrepreneurship:

https://www.investopedia.com/terms/e/entrepreneur.asp

 

Entrepreneurship for Society

 

When an entrepreneur becomes successful they inspire social development. They spend part of their income for the development of society, the welfare of the poor section of society, and inspire young people to work for them as well. Along with that, they provide jobs to skilled people.

 

Entrepreneurship in Economic Development

 

Entrepreneurs are the source of money for the government. The tax they provide is used for the development of the nation. Additionally, the spurs it creates in employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.

 

Entrepreneurship for Individual 

 

Entrepreneurship gives the individual a better standard of living by making them financially independent. It is important for financial freedom and wealth. Not only it allows an individual to work on their passion but also it gives them flexibility in work hours.

 

Promotes Research and Development

 

As we know that research and development is the key tool for the growth of the business. The people's demands for new goods and services push entrepreneurs to do deep research and hence invest in research and development.

https://www.global-business-school.org/announcements/importance_of_entrepreneurship_in_the_world

https://startupsusa.org/why-is-entrepreneurship-important/

 

Want to learn more about entrepreneurship, then join shellyearchambeau. If you want to know anything related to entrepreneurship, then let us know in the comment section.

 

Contributor: Jyotshana Rani

 

Jyotsana is very keen to express her views on new topics and wants readers to remember her through her writing. She is passionate about reading and believes that words wield the power of changing the scenario and she uses them to encourage people to the best of her knowledge.

 

 

 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Editor , Content Team

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.


Post Your Comment
Roy

:)

2020-12-22 04:29:11

Kethlyn White

Wonderful

2021-01-26 21:33:18

Vivek

Good

2021-01-28 15:33:07