Importance of Entrepreneurs
An entrepreneur leads to economic growth, opens up fresh avenues, creates jobs, increased demand and supply of products and services and helps the economy is moving closer to long-term goals. It is significant to the economy in the following ways :
Importance of Entrepreneurship to Individual
- Self – Contentment: Entrepreneurs have a high commitment towards their goals they have the caliber to take charge of the situations. It gives an opportunity for an individual to contribute.
- Financial Benefits and Secure Life: There is an immense probability of reaping financial rewards through better products. Entrepreneurial rewards may surpass the benefits of some of the best-paid jobs.
- Social Acceptance and Recognition: It gives prestige and status to the individual and inspires other innovative minds to take initiatives.
Importance of Entrepreneurship in Society
- Creation of Organisations: Entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards the achievement of objectives through managerial skills.
- Improving Standards of Living: By creating productive organizations, entrepreneurship helps in making a wide variety of goods and services available to the society which results in higher standards of living for the people.
- Creation Employment: Entrepreneurship helps society to create employment. Entrepreneurship also helps society to upgrade their level of standards.
Importance of Entrepreneurship in Economic Development
- Job Creation: Increased production activities require additional workforce at all levels of management and for all different stream. Creation of a job is a strong indicator of sustainable economic growth.
- Self – Reliant Economy: Small businesses help individuals to grow financially independent. This, in turn, leads to the development of a resurgent middle class and a self-reliant economy.
- Export Promotion: Entrepreneurs can attempt to penetrate a new market and establish themselves as global brands.
- Capital Formation: Increasing revenues due to large customers base results in positive growth of national income and per capita income.